SHERWIN-WILLIAMS CO. $83(New York symbol SHW; Conservative Growth Portfolio, Consumer sector; Shares outstanding: 107.9 million; Market cap: $9.0 billion; Price-to-sales ratio: 1.2; Dividend yield: 1.8%; TSINetwork Rating: Above Average; www.sherwin-williams.com) is North America’s largest paint producer. The company also operates 3,400 paint stores, which account for 55% of its sales.
In 2010, Sherwin expanded its wood-coating operations by purchasing two European companies: In April, it paid $53.8 million for Italy’s Sayerlack. In September, it bought Sweden’s Becker Acroma for $230.4 million.
These new businesses are part of the reason why Sherwin’s sales rose 9.6% in 2010, to $7.8 billion from $7.1 billion in 2009. However, integration costs will keep them from contributing to Sherwin’s earnings until mid-2011.
That’s why Sherwin’s earnings rose at a slower pace of 6.1%, to $462.5 million from $435.8 million. The company bought back about 5% of its shares during the year. Because of fewer shares outstanding, earnings per share rose 11.4%, to $4.21 from $3.78.
Thanks to the improving earnings, Sherwin raised its quarterly dividend by 1.4%, to $0.365 a share from $0.36. The new annual rate of $1.46 yields 1.8%. Sherwin has raised its dividend each year for the past 33 years.
The shares have jumped 30% in the past year. They now trade at 16.5 times Sherwin’s projected 2011 earnings of $5.03 a share. However, the gain was partly fuelled by higher paint demand for government infrastructure projects. Now that these projects are winding down, Sherwin’s sales could suffer. Moreover, homeowners will likely hold off on buying paint due to the slow housing market and high unemployment.
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