The Sherwin-Williams Company
) has announced a 28% hike in its quarterly dividend to 50 cents
per share from 39 cents per share. The dividend is payable on Mar
8, 2013, to shareholders of record as of Feb 25, 2013.
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The revision represents Sherwin-Williams' 34th consecutive year
of dividend increase. Prior to this, the company increased its
dividend in Feb 2012 by 7% to 39 cents per share from 36.5 cents
Sherwin-Williams, which is among the major paint companies along
Akzo Nobel NV
The Valspar Corporation
PPG Industries Inc.
), released its fourth-quarter 2012 results last month. The
company's fourth quarter adjusted earnings of $1.17 per share
surpassed the Zacks Consensus Estimate of $1.15.
The adjusted earnings exclude asset impairment charges of 2 cents
a share and a negative acquisitions and currency translation
impact of 3 cents a share. Including that impact, earnings stood
at $1.12 per share in the reported quarter compared with 14 cents
in the year-ago quarter.
Net sales for the quarter increased 7.3% year over year to $2.22
billion and exceeded the Zacks Consensus Estimate of $2.20
billion. The growth was driven by an increase in paint sales
volume and selling price, partly offset by the negative impacts
of currency translation.
Sherwin-Williams' philosophy is to diversify its customer base
and expand its operations into various geographies. It follows a
strategy of growth through acquisitions and internal initiatives
such as efficient working capital management and innovation. The
company continues to invest in its Paint Stores Group segment to
boost market share.
However, Sherwin-Williams continues to contend with raw material
costs inflation. Higher raw material costs impacted every
reporting segment in the fourth quarter. The company also remains
exposed to currency headwinds.
Sherwin-Williams currently retains a Zacks Rank#3 (Hold).