Sherwin Williams (SHW) FY2012 results: revenue $9.5 billion, up 8.8% on the year
Sherwin Williams Co. (SHW) reported revenue of $9.5 billion for fiscal 2012, the year ended 31 December 2012, up 8.8% on the year before. Net income was $631 million, up 42.8%, and diluted earnings per share $2.01. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2014.
Revenue
$9.5 billion
+8.8% on the year
FY2007FY2012
Operating margin
13.7%
11.2% a year earlier
FY2007FY2012
Net income
$631 million
+42.8% on the year
FY2007FY2012
Diluted EPS
$2.01
+45.4% on the year
FY2007FY2012
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Revenue
9,534
8,766
7,776
+8.8%
Cost of revenue
5,328
5,021
4,295
+6.1%
Gross profit
4,206
3,745
3,481
+12.3%
Gross margin
44.1%
42.7%
44.8%
Research and development
44.6
41.7
39.9
+7.0%
Selling, general and administrative
3,260
2,961
2,728
+10.1%
Operating income
1,307
985
948
+32.7%
Operating margin
13.7%
11.2%
12.2%
Interest expense
42.8
42.5
70.6
+0.7%
Pre-tax income
907
742
678
+22.4%
Income tax
276
300
215
-7.8%
Effective tax rate
30.4%
40.4%
31.8%
Net income
631
442
462
+42.8%
Net margin
6.6%
5.0%
5.9%
Diluted EPS
$2.01
$1.38
$1.40
+45.4%
$ 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
FY2012
FY2011
FY2010
On the year
Last 8 years
Operating cash flow
888
736
707
+20.7%
Capital expenditure
157
154
125
+2.2%
Free cash flow
731
582
581
+25.6%
Free cash flow margin
7.7%
6.6%
7.5%
Cash from investing
-342
-278
-490
Cash from financing
287
-475
-224
Depreciation and amortisation
179
181
175
-0.9%
Share-based compensation
54.3
48.2
42.3
+12.8%
Dividends paid
161
154
156
+4.8%
Dividend per share
$0.52
$0.49
$0.48
+6.8%
Diluted shares, weighted
312m
317m
326m
-1.6%
Shares outstanding at period end
310m
312m
321m
-0.6%
Balance sheet
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Shareholders' equity
1,792
1,517
1,609
+18.1%
Non-controlling interest
n/a
n/a
0.0
Short-term borrowings
n/a
n/a
389
Debt
1,705
993
656
+71.6%
Other liabilities
2,738
2,719
2,515
+0.7%
Total liabilities and equity
6,235
5,229
5,169
+19.2%
Fixed assets
966
957
952
+1.0%
Goodwill
1,156
1,108
1,102
+4.3%
Intangible assets
348
306
321
+13.6%
Cash and equivalents
863
32.7
58.6
+2,538.2%
Receivables
1,033
990
917
+4.3%
Inventory
920
927
918
-0.7%
Other assets
950
909
901
+4.4%
Total assets
6,235
5,229
5,169
+19.2%
10-K for the year ended 31 December 2012, filed 27 February 2014: the filing.