Battle over green building shapes up in Seattle
A running shoe company that wants to build a “deep green” store — but needs a major exemption to zoning regulations to do it — has created a controversy in Seattle. According to an article in the Seattle Times, developer Skanska USA has signed Brooks Sports as the anchor tenant in a mixed-used building it wants to build. But the five-story retail building, which is already allowed an extra 10 ft. as part of the city’s "Living Building" pilot program, needs another 10 ft., according to Skanska. Its structure would be 65 ft. tall on a site where the height limit now is 45 ft.
The building, which may also house a restaurant and other uses, would comply with some tough green building standards as part of the Living Building program. However, local residents say its height is out of character with the neighborhood. They also oppose bending the rules even further for Living Building projects, which already enjoy zoning exemptions as an incentive for their water- and energy-saving designs.
Sherwin-Williams reports strong third quarter
Sherwin-Williams posted third quarter net income of $179.88 million, up 2.6% from $175.26 million in the year-ago period. Net sales for the quarter ended Sept. 30 totaled $2.48 billion, up 14.3% from $2.17 billion in the third quarter of 2010.
Net income for the nine months ended Sept. 30 totaled $427.31 million, up 9.7% from $389.57 million. Net sales for the period were $6.7 billion, up 13.9% from $5.88 billion.
Net sales in the Paint Stores Group increased 10.2% to $1.42 billion in the quarter and 7.8% to $3.65 billion in nine months. The increase was due primarily to selling price increases and improving domestic architectural paint sales volume across most segments.
Net sales of the Consumer Group increased 3.3% to $351.6 million in the quarter. Net sales decreased 2% to $1.02 billion in nine months.
The Global Finishes Group’s net sales increased 31.2% to $714.4 million in the quarter and increased 39.3% to $2.02 billion in nine months.
“We are encouraged by our improving sales results across most domestic architectural segments generated by our Paint Stores Group in the quarter,” said Christopher Connor, chairman and CEO. “We are pleased with the continued sales development in the Global Finishes Group and the corresponding improvement in core operating results. Our operating segments continue to control costs and implement price increases in an effort to keep pace with rising raw material costs.
“We continue to invest in our business. In the first nine months, Paint Stores Group opened 31 net new locations. In July, we completed the acquisition of Leighs Paints, a leading UK protective and marine and fire protection coatings innovator.
“For the fourth quarter, we anticipate our consolidated net sales will increase 6% tp 10% compared with last year’s fourth quarter. For the full year 2011, we expect consolidated net sales to increase above 2010 levels by a low teen percentage,” Connor added.
Lennox reports mixed Q3 results
Lennox International reported third-quarter net income of $33.8 million, down 19% from $41.8 million in the same period last year. Revenue for the third quarter was $923 million, up 13% from $818.2 million in the third quarter of 2010.
"Revenue from our residential business was up slightly in the third quarter, led by a 4% increase in shipments as well as price realization, although product mix was down from a year ago when the federal government’s $1,500 tax credit for high-efficiency cooling and heating products was still in place," said Todd Bluedorn, CEO of Lennox International. “Overall, the company had strong cash generation in the third quarter with free cash flow of $132 million and repurchased $55 million of stock and paid out $10 million in dividends.
“For 2011, we now expect company revenue growth of 7% to 9% and are narrowing our guidance range for adjusted EPS to $2.00 to $2.15 for the year."
Third-quarter revenue in the Residential Heating and Cooling business segment was $374 million, up 1% from $371 million in the prior-year quarter. Segment profit totaled $29 million, compared with segment profit of $39 million in the prior-year quarter.
Revenue in the Commercial Heating and Cooling business segment was $199 million, up 13% from $176 million in the prior-year quarter. Total segment profit was $29 million, compared with segment profit of $25 million in the prior-year quarter.
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May-08-2012 11:22 am