Sherwin Williams (SHW) FY2014 results: revenue $11.1 billion, up 9.3% on the year
Sherwin Williams Co. (SHW) reported revenue of $11.1 billion for fiscal 2014, the year ended 31 December 2014, up 9.3% on the year before. Net income was $866 million, up 15.1%, and diluted earnings per share $2.93. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2015.
Revenue
$11.1 billion
+9.3% on the year
FY2007FY2014
Operating margin
15.2%
14.2% a year earlier
FY2007FY2014
Net income
$866 million
+15.1% on the year
FY2007FY2014
Diluted EPS
$2.93
+20.9% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
11,130
10,186
9,534
+9.3%
Cost of revenue
5,965
5,569
5,328
+7.1%
Gross profit
5,164
4,617
4,206
+11.9%
Gross margin
46.4%
45.3%
44.1%
Research and development
50.0
47.0
44.6
+6.3%
Selling, general and administrative
3,823
3,468
3,260
+10.2%
Operating income
1,695
1,442
1,307
+17.5%
Operating margin
15.2%
14.2%
13.7%
Interest expense
64.2
62.7
42.8
+2.4%
Pre-tax income
1,258
1,086
907
+15.9%
Income tax
392
333
276
+17.7%
Effective tax rate
31.2%
30.7%
30.4%
Net income
866
753
631
+15.1%
Net margin
7.8%
7.4%
6.6%
Diluted EPS
$2.93
$2.42
$2.01
+20.9%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
1,082
1,084
888
-0.2%
Capital expenditure
201
167
157
+20.3%
Free cash flow
881
917
731
-3.9%
Free cash flow margin
7.9%
9.0%
7.7%
Cash from investing
-310
-338
-342
Cash from financing
-1,467
-853
287
Depreciation and amortisation
199
188
179
+5.9%
Share-based compensation
64.7
58.0
54.3
+11.6%
Dividends paid
215
205
161
+5.0%
Dividend per share
$0.73
$0.67
$0.52
+10.0%
Diluted shares, weighted
294m
309m
312m
-4.8%
Shares outstanding at period end
284m
300m
310m
-5.4%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
996
1,775
1,792
-43.8%
Debt
1,805
1,722
1,705
+4.9%
Other liabilities
2,904
2,886
2,738
+0.6%
Total liabilities and equity
5,706
6,383
6,235
-10.6%
Fixed assets
1,021
1,021
966
-0.0%
Goodwill
1,158
1,179
1,156
-1.7%
Intangible assets
289
313
348
-7.7%
Cash and equivalents
40.7
745
863
-94.5%
Receivables
1,131
1,098
1,033
+3.0%
Inventory
1,034
971
920
+6.5%
Other assets
1,033
1,056
950
-2.2%
Total assets
5,706
6,383
6,235
-10.6%
10-K for the year ended 31 December 2014, filed 25 February 2015: the filing.