Sherwin Williams (SHW) FY2010 results: revenue $7.8 billion, up 9.6% on the year
Sherwin Williams Co. (SHW) reported revenue of $7.8 billion for fiscal 2010, the year ended 31 December 2010, up 9.6% on the year before. Net income was $462 million, up 6.1%, and diluted earnings per share $1.40. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2011.
Revenue
$7.8 billion
+9.6% on the year
FY2007FY2010
Operating margin
12.2%
FY2007FY2010
Net income
$462 million
+6.1% on the year
FY2007FY2010
Diluted EPS
$1.40
+11.4% on the year
FY2007FY2010
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2010
FY2009
FY2008
On the year
Last 8 years
Revenue
7,776
7,094
7,980
+9.6%
Cost of revenue
4,295
3,831
4,481
+12.1%
Gross profit
3,481
3,263
3,499
+6.7%
Gross margin
44.8%
46.0%
43.8%
Research and development
39.9
40.4
37.5
-1.3%
Selling, general and administrative
2,728
2,535
2,644
+7.6%
Operating income
948
n/a
n/a
Operating margin
12.2%
n/a
n/a
Interest expense
70.6
40.0
32.0
+76.4%
Pre-tax income
678
623
714
+8.8%
Income tax
215
187
238
+15.2%
Effective tax rate
31.8%
30.0%
33.3%
Net income
462
436
477
+6.1%
Net margin
5.9%
6.1%
6.0%
Diluted EPS
$1.40
$1.26
$1.33
+11.4%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2010
FY2009
FY2008
On the year
Last 8 years
Operating cash flow
707
859
876
-17.8%
Capital expenditure
125
91.3
117
+37.0%
Free cash flow
581
768
759
-24.3%
Free cash flow margin
7.5%
10.8%
9.5%
Cash from investing
-490
-130
-237
Cash from financing
-224
-683
-638
Depreciation and amortisation
175
171
166
+2.6%
Share-based compensation
42.3
23.3
41.1
+81.7%
Dividends paid
156
163
165
-3.8%
Dividend per share
$0.48
$0.47
$0.47
+1.4%
Diluted shares, weighted
326m
346m
358m
-5.8%
Shares outstanding at period end
321m
328m
351m
-2.2%
Balance sheet
$ million
FY2010
FY2009
FY2008
On the year
Last 8 years
Shareholders' equity
1,609
1,491
1,606
+7.9%
Non-controlling interest
0.0
n/a
n/a
Short-term borrowings
389
22.7
516
+1,613.8%
Debt
656
795
317
-17.5%
Other liabilities
2,515
2,015
1,976
+24.8%
Total liabilities and equity
5,169
4,324
4,416
+19.6%
Fixed assets
952
819
860
+16.3%
Goodwill
1,102
1,015
1,007
+8.6%
Intangible assets
321
279
300
+14.7%
Cash and equivalents
58.6
69.3
26.2
-15.5%
Receivables
917
696
770
+31.7%
Inventory
918
738
864
+24.3%
Other assets
901
707
589
+27.5%
Total assets
5,169
4,324
4,416
+19.6%
10-K for the year ended 31 December 2010, filed 23 February 2011: the filing.