THE SHERWIN-WILLIAMS COMPANY REPORTS 2016 YEAR-END FINANCIAL RESULTS
The Sherwin-Williams Company (NYSE: SHW) announced its financial results for the year and fourth quarter ended December 31, 2016. Compared to the same periods in 2015, consolidated net sales increased $516.3 million, or 4.6%, to $11.86 billion in the year and increased $178.0 million, or 6.8%, to $2.78 billion in the quarter due primarily to higher paint sales volume in our Paint Stores Group. Diluted net income per common share in the year increased to $11.99 per share from $11.15 per share in 2015; it increased in the quarter to $2.15 per share compared to $2.11 per share a year ago. Earnings before interest, taxes, depreciation and amortization increased $137.7 million in the year to a record $1.95 billion
The Company anticipates diluted earnings per share for 2017 in the range of $13.00 to $13.20 per share.
The Global Finishes Group's net sales stated in U.S. dollars decreased 1.4% to $1.89 billion in the year and were flat at $455.0 million in the quarter. Unfavorable currency translation rate changes decreased net sales 2.6% and 1.7% in the year and quarter, respectively. Stated in U.S. dollars, segment profit increased to $239.0 million from $201.9 million last year and increased in the quarter to $62.0 million from $50.6 million last year due primarily to decreasing raw material costs and good expense control partially offset by unfavorable currency translation rate changes. Unfavorable currency translation rate changes decreased segment profit $5.8 million in the year and $0.8 million in the quarter. As a percent to net external sales, segment profit was 12.7% in 2016 compared to 10.5% in 2015 and 13.6% in the quarter versus 11.1% last year.
Commenting on the financial results, John G. Morikis, Chairman, President and Chief Executive Officer, said, “It is gratifying to report another year of record performances in sales, net income, earnings per share, and earnings before interest, taxes, depreciation and amortization.“