Sherwin-Williams points to record-high performance
The Sherwin-Williams Company posted strong results for its full-year 2013 and fourth quarter ended Dec. 31, with sales and income well above year-ago figures. However, results still came in below earlier forecasts, which caused shares to drop on Thursday.
Net sales for the three-month period were $2.46 billion, compared to $2.22 billion in the previous year’s quarter. For the full year, they came in at $10.2 billion, up 6.8%.
At $116.1 million, fourth-quarter net income was a full 70.6% above year-ago figures. Full-year net income of $752.6 million marked a year-over-year growth rate of 19.3%.
"We are pleased to report another year of record highs for multiple financial measures in 2013, including sales, earnings per share, net operating cash and earnings before interest, taxes, depreciation and amortization," said chairman and CEO Christopher Connor. "Net operating cash surpassed $1.0 billion for the first time in the company’s history."
Net sales for the Paint Stores Group was up 10.9% to $6.0 billion for the full year, as well as 17.6% to $1.5 billion for the quarter. The company attributed these gains primarily to higher architectural paint sales volume.
Connor added that the growth was driven by improvements across all business units, as well as the Comex acquisition, which performed according to expectations. The company added 388 new stores, including 306 via Comex, in 2013.
Guidance for the first quarter of 2014 includes a 7-12% consolidated net sales increase, with diluted net income per common share in the range of $.95 to $1.15 per share.
Mike Holmes joins CertainTeed to promote indoor air awareness
Mike Holmes — a well-known contractor and healthy home champion — is teaming up with CertainTeed Gypsum to promote indoor air quality (IAQ) awareness among homeowners and building industry professionals.
His initial appearance will take place in Las Vegas at the International Builders’ Show (IBS) on Wed., Feb. 5 from 3 to 4 p.m. at Booth C2127.
The campaign agenda involves basic awareness of IAQ and the benefits of high-performance drywall products, specifically AirRenew IAQ Gypsum Board, CertainTeed’s VOC scavenging drywall line that recently earned a HOLMES Approved Product stamp of approval. Bolstered with moisture- and mold-resisting technology, AirRenew is designed to capture VOCs and convert them into inert compounds.
"AirRenew helps remove unwanted chemicals from your indoor air – even years after a construction job is done," said Holmes. "Many things in the home off-gas, from the furniture and paint to the carpeting and cabinets. And breathing in these chemicals on a daily basis may be dangerous to your health. It’s a real concern. But products like AirRenew are ahead of the game. They’re tackling IAQ issues head on. That’s something I can stand behind."
Holmes has over 30 years of experience as a contracotr and is the creator of the TV series "Holmes on Homes," "Holmes Inspection" and "Holmes Makes It Right." He heads up The Holmes Group, an international organization dedicated to improving building standards and creating healthier homes via partnerships and product development.
Cedar Creek hires Glenn Arthur as sales manager
Cedar Creek has brought Glenn Arthur on board as national industrial sales manager.
"Glenn was one of the original employees at the Broken Arrow facility starting in 1977 and has vast experience in industrial products and will be implementing industrial sales departments throughout the country," said D. Wayne Trousdale, COO at Cedar Creek.
Effective Feb. 10, 2014, Arthur will assume his post at the building material distribution company’s Broken Arrow, Okla. office.