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Markets :: Specialty Chemicals :: Paints and Coatings
Sherwin-Williams Earnings Fall on Tax Charge; Adjusted EPS Narrowly Beats Estimates
11:10 AM MST | January 26, 2012 | Vincent Valk
Sherwin-Williams reported fourth-quarter net income of $14.6 million, or 14 cts/share, down 80% from the same period a year-ago on a one-time tax charge. The tax charge was related to a $75 million settlement of an IRS audit of Sherwin Williams’ employee stock ownership plan. Adjusting for the tax charge, earnings totaled 84 cts/share, narrowly beating analysts’ consensus of 83 cts/share, as reported by Thomson Reuters (New York). Sales in the quarter rose 9.2% year-on-year, to $2.07 billion, on higher selling prices, acquisitions and higher...
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