Sherwin Williams (SHW) FY2013 results: revenue $10.2 billion, up 6.8% on the year
Sherwin Williams Co. (SHW) reported revenue of $10.2 billion for fiscal 2013, the year ended 31 December 2013, up 6.8% on the year before. Net income was $753 million, up 19.3%, and diluted earnings per share $2.42. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2014.
Revenue
$10.2 billion
+6.8% on the year
FY2007FY2013
Operating margin
14.2%
13.7% a year earlier
FY2007FY2013
Net income
$753 million
+19.3% on the year
FY2007FY2013
Diluted EPS
$2.42
+20.6% on the year
FY2007FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
10,186
9,534
8,766
+6.8%
Cost of revenue
5,569
5,328
5,021
+4.5%
Gross profit
4,617
4,206
3,745
+9.8%
Gross margin
45.3%
44.1%
42.7%
Research and development
47.0
44.6
41.7
+5.4%
Selling, general and administrative
3,468
3,260
2,961
+6.4%
Operating income
1,442
1,307
985
+10.3%
Operating margin
14.2%
13.7%
11.2%
Interest expense
62.7
42.8
42.5
+46.6%
Pre-tax income
1,086
907
742
+19.7%
Income tax
333
276
300
+20.7%
Effective tax rate
30.7%
30.4%
40.4%
Net income
753
631
442
+19.3%
Net margin
7.4%
6.6%
5.0%
Diluted EPS
$2.42
$2.01
$1.38
+20.6%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
1,084
888
736
+22.1%
Capital expenditure
167
157
154
+6.1%
Free cash flow
917
731
582
+25.5%
Free cash flow margin
9.0%
7.7%
6.6%
Cash from investing
-338
-342
-278
Cash from financing
-853
287
-475
Depreciation and amortisation
188
179
181
+4.8%
Share-based compensation
58.0
54.3
48.2
+6.7%
Dividends paid
205
161
154
+27.4%
Dividend per share
$0.67
$0.52
$0.49
+28.2%
Diluted shares, weighted
309m
312m
317m
-0.8%
Shares outstanding at period end
300m
310m
312m
-3.0%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
1,775
1,792
1,517
-1.0%
Debt
1,722
1,705
993
+1.0%
Other liabilities
2,886
2,738
2,719
+5.4%
Total liabilities and equity
6,383
6,235
5,229
+2.4%
Fixed assets
1,021
966
957
+5.7%
Goodwill
1,179
1,156
1,108
+2.0%
Intangible assets
313
348
306
-9.9%
Cash and equivalents
745
863
32.7
-13.6%
Receivables
1,098
1,033
990
+6.3%
Inventory
971
920
927
+5.5%
Other assets
1,056
950
909
+11.1%
Total assets
6,383
6,235
5,229
+2.4%
10-K for the year ended 31 December 2013, filed 27 February 2014: the filing.