CLEVELAND -- The Sherwin-Williams Company (SHW) posted consolidated net sales of $8.77 billion for 2011, an increase of 12.7% over 2010.
Fourth quarter sales rose $174.8 million or 9.2%, to $2.07 billion. The company attributed this gain primarily to selling price increases, acquisitions, and higher paint sales volume in its Global Finishes and Latin America Coatings Groups. Sherwin-Williams added Latin America Coatings Groups, which had total sales of $828.5 million in 2011, as its fourth "Reportable Operating Segments," beginning in the final quarter of 2011. In addition to Global Finishes, the other reporting groups include the Paint Stores Group and Consumer Brand Group.
Sherwin-Williams' Global Finishes Group, which includes industrial wood coatings, experienced a 32.5% sales gain to $1.88 billion last year.
Christopher Connor, chairman and CEO, said, "We are pleased with the continued sales development in the Global Finishes Group and the corresponding improvement in the Group's core operating profit. The Leighs Paints acquisition as well as the acquisitions completed over the past 18 months are performing to expectations and provide important assets to support the future growth in our world-wide business. Our Latin America Coatings Group increased gallons across all product lines, controlled costs, and delivered strong profit growth in the year."
Connor added, "In the first quarter of 2012, we anticipate our consolidated net sales will increase 9 to 14 percent compared to the first quarter of 2011.... For the full year 2012, we expect consolidated net sales to increase above 2011 levels by a high single-to-low-teens percentage.
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