Sherwin Williams (SHW) FY2018 results: revenue $17.5 billion, up 17.0% on the year
Sherwin Williams Co. (SHW) reported revenue of $17.5 billion for fiscal 2018, the year ended 31 December 2018, up 17.0% on the year before. Net income was $1.1 billion, down 35.8%, and diluted earnings per share $3.89. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2019.
Revenue
$17.5 billion
+17.0% on the year
FY2011FY2018
Operating margin
14.9%
14.9% a year earlier
FY2011FY2018
Net income
$1.1 billion
-35.8% on the year
FY2011FY2018
Diluted EPS
$3.89
-35.9% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
17,534
14,984
11,856
+17.0%
Cost of revenue
10,116
8,265
5,933
+22.4%
Gross profit
7,419
6,719
5,922
+10.4%
Gross margin
42.3%
44.8%
50.0%
Research and development
51.9
58.5
58.0
-11.2%
Selling, general and administrative
5,034
4,798
4,140
+4.9%
Operating income
2,611
2,235
2,164
+16.8%
Operating margin
14.9%
14.9%
18.3%
Interest expense
367
263
154
+39.2%
Pre-tax income
1,360
1,469
1,595
-7.5%
Income tax
251
-300
463
Effective tax rate
18.5%
-20.4%
29.0%
Net income
1,109
1,728
1,133
-35.8%
Net margin
6.3%
11.5%
9.6%
Diluted EPS
$3.89
$6.07
$4.00
-35.9%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
1,944
1,884
1,309
+3.2%
Capital expenditure
251
223
239
+12.7%
Free cash flow
1,693
1,661
1,070
+1.9%
Free cash flow margin
9.7%
11.1%
9.0%
Cash from investing
-252
-9,047
-304
Cash from financing
-1,747
6,514
-307
Depreciation and amortisation
596
492
198
+21.3%
Share-based compensation
82.6
90.3
72.1
-8.5%
Dividends paid
323
319
312
+1.2%
Dividend per share
$1.15
$1.13
$1.12
+1.2%
Diluted shares, weighted
285m
285m
283m
+0.1%
Shares outstanding at period end
279m
282m
279m
-0.8%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
3,731
3,648
1,878
+2.3%
Debt
9,344
10,521
1,953
-11.2%
Other liabilities
6,060
5,731
2,922
+5.7%
Total liabilities and equity
19,134
19,900
6,753
-3.8%
Fixed assets
1,777
1,877
1,096
-5.3%
Goodwill
6,957
6,814
1,127
+2.1%
Intangible assets
5,202
6,002
255
-13.3%
Cash and equivalents
156
204
890
-23.9%
Receivables
2,019
2,105
1,231
-4.1%
Inventory
1,815
1,742
1,068
+4.2%
Other assets
1,210
1,154
1,086
+4.8%
Total assets
19,134
19,900
6,753
-3.8%
10-K for the year ended 31 December 2018, filed 22 February 2019: the filing.