SHERWIN-WILLIAMS CO. $46 (New York symbol SHW; Conservative Growth Portfolio, Consumer sector; Shares outstanding: 116.9 million; Market cap: $5.4 billion; Price-to-sales ratio: 0.7; WSSF Rating: Above Average) is North America’s largest paint producer. It also operates over 3,300 retail paint stores, which supply 60% of its sales.
In 2008, Sherwin’s sales fell 0.3%, to $7.98 billion from $8.01 billion in the prior year. Price increases helped offset lower retail sales volumes. However, sales at its international division grew 7.8% in 2008, partly due to acquisitions of smaller paint producers in Europe and Asia. Overseas markets now account for 20% of Sherwin’s sales.
Sherwin’s 2008 earnings dropped 22.5%, to $476.9 million from $615.6 million. The company bought back 6% of its shares in 2008, so earnings per share fell 14.9%, to $4.00 from $4.70. If you exclude writedowns of goodwill, per-share earnings fell 9.8%, to $4.31 from $4.78.
Sherwin needs oil to make its paints, so lower oil prices should help increase its profit margins. Still, its 2009 earnings will likely drop to $3.44 a share, and the stock trades at 13.4 times that estimate. The $1.42 dividend yields 3.1%.
Sherwin-Williams is a hold.
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