Sherwin-Williams sales up 18% for Q4
Cleveland-based Sherwin-Williams reported fourth-quarter net income of $72.9 million, up 11.6% from $65.3 million reported for the same period last year.
Sales for the quarter ended Dec. 31 were $1.89 billion, up 18.8% from $1.59 billion reported for the same period in 2009.
For the full year, the company reported net income of $462.4 million, up 6.1% from $435.8 million for fiscal year 2009.
Sales for 2010 totaled $7.77 billion, up 9.5% from $ 7.09 billion reported last year.
“We are pleased that all of our operating segments achieved sales and operating profit growth on a year-over-year basis in this continuing uncertain environment,” said Christopher Connor, chairman and CEO. “Our operating segments continue to control costs and have implemented price increases to offset the current raw material increases.
Comp-store sales increased 8.6% in the quarter and 3.8% for the full year.
By segment, net sales in the Paint Stores Group increased 8.6% to $999.3 million in the quarter and increased 4.1% to $4.38 billion in the year, due primarily to selling price increases and improving domestic paint sales to residential repaint contractors and DIY customers.
Consumer Group net sales increased 6.2% to $255.0 million in the quarter and 5.9% to $1.30 billion in the year, due primarily to improving demand at some of the segment’s retail, industrial and institutional customers.
The Global Finishes Group’s net sales increased 46.4% to $640.1 million in the quarter, due primarily to acquisitions, higher paint sales volume and selling price increases.
Looking forward, Conner said the company anticipates net sales to increase in the mid to high teens for the first quarter of 2011, with full-year net sales to increase by a high single-digit percentage.
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IKEA store construction goes green
An IKEA store under construction in Centennial, Colo., incorporated solar and geothermal energy in its construction plans, the company said.
Pending governmental permits, installation of solar panels on the store’s roof will begin next month, with completion by grand opening, scheduled for fall of this year.
The solar energy system for the 415,000-sq.-ft. location will be designed and built by REC Solar, one of the largest U.S. solar electric providers.
The 60,000-sq.-ft. solar array will consist of a 498-kW system, built with 2,212 panels, and will produce approximately 740,000 kWh of electricity annually for the store.
The company said the power produced from the system is equivalent to reducing 586 tons of carbon dioxide and equal to the emissions of 102 cars, or providing electricity for 64 homes yearly.
The furniture and cabinet retailer already has solar energy systems in Brooklyn, N.Y.; Pittsburgh; and Tempe, Ariz., and is installing systems at eight existing locations in California and two stores on the East Coast. Additionally, the Centennial location will be the first U.S. IKEA store to integrate a geothermal component as part of its heating/cooling system.
“We are excited about furthering our sustainability commitment with solar panels on the future Centennial store,” said Doug Greenholz, IKEA U.S. real estate manager. “Similar to geothermal, solar energy will reduce greatly the new store’s energy costs and carbon footprint, as well as contribute to our vision of creating a better everyday life for many.”
There are currently more than 300 IKEA stores in 38 countries, including 37 in the United States.
Ikea is certainly keeping to
Ikea is certainly keeping to its environmentally friendly image. I guess it really does help them win some publicity and at the same time, it also does good to the environment. If Ikea chooses to display more locally manufactured furniture, that would be best. Alex - cavalok
EcoBlu takes on new fire inhibitor
Vista, Calif.-based EcoBlu Products announced today that the company has signed an agreement with Newstar Holdings for the use of its Hartindo AF21 Fire Inhibitor formulation.
Under the terms of the agreement EcoBlu is granted the rights to blend and purchase AF21 Fire Inhibitor concentrates for inclusion in the company’s WoodSurfaceFilm treatment. The agreement will hold an initial term of five years and allow the company to distribute the product worldwide.
According to the company, the combination of AF21 and EcoBlu technology creates a low-cost wood treatment to provide protection against fire, mold, wood rot and termites. The product can be applied on all framing materials of residential and commercial structures.
AF21 Fire Inhibitor is a nontoxic, non-corrosive, biodegradable and environmentally friendly product. The product would render most wood substrates noncombustible, meeting ASTM E84 class "A" specifications. The company said it will pursue industry certifications to include ICC-ES and Underwriters Laboratory as well.
"In my efforts to create a value-added fire treatment market that all homeowners can afford, our agreement with Newstar Holdings allows me to position the company meeting my vision," said Steve Conboy, president and CEO of EcoBlu. "The excitement of being the first company to provide low-cost wood treatments to protect against not only mold, rot and termite issues but fire protection will set us far apart from other similar products."