Industry Dashboard for April 23, 2012
The housing starts and sales dials show current residential construction activity well ahead of last year. Month-to-month comparisons are a different story.
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Sales increase 15% at Sherwin-Williams
Sherwin-Williams Co. reported net sales of $2.14 billion for its first fiscal quarter, a 15.1% rise over net sales in the same quarter of 2011. The increase was attributed primarily to higher paint sales volume and selling price increases.
Net sales in the Paint Stores Group jumped 20.9% to $1.12 billion in the quarter due primarily to higher paint sales volume across all end market segments and selling price increases. Net sales from stores open for more than 12 calendar months increased 20.4% in the quarter over last year’s comparable period. Paint Stores Group segment profit rose $43.9 million to $112.7 million in the quarter from $68.9 million last year. Segment profit as a percent to net sales increased in the quarter to 10.0% from 7.4% last year.
Net sales of the Consumer Group increased 8.6% to $320.4 million in the quarter due primarily to selling price increases and higher sales volume. Segment profit increased to $55.3 million in the quarter from $41.1 million last year due primarily to selling price increases and good cost control partially offset by increasing raw material costs. As a percent to net external sales, segment profit increased in the first quarter to 17.3% from 13.9% a year ago.
Commenting on the financial results, chairman and CEO Christopher Connor said: “We are pleased to report record sales and earnings per share in the first quarter on strong sales and operating results of our Paint Stores Group and operating profit increases across the remaining operating segments. All our operating segments grew sales volume and operating profit as a percent to sales in the quarter. The Paint Stores Group volume growth was strong across all end market segments. Our Consumer Group improved their operating results through disciplined cost control and selling price increases.”
Connor added that the Cleveland-based company plans to further invest in the business by opening five net new locations in the Paint Stores Group. “For the year, we expect our Paint Stores Group to open 60 to 65 new stores,” he said. “In the second quarter of 2012, we anticipate our consolidated net sales will increase ten to fifteen percent.”
Founded in 1866, The Sherwin-Williams Co. is a global supplier of coatings and related products to professional, industrial, commercial, and retail customers. The company manufactures products under well-known brands such as Sherwin-Williams, Dutch Boy. Krylon, Minwax, Thompson’s Water Seal and many more. Sherwin-Williams branded products are sold exclusively through a chain of more than 4,000 company-operated stores and facilities, while the company’s other brands are sold through leading mass merchandisers, home centers, independent paint dealers, hardware stores, automotive retailers, and industrial distributors.
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Letters on the Buffett Rule
A story about a failed proposal for a minimum tax of 30% on millionaires and billionaires — known as the Buffett rule — generated several responses.
“The question should be do we want even more money taken out of our economy? There are two opposing views. The first believes that we are better off when the government is in charge of and has more money (communism and socialism). The second believes that we are better off when private citizens are in charge of and have more money (capitalism and free markets). The multiplier effect is always greater when private citizens are in charge of their money as stated by almost all economists. Whether a person is rich or poor, taking more money from anyone weakens our economy. America’s problem is not that tax revenues are too low. Our problem is that government is too big.”
— Jeff Wilson
“Your question assumes the assertion that millionaires are paying a lower rate (percentage) of tax than the average household. Check the facts with the IRS. Millionaires pay an average of 23% while the average household paid 11%. (Source: Michael Medved, 04/17/2012)
“Maybe if enough media sources (like yours) would tell the true story we would expose the lies of this sort.
“So the question is moot.”
— Bruce Hood
“It really doesn’t make as significant a financial difference ($4.5 billion over 10 years) whether the Buffett Rule is passed or not. This just sets a tone where one party favors more equal treatment for all income levels, and the other favors or protects the higher income level people. Some people still believe that ‘trickle down’ economics really works, after years of evidence that it doesn’t work. That is so much a part of their DNA that they can’t see any other way.
“A more important issue is to let the Bush tax cuts expire for all income levels. That will generate around $226 billion in additional revenue over 10 years that can help to pay down the debt and support programs that can continue to stimulate the economy that is growing, but at too slow a rate.
“Also, the entire tax code needs to be redone to eliminate most of the loopholes that were added for special interest groups of all kinds and determine the correct tax rates and brackets that would be considered ‘fair’ to all income levels, personal and business.
— Wayne Reimer
“My feeling is there should be a flat tax and everyone pays the same percentage no matter what level of income you have. If someone makes $10,000 per year they pay $1,000 if the flat tax rate was at say 10%. If someone is making a million dollars per year they would pay $100,000, the same percentage as any other person. It would be fair to everyone as the percentage is the same, no one gets a free ride, and 10% (if that is the percentage) hurts the citizen making $10,000 per year the same as it would the citizen making a million. No deductions, no tax loop holes; everyone pays the same flat percentage so it is fair to everyone.”
— William S. Bates
R.P. Johnson & Son, Inc.
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Some people still believe
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