Sherwin Williams (SHW) FY2011 results: revenue $8.8 billion, up 12.7% on the year
Sherwin Williams Co. (SHW) reported revenue of $8.8 billion for fiscal 2011, the year ended 31 December 2011, up 12.7% on the year before. Net income was $442 million, down 4.5%, and diluted earnings per share $1.38. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2014.
Revenue
$8.8 billion
+12.7% on the year
FY2007FY2011
Operating margin
11.2%
12.2% a year earlier
FY2007FY2011
Net income
$442 million
-4.5% on the year
FY2007FY2011
Diluted EPS
$1.38
-1.7% on the year
FY2007FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
8,766
7,776
7,094
+12.7%
Cost of revenue
5,021
4,295
3,831
+16.9%
Gross profit
3,745
3,481
3,263
+7.6%
Gross margin
42.7%
44.8%
46.0%
Research and development
41.7
39.9
40.4
+4.6%
Selling, general and administrative
2,961
2,728
2,535
+8.5%
Operating income
985
948
n/a
+3.9%
Operating margin
11.2%
12.2%
n/a
Interest expense
42.5
70.6
40.0
-39.8%
Pre-tax income
742
678
623
+9.4%
Income tax
300
215
187
+39.2%
Effective tax rate
40.4%
31.8%
30.0%
Net income
442
462
436
-4.5%
Net margin
5.0%
5.9%
6.1%
Diluted EPS
$1.38
$1.40
$1.26
-1.7%
$ 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
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
736
707
859
+4.1%
Capital expenditure
154
125
91.3
+22.9%
Free cash flow
582
581
768
+0.1%
Free cash flow margin
6.6%
7.5%
10.8%
Cash from investing
-278
-490
-130
Cash from financing
-475
-224
-683
Depreciation and amortisation
181
175
171
+3.2%
Share-based compensation
48.2
42.3
23.3
+14.0%
Dividends paid
154
156
163
-1.9%
Dividend per share
$0.49
$0.48
$0.47
+1.4%
Diluted shares, weighted
317m
326m
346m
-2.9%
Shares outstanding at period end
312m
321m
328m
-3.0%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
1,517
1,609
1,491
-5.7%
Non-controlling interest
n/a
0.0
n/a
Short-term borrowings
n/a
389
22.7
Debt
993
656
795
+51.4%
Other liabilities
2,719
2,515
2,015
+8.1%
Total liabilities and equity
5,229
5,169
4,324
+1.2%
Fixed assets
957
952
819
+0.5%
Goodwill
1,108
1,102
1,015
+0.5%
Intangible assets
306
321
279
-4.6%
Cash and equivalents
32.7
58.6
69.3
-44.2%
Receivables
990
917
696
+8.0%
Inventory
927
918
738
+1.0%
Other assets
909
901
707
+0.9%
Total assets
5,229
5,169
4,324
+1.2%
10-K for the year ended 31 December 2011, filed 27 February 2014: the filing.