This annual report summarizes the financial highlights of The Sherwin-Williams Company for 2006. Net sales increased 8.6% to $7.8 billion and net income increased 24% to $576 million. Earnings per share increased 27.7% to $4.19. The company invested $209.9 million in capital expenditures and increased its dividend for the 28th consecutive year. The Chairman and CEO reported that 2006 was another record year for sales, earnings, and net operating cash.
The Sherwin-Williams Company reported strong financial results for 2005, with net sales increasing over $1 billion to $7.19 billion. Net income grew 17.8% to $463.3 million and diluted earnings per share increased over 20% to a record $3.28. All of the Company's business segments experienced sales growth. Sherwin-Williams continued its strategy of returning cash to shareholders through stock repurchases and dividend increases, extending its streak of annual dividend growth to 27 years. Looking ahead, the Company is optimistic about 2006 due to continued strong demand for its paint and coatings products.
The document is MGM MIRAGE's 2007 annual report detailing their CityCenter project in Las Vegas. It describes the various components of CityCenter, including hotels, condo towers, retail space, and financial highlights. Some key points:
- CityCenter is a 76-acre, $18 billion privately funded project, the largest in US history. It includes multiple hotels, condo towers, and retail space designed by renowned architects.
- ARIA is a 61-story, 4,000 room hotel and conference center. Vdara is a 57-story condo-hotel tower with over 1,500 units. Other components include condo towers, hotels, retail space, and entertainment venues.
Target Corporation's annual report for 2004 highlights the company's financial performance and strategic initiatives. Revenues grew 17% over the past 5 years to $46.8 billion in 2004. Earnings before interest and taxes grew 165% to $3.6 billion in the same period. The company sold its Mervyn's and Marshall Field's business units for $4.9 billion in pretax cash proceeds. Target also authorized a $3 billion share repurchase program. The report discusses Target's strategy of delivering quality, trend-right merchandise at compelling prices under its "Expect More. Pay Less." brand promise through product design, exclusive brands, store experience, and marketing campaigns. Target expects to operate about 2,000 stores by
Target Corporation reported strong financial results in 2003, with revenues reaching $48.2 billion, an increase of 10% from 2002. Net earnings grew 12% to $1.8 billion. Target opened 101 new stores in 2003, expanding its retail square footage by 8.8% as it pursued profitable growth. The annual report discusses Target's strategies to drive guest traffic and sales, such as focusing on consumable categories and offering exclusive design partnerships. It also outlines plans to continue expanding the Target store base and pursuing other initiatives to create value for shareholders.
The 2006 annual report summarizes the company's financial performance for the year. Total revenues increased significantly to $3.042 billion in 2006 from $1.733 billion in 2005. Net income also increased substantially to $41.536 million in 2006 from $4.049 million in 2005. Backlog reached a record high of $8.451 billion at the end of 2006, up from $7.898 billion in 2005. The company experienced growth in its building segment due to work on several large hospitality and gaming projects.
The Sherwin-Williams Company reported record financial results for 2007. Net sales increased 2.5% to $8 billion, a new record. Net income grew 6.9% to $615.6 million. Earnings per share increased 12% to $4.70. Cash from operations was $874.5 million, an increase of nearly $60 million over 2006. The company completed seven acquisitions to expand its product offerings and store presence globally.
Developing North America's Energy Future.
We have a solid track record of responsible development across North America and we’ve also set a high standard when it
comes to safety, stakeholder engagement, community investment and minimizing the environmental impact of our operations.
Our vision is to be North America’s leading energy infrastructure company. But being the leader doesn’t just mean being the biggest.
It means being the best at what we do and delivering on our commitments. Trust is built through open, honest and transparent
communication with everyone involved in our projects, from landowners and community leaders to our business partners and even
our opponents.
Norfolk Southern Corporation's 2008 Annual Report summarizes the company's strong financial performance in 2008. Some key highlights include record operating revenues and income, an improved operating ratio of 71.1%, and continued growth in net income and earnings per share. The report also discusses Norfolk Southern's focus on safety, service quality, growing its business, supporting communities, and investing in infrastructure and technology to position the company for long-term success.
The Sherwin-Williams Company reported strong financial results for 2005, with net sales increasing over $1 billion to $7.19 billion. Net income grew 17.8% to $463.3 million and diluted earnings per share increased over 20% to a record $3.28. All of the Company's business segments experienced sales growth. Sherwin-Williams continued its strategy of returning cash to shareholders through stock repurchases and dividend increases, extending its streak of annual dividend growth to 27 years. Looking ahead, the Company is optimistic about 2006 due to continued strong demand for its paint and coatings products.
The document is MGM MIRAGE's 2007 annual report detailing their CityCenter project in Las Vegas. It describes the various components of CityCenter, including hotels, condo towers, retail space, and financial highlights. Some key points:
- CityCenter is a 76-acre, $18 billion privately funded project, the largest in US history. It includes multiple hotels, condo towers, and retail space designed by renowned architects.
- ARIA is a 61-story, 4,000 room hotel and conference center. Vdara is a 57-story condo-hotel tower with over 1,500 units. Other components include condo towers, hotels, retail space, and entertainment venues.
Target Corporation's annual report for 2004 highlights the company's financial performance and strategic initiatives. Revenues grew 17% over the past 5 years to $46.8 billion in 2004. Earnings before interest and taxes grew 165% to $3.6 billion in the same period. The company sold its Mervyn's and Marshall Field's business units for $4.9 billion in pretax cash proceeds. Target also authorized a $3 billion share repurchase program. The report discusses Target's strategy of delivering quality, trend-right merchandise at compelling prices under its "Expect More. Pay Less." brand promise through product design, exclusive brands, store experience, and marketing campaigns. Target expects to operate about 2,000 stores by
Target Corporation reported strong financial results in 2003, with revenues reaching $48.2 billion, an increase of 10% from 2002. Net earnings grew 12% to $1.8 billion. Target opened 101 new stores in 2003, expanding its retail square footage by 8.8% as it pursued profitable growth. The annual report discusses Target's strategies to drive guest traffic and sales, such as focusing on consumable categories and offering exclusive design partnerships. It also outlines plans to continue expanding the Target store base and pursuing other initiatives to create value for shareholders.
The 2006 annual report summarizes the company's financial performance for the year. Total revenues increased significantly to $3.042 billion in 2006 from $1.733 billion in 2005. Net income also increased substantially to $41.536 million in 2006 from $4.049 million in 2005. Backlog reached a record high of $8.451 billion at the end of 2006, up from $7.898 billion in 2005. The company experienced growth in its building segment due to work on several large hospitality and gaming projects.
The Sherwin-Williams Company reported record financial results for 2007. Net sales increased 2.5% to $8 billion, a new record. Net income grew 6.9% to $615.6 million. Earnings per share increased 12% to $4.70. Cash from operations was $874.5 million, an increase of nearly $60 million over 2006. The company completed seven acquisitions to expand its product offerings and store presence globally.
Developing North America's Energy Future.
We have a solid track record of responsible development across North America and we’ve also set a high standard when it
comes to safety, stakeholder engagement, community investment and minimizing the environmental impact of our operations.
Our vision is to be North America’s leading energy infrastructure company. But being the leader doesn’t just mean being the biggest.
It means being the best at what we do and delivering on our commitments. Trust is built through open, honest and transparent
communication with everyone involved in our projects, from landowners and community leaders to our business partners and even
our opponents.
Norfolk Southern Corporation's 2008 Annual Report summarizes the company's strong financial performance in 2008. Some key highlights include record operating revenues and income, an improved operating ratio of 71.1%, and continued growth in net income and earnings per share. The report also discusses Norfolk Southern's focus on safety, service quality, growing its business, supporting communities, and investing in infrastructure and technology to position the company for long-term success.
Parker is the world's leading manufacturer of motion and control technologies, providing precise engineered solutions across commercial, industrial, and aerospace markets. For fiscal year 1999, Parker reported record sales of $4.96 billion, income from operations of $538.7 million, and net income of $310.5 million, despite a softening in industrial demand. Parker is strategically diversified across industries and geographies, with no single customer accounting for more than 4% of sales, positioning it for continued global growth.
Google reported 6% year-over-year revenue growth and 3% quarter-over-quarter revenue decline in Q1 2009. Revenue from Google properties grew 9% year-over-year while network revenues declined 3% year-over-year and quarter-over-quarter. International revenues accounted for 50% of total revenue. Operational expenses declined as a percentage of revenue both year-over-year and quarter-over-quarter. Non-GAAP net income increased 4% year-over-year.
This annual report summarizes Dole Food Company's financial performance in 1997. Some key points:
- Revenues grew 13% to $4.3 billion and cash flow from operations grew 10% to $372 million.
- Net income grew 23% to $160.2 million, excluding a 1996 charge. Net debt was reduced by $154 million.
- The company focused on growing its core fresh fruit and vegetable business while liquidating underperforming assets.
- Looking forward, the company aims to continue expanding globally, particularly in Asia, to take advantage of new opportunities for growth.
QUALCOMM had a record year in 2004 with increased revenue, earnings, and operating cash flows due to growing adoption of 3G CDMA technology and advanced devices. Key highlights include:
- CDMA2000 and WCDMA 3G networks expanded significantly worldwide, driving strong demand for QUALCOMM's chipsets. QUALCOMM shipped over 137 million chipsets in fiscal year 2004, more than doubling the prior year's shipments.
- Mobile data usage increased as high-speed 3G networks and BREW-enabled devices enabled new multimedia services. Over 200 million BREW applications have been downloaded.
- South Korea and Japan led the rollout of 1xEV-DO wireless broadband networks, achieving over 10
This document is Fiserv's 2005 annual report. It highlights the company's financial performance for the year, including 9% revenue growth to $4.059 billion and 16% growth in net income to $440 million. It discusses the company's strengths in leadership in key areas like technology, markets, service excellence, and products. It provides an overview of the company's strategic focus, goals for 2006, and biggest challenges. It also includes interviews with the CEO Jeffery Yabuki where he discusses his leadership philosophies and plans for Fiserv.
- Google reported strong Q4 2007 financial results, with 51% year-over-year and 14% quarter-over-quarter revenue growth to $4.8 billion.
- Revenue growth was driven by increases in Google properties revenue and network revenues. International revenue reached $2.3 billion.
- Google continued executing on its Search.Ads.Apps strategy through infrastructure investments, giving advertisers more control over campaigns, and launching Android mobile platform.
- Costs and expenses rose as a percentage of revenue due to increased spending on research and development, though free cash flow remained high at $1 billion after capital expenditures.
Ecolab is a global leader in cleaning, sanitizing, pest elimination, maintenance and repair products and services. It serves customers in over 160 countries across various industries including hospitality, foodservice, healthcare, industrial and commercial markets. Ecolab employs over 22,000 people worldwide and had $4.5 billion in net sales in 2005. It markets its products and services through the largest direct sales force in its industry.
Google reported strong Q4 2008 results, with 18% year-over-year revenue growth to $5.7 billion. Revenue from Google properties grew 22% year-over-year while network revenues increased 4% year-over-year. The company maintained operational efficiency despite a difficult economic environment, with costs and expenses declining to 67% of revenues. Non-GAAP net income was $1.6 billion, with EPS of $5.10.
- Revenue grew 31% year-over-year and 3% quarter-over-quarter to $5.5 billion, with international revenue reaching $2.8 billion.
- Despite economic challenges, traffic and revenue remained solid in Q3 due to key investments in search and ads.
- Cost containment measures helped maintain a 30% operating margin and $1.29 billion in net income.
This document is VF Corporation's 2003 annual report. It discusses the company's financial performance in 2003 and strategies for its brands. The report emphasizes VF Corporation's focus on understanding consumer lifestyles and styling life through their portfolio of brands. It highlights initiatives for major brands like Lee, Wrangler, and Vanity Fair to expand product lines and connect with target audiences. The annual report communicates VF Corporation's vision of continuing to strengthen their position as the world's largest apparel company by serving individual lifestyles through their brands globally.
The Sherwin-Williams Company 2002 Annual Report summarizes the company's financial performance for the year. It discusses the company's four business segments: Paint Stores (63.7% of sales), Consumer (22.7% of sales), Automotive Finishes (8.8% of sales), and International Coatings (4.7% of sales). It also highlights that net sales were $5.18 billion for 2002, income before accounting changes was $310.7 million, and return on sales was 6.0%.
Eaton Corporation's 2002 Annual Report summarizes the company's performance in 2002 and initiatives to transform Eaton into a premier diversified industrial company. Despite challenging market conditions, Eaton outgrew its end markets by $300 million, increased operating earnings per share by 33%, generated a record $900 million in cash flow from operations, and reduced debt by $352 million. The company achieved this performance through implementing a less capital-intensive business model and realizing $130 million in savings from restructuring. The Eaton Business System is driving improvements across the company to capture benefits of scale and efficiency.
Eaton Corporation's 2004 annual report summarizes the company's financial performance and operations. Eaton is a global leader in power management solutions, with businesses in fluid power systems, electrical systems, vehicle powertrains, and truck components. In 2004, Eaton achieved record sales of $9.8 billion and record earnings per share. The company also completed several acquisitions to expand its product portfolio and global presence. Eaton expects continued growth in 2005 as its diverse business segments participate in different stages of the economic cycle.
Eaton Corporation is a global $8 billion diversified industrial manufacturer. In 2000, Eaton delivered record operating earnings despite a weak North American truck market. Fluid Power and Industrial & Commercial Controls are now Eaton's largest business segments, accounting for 62% of operating profit. Eaton has transformed its business portfolio and leadership team. The company is now managed as one integrated operating company, leveraging its size, strength, and scope through common tools and processes to drive change across the organization. Eaton is well positioned for growth in automotive, fluid power, and industrial and commercial controls markets.
Eaton Corporation is a global power management company with 2006 sales of $12.4 billion. Eaton provides electrical systems and components, fluid power systems, intelligent truck drivetrain systems, and automotive engine air management systems to customers in over 125 countries. In 2006, Eaton achieved record financial results including 12% revenue growth, 19% increase in earnings per share, and 26% increase in cash from operations. The company is well positioned for continued growth through its focus on developing innovative solutions to help customers operate more efficiently and responsibly.
The document contains several non-GAAP financial measure reconciliations for EBIT, EBITDA, cash from operations excluding pension contributions, net assets, and equity used for return on equity calculation for various periods. EBIT, EBITDA, and other measures are reconciled to GAAP measures like earnings before income taxes to assess operating segment performance and compensation programs.
Major brands in the Consumer Foods segment that posted sales growth included Egg Beaters, Healthy Choice, and Slim Jim. Brands that posted sales declines included ACT II and Blue Bonnet. Total depreciation and amortization from continuing operations was $88 million for the quarter and $177 million year-to-date. Capital expenditures were $66 million for the quarter and $111 million year-to-date. Net interest expense was $52 million for the quarter and $110 million year-to-date.
The document provides the questions and answers from the Q1 FY06 earnings call for ConAgra Foods. Some key details from the summary include:
- Sales grew for major brands like Butterball but declined for brands like ACT II. Retail Products volume declined 3% while Foodservice increased 4%.
- Depreciation and amortization was $89 million. Capital expenditures were $71 million and net interest expense was $68 million. Corporate expense was $73 million.
- Gross margin was 21.6% and operating margin was 10.9%. The effective tax rate for FY06 is estimated to be 36%.
The document provides the quarterly and annual financial results for a company. Some key highlights include:
- Several consumer brands posted sales growth for the quarter including Banquet, Blue Bonnet, and Chef Boyardee, while others like ACT II and Eckrich saw declines.
- Total depreciation and amortization was around $93 million for the quarter and $352 million for the fiscal year.
- Capital expenditures were around $106 million for the quarter and $352 million for the fiscal year.
- Net interest expense was $80 million for the quarter and $275 million for the fiscal year.
- Corporate expenses were around $95 million for the quarter and $342 million
Christopher M. Connor, Chairman and CEO of The Sherwin-Williams Company, presented forward-looking statements about sales, earnings, and other matters. The presentation discussed Sherwin-Williams' financial highlights in 2007 including $8.01 billion in net sales and $616 million in income. It also reviewed the company's diversified customer base, global market share as one of the top coatings manufacturers worldwide, and competitive strengths including controlled distribution, leading technology, and growth from acquisitions.
This document provides a consolidated report for FirstEnergy Corp.'s third quarter of 2007. Some key highlights include:
- Normalized non-GAAP earnings were $1.32 per share for Q3 2007 compared to $1.42 per share for Q3 2006.
- GAAP earnings were $1.36 per share for Q3 2007 compared to $1.41 per share for Q3 2006.
- Earnings guidance for 2007 was revised to $4.15 to $4.25 per share from the previous range of $4.05 to $4.25 per share.
The document summarizes Conagra Foods' Q2 FY08 earnings results. Major brands in the Consumer Foods segment that posted sales growth included Blue Bonnet, Chef Boyardee, and Egg Beaters. Brands that posted sales declines included ACT II, Knott's Berry Farm, and Orville Redenbacher's. Consumer Foods volume decreased 1% but excluding items increased 3%, while Food and Ingredients volume was flat. Depreciation and amortization was $77 million, capital expenditures were $111 million, and net interest expense was $64 million. The company's net debt ratio increased to 43% from 37% a year ago.
Parker is the world's leading manufacturer of motion and control technologies, providing precise engineered solutions across commercial, industrial, and aerospace markets. For fiscal year 1999, Parker reported record sales of $4.96 billion, income from operations of $538.7 million, and net income of $310.5 million, despite a softening in industrial demand. Parker is strategically diversified across industries and geographies, with no single customer accounting for more than 4% of sales, positioning it for continued global growth.
Google reported 6% year-over-year revenue growth and 3% quarter-over-quarter revenue decline in Q1 2009. Revenue from Google properties grew 9% year-over-year while network revenues declined 3% year-over-year and quarter-over-quarter. International revenues accounted for 50% of total revenue. Operational expenses declined as a percentage of revenue both year-over-year and quarter-over-quarter. Non-GAAP net income increased 4% year-over-year.
This annual report summarizes Dole Food Company's financial performance in 1997. Some key points:
- Revenues grew 13% to $4.3 billion and cash flow from operations grew 10% to $372 million.
- Net income grew 23% to $160.2 million, excluding a 1996 charge. Net debt was reduced by $154 million.
- The company focused on growing its core fresh fruit and vegetable business while liquidating underperforming assets.
- Looking forward, the company aims to continue expanding globally, particularly in Asia, to take advantage of new opportunities for growth.
QUALCOMM had a record year in 2004 with increased revenue, earnings, and operating cash flows due to growing adoption of 3G CDMA technology and advanced devices. Key highlights include:
- CDMA2000 and WCDMA 3G networks expanded significantly worldwide, driving strong demand for QUALCOMM's chipsets. QUALCOMM shipped over 137 million chipsets in fiscal year 2004, more than doubling the prior year's shipments.
- Mobile data usage increased as high-speed 3G networks and BREW-enabled devices enabled new multimedia services. Over 200 million BREW applications have been downloaded.
- South Korea and Japan led the rollout of 1xEV-DO wireless broadband networks, achieving over 10
This document is Fiserv's 2005 annual report. It highlights the company's financial performance for the year, including 9% revenue growth to $4.059 billion and 16% growth in net income to $440 million. It discusses the company's strengths in leadership in key areas like technology, markets, service excellence, and products. It provides an overview of the company's strategic focus, goals for 2006, and biggest challenges. It also includes interviews with the CEO Jeffery Yabuki where he discusses his leadership philosophies and plans for Fiserv.
- Google reported strong Q4 2007 financial results, with 51% year-over-year and 14% quarter-over-quarter revenue growth to $4.8 billion.
- Revenue growth was driven by increases in Google properties revenue and network revenues. International revenue reached $2.3 billion.
- Google continued executing on its Search.Ads.Apps strategy through infrastructure investments, giving advertisers more control over campaigns, and launching Android mobile platform.
- Costs and expenses rose as a percentage of revenue due to increased spending on research and development, though free cash flow remained high at $1 billion after capital expenditures.
Ecolab is a global leader in cleaning, sanitizing, pest elimination, maintenance and repair products and services. It serves customers in over 160 countries across various industries including hospitality, foodservice, healthcare, industrial and commercial markets. Ecolab employs over 22,000 people worldwide and had $4.5 billion in net sales in 2005. It markets its products and services through the largest direct sales force in its industry.
Google reported strong Q4 2008 results, with 18% year-over-year revenue growth to $5.7 billion. Revenue from Google properties grew 22% year-over-year while network revenues increased 4% year-over-year. The company maintained operational efficiency despite a difficult economic environment, with costs and expenses declining to 67% of revenues. Non-GAAP net income was $1.6 billion, with EPS of $5.10.
- Revenue grew 31% year-over-year and 3% quarter-over-quarter to $5.5 billion, with international revenue reaching $2.8 billion.
- Despite economic challenges, traffic and revenue remained solid in Q3 due to key investments in search and ads.
- Cost containment measures helped maintain a 30% operating margin and $1.29 billion in net income.
This document is VF Corporation's 2003 annual report. It discusses the company's financial performance in 2003 and strategies for its brands. The report emphasizes VF Corporation's focus on understanding consumer lifestyles and styling life through their portfolio of brands. It highlights initiatives for major brands like Lee, Wrangler, and Vanity Fair to expand product lines and connect with target audiences. The annual report communicates VF Corporation's vision of continuing to strengthen their position as the world's largest apparel company by serving individual lifestyles through their brands globally.
The Sherwin-Williams Company 2002 Annual Report summarizes the company's financial performance for the year. It discusses the company's four business segments: Paint Stores (63.7% of sales), Consumer (22.7% of sales), Automotive Finishes (8.8% of sales), and International Coatings (4.7% of sales). It also highlights that net sales were $5.18 billion for 2002, income before accounting changes was $310.7 million, and return on sales was 6.0%.
Eaton Corporation's 2002 Annual Report summarizes the company's performance in 2002 and initiatives to transform Eaton into a premier diversified industrial company. Despite challenging market conditions, Eaton outgrew its end markets by $300 million, increased operating earnings per share by 33%, generated a record $900 million in cash flow from operations, and reduced debt by $352 million. The company achieved this performance through implementing a less capital-intensive business model and realizing $130 million in savings from restructuring. The Eaton Business System is driving improvements across the company to capture benefits of scale and efficiency.
Eaton Corporation's 2004 annual report summarizes the company's financial performance and operations. Eaton is a global leader in power management solutions, with businesses in fluid power systems, electrical systems, vehicle powertrains, and truck components. In 2004, Eaton achieved record sales of $9.8 billion and record earnings per share. The company also completed several acquisitions to expand its product portfolio and global presence. Eaton expects continued growth in 2005 as its diverse business segments participate in different stages of the economic cycle.
Eaton Corporation is a global $8 billion diversified industrial manufacturer. In 2000, Eaton delivered record operating earnings despite a weak North American truck market. Fluid Power and Industrial & Commercial Controls are now Eaton's largest business segments, accounting for 62% of operating profit. Eaton has transformed its business portfolio and leadership team. The company is now managed as one integrated operating company, leveraging its size, strength, and scope through common tools and processes to drive change across the organization. Eaton is well positioned for growth in automotive, fluid power, and industrial and commercial controls markets.
Eaton Corporation is a global power management company with 2006 sales of $12.4 billion. Eaton provides electrical systems and components, fluid power systems, intelligent truck drivetrain systems, and automotive engine air management systems to customers in over 125 countries. In 2006, Eaton achieved record financial results including 12% revenue growth, 19% increase in earnings per share, and 26% increase in cash from operations. The company is well positioned for continued growth through its focus on developing innovative solutions to help customers operate more efficiently and responsibly.
The document contains several non-GAAP financial measure reconciliations for EBIT, EBITDA, cash from operations excluding pension contributions, net assets, and equity used for return on equity calculation for various periods. EBIT, EBITDA, and other measures are reconciled to GAAP measures like earnings before income taxes to assess operating segment performance and compensation programs.
Major brands in the Consumer Foods segment that posted sales growth included Egg Beaters, Healthy Choice, and Slim Jim. Brands that posted sales declines included ACT II and Blue Bonnet. Total depreciation and amortization from continuing operations was $88 million for the quarter and $177 million year-to-date. Capital expenditures were $66 million for the quarter and $111 million year-to-date. Net interest expense was $52 million for the quarter and $110 million year-to-date.
The document provides the questions and answers from the Q1 FY06 earnings call for ConAgra Foods. Some key details from the summary include:
- Sales grew for major brands like Butterball but declined for brands like ACT II. Retail Products volume declined 3% while Foodservice increased 4%.
- Depreciation and amortization was $89 million. Capital expenditures were $71 million and net interest expense was $68 million. Corporate expense was $73 million.
- Gross margin was 21.6% and operating margin was 10.9%. The effective tax rate for FY06 is estimated to be 36%.
The document provides the quarterly and annual financial results for a company. Some key highlights include:
- Several consumer brands posted sales growth for the quarter including Banquet, Blue Bonnet, and Chef Boyardee, while others like ACT II and Eckrich saw declines.
- Total depreciation and amortization was around $93 million for the quarter and $352 million for the fiscal year.
- Capital expenditures were around $106 million for the quarter and $352 million for the fiscal year.
- Net interest expense was $80 million for the quarter and $275 million for the fiscal year.
- Corporate expenses were around $95 million for the quarter and $342 million
Christopher M. Connor, Chairman and CEO of The Sherwin-Williams Company, presented forward-looking statements about sales, earnings, and other matters. The presentation discussed Sherwin-Williams' financial highlights in 2007 including $8.01 billion in net sales and $616 million in income. It also reviewed the company's diversified customer base, global market share as one of the top coatings manufacturers worldwide, and competitive strengths including controlled distribution, leading technology, and growth from acquisitions.
This document provides a consolidated report for FirstEnergy Corp.'s third quarter of 2007. Some key highlights include:
- Normalized non-GAAP earnings were $1.32 per share for Q3 2007 compared to $1.42 per share for Q3 2006.
- GAAP earnings were $1.36 per share for Q3 2007 compared to $1.41 per share for Q3 2006.
- Earnings guidance for 2007 was revised to $4.15 to $4.25 per share from the previous range of $4.05 to $4.25 per share.
The document summarizes Conagra Foods' Q2 FY08 earnings results. Major brands in the Consumer Foods segment that posted sales growth included Blue Bonnet, Chef Boyardee, and Egg Beaters. Brands that posted sales declines included ACT II, Knott's Berry Farm, and Orville Redenbacher's. Consumer Foods volume decreased 1% but excluding items increased 3%, while Food and Ingredients volume was flat. Depreciation and amortization was $77 million, capital expenditures were $111 million, and net interest expense was $64 million. The company's net debt ratio increased to 43% from 37% a year ago.
The document is ConAgra Foods' 2008 annual report which provides financial highlights and discusses the company's focus on its food business. It summarizes that net sales increased over $11 billion but profit growth was impacted by high inflation. The company divested non-core businesses and focused on innovation, cost reductions, and quality improvements to combat inflation and drive sustainable growth going forward.
Sherwin-Williams updated its sales and earnings expectations for the first quarter and full year 2008. For Q1, net sales are expected to increase in the low single digits compared to last year, and EPS is forecasted to be between $0.56 to $0.61, lower than previous guidance. For the full year, net sales growth guidance remains at low-to-mid single digits, but EPS is lowered to a range of $4.70 to $4.85. The shortfall is due to lower than expected domestic sales, raw material cost increases, and a shift in business mix towards lower margin segments. The company is implementing cost cutting measures to offset challenges in the housing market.
This document is FirstEnergy's 2006 annual report. It summarizes the company's strong financial and operational performance in 2006, including record earnings per share of $3.84. Operationally, FirstEnergy achieved record electricity generation of 82 million megawatt-hours and industry-leading safety and transmission system performance. The company invested $1.2 billion in its generation, transmission, and distribution assets to increase capacity and reliability. FirstEnergy also continued initiatives to enhance customer service and the environmental profile of its diversified generation fleet.
The document summarizes an analyst meeting held by FirstEnergy on February 1, 2007 in New York City. It includes an agenda for the day's presentations and presentations on key topics. Tony Alexander, the CEO, presented on the company's strong financial and operating performance in 2006, including record generation output and improved safety results. Leila Vespoli then discussed the company's regulatory strategy, including managing the transition to competitive markets in Ohio, Pennsylvania, and New Jersey.
This document summarizes FirstEnergy's financial results for the fourth quarter of 2007. Some key points:
- Normalized non-GAAP earnings were $0.90 per share for Q4 2007, up from $0.84 per share in Q4 2006.
- GAAP earnings for Q4 2007 were $0.88 per share, up from $0.85 per share in Q4 2006.
- For the full year 2007, normalized non-GAAP earnings were $4.23 per share, near the guidance range, and up from $3.88 per share in 2006.
Eaton Corporation achieved record financial results in 2005, with sales surpassing $11 billion for the first time. Net income increased 24% to $805 million and earnings per share rose 27% to a record $5.23. The company's 59,000 employees worldwide helped drive this strong performance through their efforts in helping customers succeed. Eaton is a global leader in electrical systems, fluid power systems, vehicle drivetrain systems, and automotive engine air management systems, with customers in over 125 countries.
The document summarizes the company's financial results for 2007. Net income increased from 2006 levels, driven primarily by higher electric sales revenues which were partially offset by increased costs. The company also declared a dividend increase, completed share repurchase programs, and engaged in various financing activities including debt issuances and a sale-leaseback transaction. Regulatory matters in Ohio included legislative energy policy proposals and a distribution rate case filing.
first energy 4Q 08 Consolidated Report NEW NEW209finance21
- FirstEnergy reported normalized non-GAAP earnings per share of $1.21 for Q4 2008, up from $0.90 in Q4 2007. Normalized non-GAAP earnings for 2008 were $4.57 per share.
- Key drivers of the increase were lower generation O&M expenses due to fewer outages and emission allowance gains, as well as lower energy delivery and transmission costs from cost control measures. Higher wholesale and retail electricity prices also contributed.
- These increases were partially offset by higher fuel costs due to fuel surcharges and transportation costs, as well as impairment of securities held for nuclear decommissioning trust funds.
- FirstEnergy did not provide 2009 earnings guidance
The Sherwin-Williams Company reported record financial results for 2007. Net sales increased 2.5% to $8 billion, a new record. Net income grew 6.9% to $615.6 million. Earnings per share increased 12% to $4.70. Cash from operations was $874.5 million, an increase of nearly $60 million over 2006. The company completed seven acquisitions to expand its product offerings and store presence globally.
The Sherwin-Williams Company reported strong financial results for 2005, with net sales increasing over $1 billion to $7.19 billion. Net income grew 17.8% to $463.3 million and diluted earnings per share increased over 20% to a record $3.28. All of the Company's business segments experienced sales growth. Sherwin-Williams continued investing in its business through capital expenditures, acquisitions, dividend increases, and share repurchases. Looking ahead to 2006, the Company is optimistic due to strong demand for its paint and coatings products and more stable raw material costs.
This annual report summarizes MGM MIRAGE CityCenter's projects in Las Vegas in 2007. It includes details on six construction projects that were part of CityCenter: ARIA Resort-Casino, Vdara Condo Hotel, Veer Towers, The Harmon Hotel, Spa & Residences, Mandarin Oriental Las Vegas, and The Crystals. It also provides financial highlights for MGM MIRAGE and notes that CityCenter is the largest privately financed project in the United States at 76 acres and 18 million square feet.
The document provides an overview of Goldman Sachs, including:
1) It operates in investment banking, sales and trading, principal investing, asset management, and securities services.
2) It has a long-term goal of over 20% return on tangible common equity and focuses on its core businesses and people.
3) It maintains a significant, well-capitalized equity base and conservative funding and liquidity risk management framework.
4) Its revenues come from diverse areas like fixed income, equities, principal investments, asset management and securities services.
The document provides an overview of Goldman Sachs, including:
1) It operates diverse businesses across investment banking, sales and trading, principal investing, asset management, and securities services.
2) It maintains a conservative funding and liquidity risk management framework including pre-funded excess liquidity and stress testing.
3) Over the long term, Goldman Sachs has achieved 12% annual revenue growth compared to 6% global GDP growth, focusing on returning over 20% tangible common equity.
The document provides financial highlights and selected information for Jacobs Engineering Group Inc. for fiscal years 2006, 2007, and 2008:
- Revenues increased substantially over the three years, reaching $11.3 billion in FY2008. Net earnings and EPS also grew each year.
- Backlog reached a record high of $16.7 billion in FY2008, up $3.1 billion from the prior year.
- The company added over 7,900 employees in FY2008 through acquisitions and recruitment.
- FY2008 was a successful year with record financial results and the highest quality scores for client satisfaction.
This document summarizes the key financial highlights and performance of Jacobs Engineering Group for fiscal year 2008:
- Revenues reached a record $11.3 billion, with net earnings of $420.7 million, also a record. Backlog increased to $16.7 billion, up $3.1 billion from the previous year.
- Financial metrics like diluted EPS and stockholders' equity saw large increases from the previous year. The company had over $500 million in net cash on hand.
- The company delivered almost $2.6 billion in savings to clients through its Value Plus program. Quality survey scores reached a milestone average of 90.5%, indicating strong client loyalty.
- The company
- The document is Pulte Homes' 2002 annual report which summarizes the company's financial and operational performance for 2002 compared to previous years.
- Key metrics like total revenue, earnings per share, and book value per share all increased from 1998-2002.
- In 2002, Pulte Homes constructed approximately 330,000 homes total throughout its history and operated in 44 US markets.
- The company has grown substantially in recent years and aims to continue expanding its market share across customer segments.
Google Q4 2012 Quarterly Earnings SummaryKit Seeborg
The document summarizes Google's financial results for Q4 2012. It reports that Google's consolidated revenues grew 36% year-over-year and 8% quarter-over-quarter to $14.4 billion. It also discusses strong revenue growth and cash flow. The document provides details on revenue sources and breakdowns between US vs international revenues. It includes charts showing revenue trends over time and costs like traffic acquisition costs.
- Google reported consolidated revenues of $14.4 billion for Q4 2012, up 36% year-over-year and 8% quarter-over-quarter. Including Motorola Home, revenues were $15.2 billion.
- Google properties revenues increased 18% year-over-year and 12% quarter-over-quarter. Network revenues increased 19% year-over-year and 10% quarter-over-quarter.
- Income from operations on a non-GAAP basis was $4.3 billion, with an operating margin of 30%.
The world's leading provider of computer-aided design, business and manufacturing software solutions tailored for the interior design and furniture industries.
This 2004 annual report summarizes the company's financial performance and strategic growth. It reports that revenues were $4.59 billion for fiscal year 2004, with net earnings of $128.9 million. Total backlog increased to $7.45 billion. The company expanded into new markets and countries through acquisitions in the infrastructure and oil/gas industries. While some markets like chemicals and pharma were slower than expected, most markets are expected to improve in 2005 and fuel renewed growth.
This annual report summarizes the company's financial performance in fiscal year 2004. Revenues were relatively flat compared to 2003 at $4.59 billion, and net earnings were also similar to the previous year at $129 million. Total backlog increased to $7.45 billion. The founder and chairman, Dr. Joseph J. Jacobs, passed away in 2004. The company pursued strategic growth through international acquisitions and expansion in key markets such as infrastructure, oil and gas, and government services. Safety performance improved significantly with a 25% reduction in incident rates. Client satisfaction also increased with better survey results.
Parker Hannifin Corporation 2003 Annual Report
The document is Parker Hannifin Corporation's 2003 Annual Report. It summarizes Parker's financial performance for fiscal year 2003, with net sales of $6.41 billion and net income of $196.27 million. It also provides an overview of Parker's global operations, strategies to drive growth, and examples of innovation across various industries.
ArvinMeritor had a challenging fiscal year 2001 due to economic downturn and declining automotive sales. However, the company has taken steps to strengthen its position such as aggressively cutting costs, improving quality, and focusing on core competencies. While sales and profits decreased from the prior year, the company generated strong operating cash flow through emphasis on working capital reductions and debt paydown. Looking forward, ArvinMeritor is well positioned in key markets and believes systems integration will be an area of growth opportunity.
1) The document is a letter to shareholders from ArvinMeritor discussing the company's 2001 performance and outlook.
2) In 2001, ArvinMeritor completed its first full year as a merged company but faced economic challenges including declining auto sales. The company reported lower sales and income compared to 2000.
3) To strengthen its position, ArvinMeritor plans to focus on core competencies, improve returns, conserve cash through partnerships, and implement cost cutting measures including job reductions and capital spending cuts. The company aims to emerge stronger from the economic downturn.
Henry Schein is the largest distributor of healthcare products and services to office-based healthcare practitioners in North America and Europe. In 2002, Henry Schein achieved record financial results with net sales of $2.8 billion, operating income of $196 million, and net income of $117 million. The company expects continued growth through increasing penetration of existing customers, gaining new customers, and cross-selling between its business groups that serve the dental, medical, veterinary, and technology markets.
Big Lots is a retail company that offers brand-name merchandise at discounted prices. In 2003, Big Lots saw a 7.9% increase in net sales compared to 2002. Net income increased 12.4% while earnings per share rose 10.6%. The company operates over 1,400 stores across the United States and aims to provide customers with great deals through closeout products and bargains in a unique shopping environment.
Northern Trust Corporation's 2006 annual report summarizes the company's financial performance and strategic initiatives. In 2006, Northern Trust achieved record financial results with net income of $665 million, up 14% from 2005. Total revenues increased 14% to $3.06 billion. The company also made progress on key strategic priorities including expanding blended investment solutions, growing adoption of its WealthPassport technology, and completing major acquisitions and migrations of client assets. Northern Trust positioned itself for continued growth by strengthening its presence in high-growth markets like Asia-Pacific and developing new client relationships.
Ecolab is a leading global provider of cleaning, sanitizing, maintenance and repair products and services. It serves customers in over 160 countries across various industries such as hospitality, foodservice, healthcare, retail and industrial markets. In 2004, Ecolab reported net sales of $4.2 billion, an 11% increase over 2003. It continues to invest in innovative products and services to help customers improve their operations and protect their reputations.
ConAgra Foods is selling its chicken business to focus on branded and value-added food items. The sale includes chicken processing operations and will generate cash for ConAgra to reinvest. ConAgra will receive Class A shares in Pilgrim's Pride, the chicken company acquiring its business, representing 7% of voting shares and 49% of equity. It can sell up to 1/3 of these shares annually but expects to reduce ownership over time based on market conditions. ConAgra will also receive notes from Pilgrim's Pride due in 2011 with a 10.5% interest rate to be paid semi-annually.
This document summarizes the Q1 FY2004 earnings results of a large packaged foods company. Key points include:
- Q1 EPS was $0.37 compared to $0.43 in Q1 FY2003, impacted by various one-time gains and losses.
- Packaged foods sales were down $168M excluding divested businesses, with a 5% volume decline.
- Several major brands saw growth, while others like Butterball declined.
- Corporate expenses increased due to litigation expenses from a past joint venture.
- The effective tax rate for FY2004 is estimated at 38%.
ConAgra Foods is selling its United Agri Products business to focus on branded and value-added products, as part of a broader strategy of divesting non-core businesses over the past year including fresh beef/pork, canned seafood, and cheese operations. The sale is expected to close by December 31, 2003 for cash and $60-75 million in preferred stock. ConAgra will retain some international UAP operations generating $250 million in annual sales, concentrated in several countries. Proceeds will be used for debt paydown and general corporate purposes including acquisitions and stock buybacks.
ConAgra Foods divested its poultry business to focus on branded, value-added foods with strong margins and growth. The $300 million cash and 25 million Pilgrim's Pride shares valued at $245 million totaled less than the poultry business' estimated $545 million book value due to the shares being valued based on past prices, not current prices. ConAgra Foods can sell up to 1/3 of the shares each year and account for shares eligible for resale within a year as securities, and other shares using cost accounting. The poultry business was previously reported in Meat Processing but is now in Discontinued Operations.
ConAgra Foods completed the divestiture of its chicken processing and crop inputs businesses, finalizing its strategy to focus on branded, value-added food opportunities. The company received $300 million in cash and 25 million shares of Pilgrim's Pride stock worth $245 million for the chicken business. ConAgra can sell up to 1/3 of the Pilgrim's Pride shares per year and will account for the shares as securities held for resale within one year or using the cost method if the eligibility for resale is over one year away. The chicken business was previously reported as part of ConAgra's Meat Processing segment but is now in Discontinued Operations.
ConAgra Foods has divested several commodity businesses and acquired branded and value-added food products to focus on higher margin businesses. The company is planning a share repurchase program using cash from strong operating cash flows and recent divestitures. ConAgra expects to continue investing in growth through acquisitions and paying down debt while deploying cash to dividends, debt repayment, and share repurchases as appropriate.
The document provides a Q&A summary of ConAgra Foods' financial results for Q2 FY04 compared to Q2 FY03. Key points include:
- Q2 FY04 diluted EPS was $0.51 compared to $0.44 in Q2 FY03, impacted by $0.04 in discontinued operations in FY04 and $0.03 in divestiture expenses in FY03.
- Sales comparability was impacted by $506M in divested fresh meat businesses in FY03 and $154M in divested canned food businesses in FY03.
- Examples of brand sales growth included Banquet, Chef Boyardee, Egg Beaters
Packaged Foods sales increased 4% excluding divestitures, with 2% volume growth. Several brands posted sales growth including Armour, Banquet, and Blue Bonnet, while others like ACT II and Butterball declined. Sales comparability was affected by $155 million in divested businesses last year. Operating profit grew 5% in Packaged Foods and 10% overall when adjusting for divested businesses and cost savings initiatives. The company is implementing cost cutting measures expected to save more than implementation costs in the future.
- Major brands in the Retail Products segment that posted sales growth included ACT II, Armour, Banquet, and Blue Bonnet. Brands that posted sales declines included Healthy Choice, Slim Jim, and Snack Pack.
- Retail volume increased 8% while foodservice volume was flat excluding divested businesses.
- Increased input costs negatively impacted operating profits in the Retail Products segment by approximately $45 million.
- Capital expenditures were approximately $105 million, reflecting increased investment in information systems.
This document contains the questions and answers from ConAgra Foods' Q2 FY2005 earnings call. Some key details include:
- Several major brands in the Retail Products segment posted sales growth, while others saw declines.
- Retail volume increased 7% and Foodservice volume decreased 1% excluding divested businesses.
- Capital expenditures increased significantly year-over-year due to investments in information systems.
- The company received proceeds from the sale of its minority interest in Swift Foods and shares of Pilgrim's Pride stock.
This document summarizes the Q3 2005 earnings results of a major food company. Some key highlights include: 1) Major brands in the Retail Products segment saw mixed sales results, with growth for brands like Chef Boyardee but declines for brands like Butterball. 2) Unit volumes declined 3% for Retail Products but increased 4% for Foodservice Products. 3) The packaged meats operations were slightly profitable but profits were over $45 million lower than the previous year. The company expects some improvement but not year-over-year profit gains for packaged meats in Q4.
This document summarizes ConAgra Foods' earnings results for fiscal year 2005 (FY05) in a question and answer format. Some key details include:
- FY05 diluted EPS was $1.23, including $0.12 in expenses that impacted comparability.
- Major brands in the Retail Products segment that saw sales growth included ACT II, Banquet, and Blue Bonnet. Brands that saw declines included Armour and Butterball.
- Retail Products volume increased 2% while Foodservice Products volume decreased 2% in Q4.
- Total depreciation and amortization was approximately $351 million for FY05 and $90 million for Q4. Capital expenditures
Major brands in the Retail Products segment that posted sales growth included ACT II, Blue Bonnet, Butterball, Kid Cuisine, Marie Callender's, Reddi-wip and Ro*Tel. Brands that posted sales declines included Armour, Banquet, Cook's, DAVID, Eckrich, Egg Beaters, Healthy Choice, Hebrew National, Hunt's, LaChoy, Orville Redenbacher, PAM, Parkay, Peter Pan, Slim Jim, Snack Pack, Swiss Miss, Van Camp's and Wesson. Retail Products volume declined 5% for the quarter while Foodservice Products volume increased 2%. Corporate expense for the quarter was approximately $103 million
The document provides financial information from ConAgra Foods' Q3 FY06 quarterly earnings call. Some key details include:
- Retail segment sales grew 4% and Foodservice grew 1% over the prior year. Several major brands posted sales growth while others declined.
- Gross margin was 24.8% and operating margin was 12.5% for the quarter.
- Net debt was $3.6 billion, down from $4.5 billion a year prior due to debt repayment of $500 million during the quarter.
- Capital expenditures for the quarter and fiscal year-to-date were below prior year levels. Projected fiscal year expenditures are up to $400
- Major brands in the Consumer Foods segment that posted sales growth in Q4 FY06 included Blue Bonnet, Chef Boyardee, DAVID, Egg Beaters, Hebrew National, and Hunt's. Brands that posted sales declines included ACT II, Banquet, Healthy Choice, Peter Pan, Slim Jim, Snack Pack, and Van Camp's.
- Consumer Foods volume declined 2% in Q4 while Food and Ingredients volume increased 1%.
- Total depreciation and amortization for Q4 was approximately $85 million and approximately $353 million for all of FY06. Capital expenditures were approximately $92 million for Q4 and $288 million for FY
This document summarizes the Q1 FY07 financial results of ConAgra Foods. Some key highlights include:
- Consumer Foods volume increased 1% and Food and Ingredients volume increased 2% in Q1.
- Gross margin was 24.7% and operating margin was 11.7% for the quarter.
- Net debt decreased to $2.88 billion from $3.97 billion in Q1 FY06.
- Restructuring charges totaled $39 million pre-tax, impacting costs in Consumer Foods and corporate expenses.
1) Several major brands in the Consumer Foods segment posted sales growth for the quarter, while others like ACT II and Banquet saw declines. Overall, Consumer Foods volume declined 1% excluding divested businesses.
2) Total depreciation and amortization from continuing operations was around $91 million for the quarter and $268 million year-to-date. Capital expenditures were around $147 million for the quarter and $258 million year-to-date.
3) The company's net debt at the end of the quarter was around $3 billion, with a net debt to total capital ratio of 39%.
1) Several major brands in the Consumer Foods segment posted sales growth for the quarter, while others such as ACT II and Knott's Berry Farm saw declines.
2) Consumer Foods volume was flat excluding divested businesses, while Food and Ingredients volume increased 3%.
3) Capital expenditures increased significantly both for the quarter and full fiscal year compared to the previous year.
Major brands in the Consumer Foods segment that posted sales growth for Q1 FY08 included Banquet, Blue Bonnet, Chef Boyardee, DAVID, Egg Beaters, Healthy Choice, Hebrew National, Hunt's, Kid Cuisine, Libby's, Marie Callender's, Manwich, Orville Redenbacher's, Reddi-wip, Rosarita, Ro*Tel, Snack Pack, Van Camp's, and Wesson. Brands that posted sales declines included ACT II, Crunch N Munch, Knott's Berry Farm, PAM, Parkay, Slim Jim, and Swiss Miss. Consumer Foods volume increased 3% excluding divested
The document provides details from a Q3 FY08 question and answer session. It lists major brands that saw sales growth and declines in the Consumer Foods segment. Total volume increased 6% for Consumer Foods and 1% for Food and Ingredients. Depreciation was $78M versus $91M the prior year. Capital expenditures were $72M versus $147M the prior year. Net debt was $3.681B versus $2.983B the prior year. The company expects a 34-35% effective tax rate and $475M in capital expenditures for FY2008.
Dr. Alyce Su Cover Story - China's Investment Leadermsthrill
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
An accounting information system (AIS) refers to tools and systems designed for the collection and display of accounting information so accountants and executives can make informed decisions.
South Dakota State University degree offer diploma Transcriptynfqplhm
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13 Jun 24 ILC Retirement Income Summit - slides.pptxILC- UK
ILC's Retirement Income Summit was hosted by M&G and supported by Canada Life. The event brought together key policymakers, influencers and experts to help identify policy priorities for the next Government and ensure more of us have access to a decent income in retirement.
Contributors included:
Jo Blanden, Professor in Economics, University of Surrey
Clive Bolton, CEO, Life Insurance M&G Plc
Jim Boyd, CEO, Equity Release Council
Molly Broome, Economist, Resolution Foundation
Nida Broughton, Co-Director of Economic Policy, Behavioural Insights Team
Jonathan Cribb, Associate Director and Head of Retirement, Savings, and Ageing, Institute for Fiscal Studies
Joanna Elson CBE, Chief Executive Officer, Independent Age
Tom Evans, Managing Director of Retirement, Canada Life
Steve Groves, Chair, Key Retirement Group
Tish Hanifan, Founder and Joint Chair of the Society of Later life Advisers
Sue Lewis, ILC Trustee
Siobhan Lough, Senior Consultant, Hymans Robertson
Mick McAteer, Co-Director, The Financial Inclusion Centre
Stuart McDonald MBE, Head of Longevity and Democratic Insights, LCP
Anusha Mittal, Managing Director, Individual Life and Pensions, M&G Life
Shelley Morris, Senior Project Manager, Living Pension, Living Wage Foundation
Sarah O'Grady, Journalist
Will Sherlock, Head of External Relations, M&G Plc
Daniela Silcock, Head of Policy Research, Pensions Policy Institute
David Sinclair, Chief Executive, ILC
Jordi Skilbeck, Senior Policy Advisor, Pensions and Lifetime Savings Association
Rt Hon Sir Stephen Timms, former Chair, Work & Pensions Committee
Nigel Waterson, ILC Trustee
Jackie Wells, Strategy and Policy Consultant, ILC Strategic Advisory Board
How to Invest in Cryptocurrency for Beginners: A Complete GuideDaniel
Cryptocurrency is digital money that operates independently of a central authority, utilizing cryptography for security. Unlike traditional currencies issued by governments (fiat currencies), cryptocurrencies are decentralized and typically operate on a technology called blockchain. Each cryptocurrency transaction is recorded on a public ledger, ensuring transparency and security.
Cryptocurrencies can be used for various purposes, including online purchases, investment opportunities, and as a means of transferring value globally without the need for intermediaries like banks.
How Poonawalla Fincorp and IndusInd Bank’s Co-Branded RuPay Credit Card Cater...beulahfernandes8
The eLITE RuPay Platinum Credit Card, a strategic collaboration between Poonawalla Fincorp and IndusInd Bank, represents a significant advancement in India's digital financial landscape. Spearheaded by Abhay Bhutada, MD of Poonawalla Fincorp, the card leverages deep customer insights to offer tailored features such as no joining fees, movie ticket offers, and rewards on UPI transactions. IndusInd Bank's solid banking infrastructure and digital integration expertise ensure seamless service delivery in today's fast-paced digital economy. With a focus on meeting the growing demand for digital financial services, the card aims to cater to tech-savvy consumers and differentiate itself through unique features and superior customer service, ultimately poised to make a substantial impact in India's digital financial services space.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
Discovering Delhi - India's Cultural Capital.pptxcosmo-soil
Delhi, the heartbeat of India, offers a rich blend of history, culture, and modernity. From iconic landmarks like the Red Fort to bustling commercial hubs and vibrant culinary scenes, Delhi's real estate landscape is dynamic and diverse. Discover the essence of India's capital, where tradition meets innovation.
Explore the world of investments with an in-depth comparison of the stock market and real estate. Understand their fundamentals, risks, returns, and diversification strategies to make informed financial decisions that align with your goals.
2. FINANCIAL
HIGHLIGHTS
(thousands of dollars except per share data) 2006 2005 2004
Net sales $ 7,809,759 $ 7,190,661 $ 6,113,789
Net income $ 576,058 $ 463,258 $ 393,254
Per common share:
Net income - diluted $ 4.19 $ 3.28 $ 2.72
Net income - basic $ 4.31 $ 3.39 $ 2.79
Cash dividends $ 1.00 $ .82 $ .68
Book value $ 14.92 $ 12.81 $ 11.70
Average common shares outstanding (thousands) 133,579 136,817 140,802
Return on sales 7.4 % 6.4 % 6.4 %
Return on assets 11.5 % 10.6 % 9.2 %
Return on beginning shareholders’ equity 33.3 % 28.1 % 27.0 %
Total debt to capitalization 30.5 % 26.4 % 30.9 %
Interest coverage (1) 13.4 x 14.2 x 15.5 x
Net operating cash $ 815,841 $ 716,702 $ 544,681
NET INCOME
NET SALES NET INCOME
PER SHARE - DILUTED
(millions of dollars) (millions of dollars)
600
8,000 7,810 576 5
7,191
7,000
4.19
500
463
6,114 4
6,000
393
400 3.28
5,000
3
2.72
300
4,000
2
3,000
200
2,000
1
100
1,000
0
0
0
2004 2005 2006 2004 2005 2006
2004 2005 2006
(1) Ratio of income before income taxes, minority interest and interest expense to interest expense.
3. CONTENTS
ON THE COVER: Our “Cover The Earth” logo is shown on a
hand-hammered copper tray, just one of the hundreds of company
artifacts on display at the Sherwin-Williams Center of Excellence.
The 6,000 square foot archive in Cleveland contains seven three-
dimensional multimedia exhibit areas chronicling the company’s
141-year history.
TABLE OF CONTENTS
Letter to Shareholders 2
Paint Stores Group 6
Consumer Group 8
Global Group 10
Strength In Numbers 12
Stores/Branches/Subsidiaries 14
Financial Performance 15
The Sherwin-Williams Company is an equal opportunity employer that recruits, selects and hires on the basis of individual qualifications and prohibits
unlawful discrimination based on race, color, religion, sex, national origin, protected veteran status, disability, age, sexual orientation or any other
consideration made unlawful by federal, state or local laws.
4. LETTER TO
SHAREHOLDERS
Christopher M. Connor,
(left) Chairman and Chief
Executive Officer, and
John G. Morikis, President and
Chief Operating Officer
WE ARE PLEASED TO REPORT ANOTHER
record year for The Sherwin-Williams Company. In 2006, the Company
achieved record sales, earnings and net operating cash. On the strength of
this performance, we increased our dividend for the 28th consecutive year.
Consolidated net sales for the year grew 8.6 percent to $7.8 billion. Net income increased
more than 24 percent to $576.1 million and diluted net income per common share reached
$4.19 per share, an increase of 27.7 percent.
Net operating cash flow for the year exceeded $815 million, or more than ten percent
of sales. This strong cash flow was achieved through a combination of improved prof-
itability and continued stringent working capital management. Our working capital
ratio—defined as accounts receivable plus inventories less accounts payable to sales—
improved to 11.7 percent in 2006 from 12.5 percent in 2005. This reduction in working
capital is further evidence of our successful integration of the two major acquisitions we
completed late in 2004.
During the year, we invested $209.9 million in capital expenditures to increase our manu-
facturing capacity and enhance the productivity of our existing facilities. In August, we began
manufacturing latex paint in our new, state-of-the-art emulsion plant in Fernley, Nevada. This
new facility significantly increases our capacity to serve the growing markets in the western
United States.
We also continued our long-standing practice of returning a portion of the cash we gener-
ate to shareholders through treasury stock purchases and dividends. The Company purchased
5.6 million shares of its common stock in the open market during 2006. We increased our
5. cash dividend for the 28th consecutive year, to $1.00 per in our Paint Stores Group has resulted in high employee
share, up eighteen cents over 2005. For 2007, we will satisfaction and retention of our key field employees well
recommend to our Board of Directors a continuation of over 90 percent. This high rate of employee retention
our policy of paying out approximately 30 percent of leads to high customer satisfaction and loyalty.
prior year’s diluted net income per share in the form of a The strong growth we have sustained in the Paint
cash dividend. This would result in a quarterly dividend Stores Group is also the result of our focus on providing
of $0.315 per share, or $1.26 per share for the year, an professional coatings customers with innovative, techno-
increase of 26 percent over 2006. logically advanced products designed to maximize the
Beginning in the first quarter of 2006, we realigned success of their business. In 2006, several of these prod-
the business segments we use to make operating uct introductions demonstrated our leadership in the
decisions, set goals, assess performance and allocate “green” architectural coatings market with environmen-
resources. This realignment resulted in three reportable tally friendly, high-performance products. In industrial
operating segments—Paint Stores Group, Consumer maintenance and marine market applications, we remain
Group and Global Group. The Global Group consoli- at the forefront in developing corrosive inhibiting, fast-
dates certain business units that have foreign or curing environmentally friendly waterborne products.
worldwide operations that were previously part of Our stores also continue to serve do-it-yourself (DIY)
the Paint Stores, Consumer, Automotive Finishes and customers by providing knowledgeable advice and time-
International Coatings segments. saving, easy-to-use products that deliver long-lasting
beauty to their homes.
PAINT STORES GROUP
Net sales for our Paint Stores Group increased 11.3
percent to $4.84 billion in 2006. Comparable store sales
SALES INCREASED TO $7.8
grew by 9.1 percent during the year. Segment profit
BILLION, AND EARNINGS
increased 26.5 percent to $719.9 million. Segment profit
margin for the full year 2006 improved to 14.9 percent
ROSE 24.3 PERCENT.
of sales from 13.1 percent in 2005.
Our paint stores serve two major customer seg-
ments in the North American coatings market:
CONSUMER GROUP
architectural paint customers and industrial mainte-
nance and marine coatings users. We achieved solid External net sales for our Consumer Group decreased
growth in both of these segments during the year, and 1.9 percent to $1.36 billion for the year, primarily as a
we made progress on several initiatives that will posi- result of sluggish sales to DIY customers and the elimi-
tion us well for the future. nation of a portion of a paint program with a large retail
In 2006, we opened 120 new stores and closed three, customer. Segment profit for the year increased $43.1
resulting in a net increase of 117 stores. At year-end, million, or 25.2 percent, to $214.2 million. Segment
we had 3,046 stores in North America compared to profit as a percent of external sales improved to 15.7
2,929 at the end of 2005. In 2007, we will continue to percent from 12.3 percent in 2005. This significant
aggressively pursue our goal of 3 percent annual growth improvement in segment profit was the result of selling
in store count, opening in the range of 100-plus net price increases, tight spending control and volume-driven
new stores. manufacturing efficiencies. Segment profit in 2005 was
Opening new stores at this pace requires a ready pool reduced by a $22.0 million goodwill impairment charge
of talented, well-trained people to run them. In 2006, we reflecting the anticipated reduction in business with the
recruited and hired more than 700 college graduates into major retail customer mentioned above.
our Management Training Program and began grooming Our Consumer Group fulfills a dual mission for the
them for managerial responsibilities. The combination of company—supplying branded and private label prod-
professional skills training and career path development ucts to retailers throughout North America and
3
6. supporting our Paint Stores Group with manufacturing, sales improved to 8.2 percent from 7.1 percent in 2005.
distribution and logistics and new product research This improvement was mostly attributable to increased
and development. sales, operating efficiencies related to increased volume
The broad assortment of name brand and private and expense control.
label products sold by the Consumer Group give our Sherwin-Williams products are currently available in
company a major retail presence in the U.S. coatings more than 20 countries worldwide. In addition to our
well established operations in countries like Brazil,
Argentina, Chile, Mexico and the UK, our presence in
GENERATED $815.8 Southeast Asia continues to grow. Our Global Group
continued its aggressive program of new branch open-
MILLION IN NET ings within and outside North America, adding 41 net
OPERATING CASH. new branches. We invested prudently in new product
development for automotive finishes and in our color
matching capabilities and resources. Sherwin-Williams
market. Popular brand-name products like Dutch Boy®, automotive finishes continues to be the coatings of
Pratt & Lambert®, Krylon®, Minwax®, Thompson’s® choice in motorsports as a key partner for the Champ
WaterSeal®, Purdy® and more, all manufactured by the Car Series and several Nextel Cup teams. Original equip-
Consumer Group, are stocked in two out of every three ment manufacturers (OEM) are very familiar with our
paint and coatings outlets nationwide. Of roughly chemical coatings line of solvent-based and waterborne
56,000 retail outlets in the U.S. that sell coatings or liquid, powder and UV-curable coatings. In 2006, we
coatings related products, about 35,000 of these outlets introduced 20 new products to the factory-applied fin-
offer one or more product lines manufactured and sold ishes market and opened a new warehouse complex at
by our Consumer Group. our manufacturing site in China.
Consumer Group services these external retail cus-
MANAGEMENT CHANGES
tomers as well as our Paint Stores Group through a
single, highly efficient supply chain. The group operates In April, Arthur F. Anton was elected to our Board of
28 manufacturing plants, 10 distribution centers and a Directors. Mr. Anton is President and Chief Executive
large trucking fleet in North America, and maintains the Officer of Swagelok Company, a leading manufacturer
largest, most advanced research and development facility and provider of innovative fluid system products, services
of its kind in the world. and solutions to a wide range of global industries. His
expertise in corporate finance and management is a
welcome addition to our board, and we look forward to
receiving many years of his valuable insight and counsel.
28 CONSECUTIVE This appointment brings the total number of board
YEARS OF DIVIDEND members to 11, and the number of independent
directors to 10.
GROWTH. In October, our Board of Directors appointed John G.
Morikis as President and Chief Operating Officer. John
has held many key positions during his twenty-two year
GLOBAL GROUP career with Sherwin-Williams, most recently as President
Net sales for our Global Group increased $153.7 mil- of the Paint Stores Group. His success over the years can
lion, or 10.7 percent, to $1.59 billion in 2006. Sales in be credited to his in-depth understanding of the coatings
local currency grew 8.2 percent for the year due primarily market, his focus on meeting customer needs and his
to volume growth from all operations worldwide and dedication to hiring and developing terrific management
selling price increases. Global Group segment profit for teams. In his new role, John will assume responsibility
the year increased $28.4 million, or 27.9 percent, to for all operating segments of the Company. We are
$130.4 million. Segment profit as a percent of external confident that John will bring the same energy and
4
7. OUTLOOK FOR 2007
passion to this new role, and he will help us continue to
meet the expectations of our customers, shareholders Our outlook for the business remains positive despite
and employees. two areas of relative weakness in the domestic coatings
Steven J. Oberfeld was appointed to succeed John as market. The demand for architectural coatings used in
President of the Paint Stores Group. Steve is also a twenty- new residential construction softened throughout 2006
two year employee of the Company, and has served as as the pace of housing starts slowed. This primarily
President & General Manager, South Western Division affected our Paint Stores Group. Sales momentum in the
of the Paint Stores Group since 1992. He led the Com- DIY market also slowed, which was a drag on the Con-
pany’s growth in many of its largest architectural and
industrial marine markets. We have great confidence in
EARNINGS PER SHARE
Steve to provide outstanding direction and leadership to
the Paint Stores Group.
INCREASED 27.7 PERCENT
TO $4.19 PER SHARE.
LEAD PIGMENT LITIGATION
On February 22, 2006, a jury in Rhode Island
returned a verdict finding that the cumulative presence
of lead pigment in paints and coatings on buildings sumer Group. Despite these soft patches in the market,
throughout the state constitutes a public nuisance, and the majority of our business remains strong.
that three defendant companies—Millennium Holdings, Our continued focus on serving the painting contrac-
NL Industries and Sherwin-Williams—caused or sub- tor—the fastest growing segment of the market—and
stantially contributed to the creation of the public our aggressive rate of new store openings at home and
nuisance and should be ordered to abate it. abroad will enable us to continue to grow faster than the
During trial, the Court ruled that the State’s claim for market. We are further encouraged by the positive trends
compensatory damages was insufficient and therefore we have seen in our global OEM finishes, industrial
was excluded. Following the verdict, the Court also maintenance and automotive refinish businesses over the
ruled against assessing punitive damages. past year. All of these factors give us good reason to be
The defendant companies filed numerous post-trial optimistic as we enter 2007.
motions asking the court to enter a judgment for the On behalf of the men and women of The Sherwin-
defendants or, failing that, to order a new trial. On Williams Company around the world, we offer our
February 26, 2007, the Court issued a decision on the thanks and appreciation to our customers, suppliers and
post-trial motions. Specifically, the Court denied the shareholders for their continued trust and confidence.
defendants’ motions for judgement and for a new trial,
entered a judgement of abatement in favor of the State
against the Company and the two other defendants, and
will appoint a special master to assist the Court in its
consideration of abatement and, if necessary, any moni- Christopher M. Connor
toring of the implementation of abatement. The Chairman and Chief Executive Officer
Company intends to appeal the jury’s verdict and the
Court’s decision.
This verdict is only one step in a long legal process.
After seven years and two trials, there still remain a
number of legal issues to be resolved in Rhode Island. John G. Morikis
The historical record is clear that the industry, and President and Chief Operating Officer
specifically Sherwin-Williams, have always acted
responsibly and lawfully. Our arguments, and more
importantly our actions, are solid and on the right side
of the law, and we will continue to vigorously defend the
Company against these misguided attacks.
5
8. WITH 62 PERCENT OF TOTAL COMPANY SALES,
the Paint Stores Group was instrumental in helping Sherwin-Williams reach a
record sales mark of $7.81 billion in 2006. Our color and coatings innovations
continue to fuel sales and solidify our standing as an industry leader.
Sherwin-Williams paint stores are the builders, property owners and managers,
exclusive outlet of Sherwin-Williams® and DIY homeowners.
branded architectural and industrial We strengthened our position in the
maintenance paints, stains, and related new residential market in 2006 by solid-
products in North America. During the past ifying agreements with key national builders
year, we added more than 100 new sales who value Sherwin-Williams’ high quality
territories and opened 117 net new stores, products, local market service and strate-
bringing our total to 3,046 company- gic sourcing.
operated stores to serve our diverse customer New products continue to be a key focus
base of architectural and industrial painting in the Paint Stores Group. The introduction
contractors, residential and commercial of our groundbreaking VinylSafe™ Color
6
9. PAINT STORES
GROUP
PRODUCTS SOLD: Paints,
stains, coatings, caulks,
applicators, wallcoverings,
floorcoverings, spray equipment
and related products
MARKETS SERVED: Do-It-
Yourselfers, professional painting
contractors, home builders,
Technology, for instance, opens up previously top Webby Award in the retail category for property managers, architects,
unavailable opportunities for our customers 2006. The Webby is the leading international interior designers, industrial,
in painting vinyl siding. award honoring excellence in web design, marine, flooring and original
We continue to be a leader in the fast- creativity, usability and functionality, and the equipment manufacturer (OEM)
growth “green” coatings market. In 2006, Color Visualizer was chosen from more than product finishes
we introduced ProGreen™ 200, a commer- 5,500 entries from all 50 states and more
MAJOR BRANDS SOLD:
cial-grade low-VOC interior paint that helps than 40 countries.
Sherwin-Williams®, ProMar®,
meet customer needs in every budget. Our The Paint Stores Group’s Industrial &
SuperPaint®, A-100®, Duron®,
Duration Home™ low-VOC and Harmony® Marine business unit established new levels
PrepRite®, Classic 99®, Duration®,
zero-VOC interior latex products not only of market presence with our heavy-duty
Master Hide® and ExpressTech®
satisfied the stringent standards of our own coatings in 2006. New products were a
OUTLETS: 3,046 Sherwin-Williams
GreenSure™ certification for high-perform- primary focus and introductions such as
ArmorSeal® 1K Waterborne Urethane – an stores in the United States, Canada,
ance environmentally-preferred products, but
Puerto Rico and the Virgin Islands
also earned the Good Housekeeping Seal in environment-friendly waterborne product for
industrial floors – and Fast Clad® ER – a
2006. Also earning the Good Housekeeping
Seal were our Duration® Exterior Coating fast-cure epoxy approved by the U.S. Navy
and Builders Solution® products. and numerous petrochemical companies –
Our innovation was not limited to made successful debuts.
coatings. In 2006, we introduced the Service initiatives also helped define the
Sherwin-Williams Service Connection™, a Industrial & Marine business unit. We
website that enables painting contractors and introduced: Site Survey, a web-based tool
designers to reach new customers online. used to develop a comprehensive condition
Color continues to be a critical element in analysis for customer plant assets; JIT
our sales and marketing efforts. In our inventory that allows U.S. government ship-
“Colors of America” online promotion, yards to receive pre-certified military
consumers completed nearly one million sur- specification coatings with little or no lead
veys sharing how color influences their lives. time; and IMAGE, the most comprehensive
The Sherwin-Williams Color Visualizer, in- product testing data base in the industrial
troduced on our website in 2005, won the and marine coatings industry.
10. INNOVATION DEFINED THE EFFORTS OF THE Consumer
Group in 2006. The Consumer Group discovered new ways to make Sherwin-
Williams an industry supply-chain model for success, while increasing the
profitability and market penetration of our multiple brands.
Although the Consumer Group’s 2006 and 10 distribution service centers in North
external sales were down 1.9 percent from America, was strengthened by two key
2005 at $1.36 billion, highly attentive gross- events in 2006.
margin and expense management helped A new state-of-the-art emulsion plant in
improve segment profit by 25.2 percent from Fernley, NV began production in the third
2005 to $214.2 million. quarter. In the fourth quarter, Accurate
The Consumer Group’s manufacturing Dispersions, a major supplier of colorants
and distribution arm of Sherwin-Williams, used in coatings, broke ground on a new ar-
currently operating 28 manufacturing plants chitectural colorant plant in Homewood, IL.
8
11. CONSUMER GROUP
PRODUCTS SOLD: Branded,
private label and licensed brand
paints, stains, varnishes,
industrial products, wood
finishing products, wood
sumer Group also introduced the Dutch Boy®
The 80,000-square-foot plant is scheduled to
preservatives, applicators,
begin operation in July 2007 and will employ Color Simplicity™ Modular Color Center, a
corrosion inhibitors, aerosols and
80 people. unique display providing multiple and simple
related products
The Consumer Group stocks Sherwin- solutions for selecting color.
MARKETS SERVED: Do-It-
Williams national brand and private label Pratt & Lambert Paints introduced Porce-
Yourselfers, professional painting
lain™ Interior Wall Finish, an innovative
products in a majority of U.S. paint and
contractors, industrial maintenance
coatings outlets. These products include well- product that is virtually impervious to most
and flooring contractors
recognized brands such as Minwax® and stains, in 2006. The Pratt & Lambert® “Paint
Thompson’s® WaterSeal®, the standard bear- Words” television campaign marked the MAJOR BRANDS SOLD: Dutch
ers of our Wood Care Products line for the brand’s first major media campaign in more Boy®, Krylon®, Minwax®,
DIY customer. than a decade and was seen on “The Today Cuprinol®, Thompson’s®
The Minwax Company, which continues Show,” “Good Morning America” and others. WaterSeal®, Pratt & Lambert®,
to command major shares of the interior The Consumer Group also unveiled new Martin Senour®, H&C®, White
Krylon® brand products in 2006. Krylon®
wood finishing product market, introduced Lightning®, Dupli-Color®,
Minwax® Hardwood Floor Reviver, a topcoat Camouflage Paint now employs the Fusion Rubberset®, Purdy®, Bestt
For Plastic® paint technology and is useful in
that renews the beauty of dull and worn hard- Liebco®, Accurate Dispersions™,
wood floors. Key marketing initiatives, such as more plastic applications than ever before. Kool Seal® and Snow Roof®
Krylon® Outdoor Spaces™ Paint was
the support of “The New Yankee Workshop”
OUTLETS: Leading mass
television show and Wood Beautiful® Maga- designed specifically for the growing outdoor
merchandisers, home centers,
lifestyle and design market, and Krylon®
zine, make our products highly visible, as do
independent paint dealers,
Minwax® Water-Based television advertise- Brights™ Fluorescent Pens will serve the
hardware stores, automotive
ments and community initiatives such as growing scrapbooking market.
retailers and industrial
New products under the Dupli-Color®
Minwax Chairs for Charity.
distributors in the United
Thompson’s® WaterSeal®, the leading brand brand include: Dupli-Color® Car Art Tempo-
States, Canada and
among exterior waterproofing products, devel- rary Paint for sports fans and holiday window
Mexico
dressing; Dupli-Color® Shield for spray-on
oped a Certified Contractor Program in 2006.
Sherwin-Williams also donated Thompson’s® protection for vehicles against stone chips and
WaterSeal® products and funding for an obser- insects; and Dupli-Color® Hot Tires®, which
vation deck at Niagara Falls State Park. adds personalization and color to vehicle tires.
The Dutch Boy® brand, an integral part of Finally, Purdy, a manufacturer and distrib-
the Consumer Group, celebrates its 100th utor of professional painting tools, intro-
anniversary in 2007. Dutch Boy was named a duced new professional grade extension poles
“Best Buy” by a leading consumer magazine and continued its support of Habitat for
for the fourth straight year in 2006. The Con- Humanity and Christmas in April programs.
12. THE SHERWIN-WILLIAMS GLOBAL GROUP
demonstrated a growing and truly multi-national presence in 2006, as
operations of the Group expanded in Europe, South America and Asia.
The Global Group was created by combin- In Chile, our Anti-Spider Paint made a
ing our product lines that serve global successful debut. This revolutionary product
market customers, and now has a presence helps keep certain species of dangerous
in more than 20 countries. spiders from residing in room corners. We
In Brazil, we opened 20 new Sherwin- opened our second Industrial & Marine store
Williams stores. Our Novacor® Floor Paint in Argentina in 2006, as well as three new
was recognized as the “Best Product Innova- stores and a customer training center in
tion” by a major Brazilian trade organization, Mexico.
and we introduced an exclusive Brazilian In the United Kingdom, Ronseal retained
color trends fan deck following intensive its market-leading status in the wood care
analysis of color trends with leading sector, capturing a significant portion of the
Brazilian architects. interior and exterior wood care markets. We
10
13. GLOBAL GROUP
PRODUCTS SOLD: Paints, stains,
coatings, varnishes, industrial
products, wood finishing products,
applicators, aerosols, high per-
formance interior and exterior
coatings for the automotive, avia-
also launched Perfect Finish™, which com- the finish on all cars that compete on this tion, fleet and heavy truck markets,
bines Ronseal’s category-leading varnish with exciting international circuit. We also signed OEM product finishes and related
a unique ergonomic applicator. an agreement with JR Motorsports, owned by products
Sherwin-Williams had a landmark year in Dale Earnhardt Jr., who will be the official
MARKETS SERVED: Do-It-Your-
spokesman for Planet Color™ coatings.
the automotive finishes business in 2006. We
selfers, professional painting con-
opened 16 new automotive branches and The Global Group provides solvent-
tractors, independent paint dealers,
refreshed 90 existing branches, with plans for based and waterborne liquid, powder and
industrial maintenance, automotive
additional automotive branch openings and UV-curable coatings for the OEM market.
jobbers, automotive wholesale dis-
50 refreshes in 2007. Our new technical/busi- This key product category of the Global
tributors, collision repair facilities,
ness center in Belgium expands our global Group employs 1,918 employees across 96
automotive dealerships, fleet
presence in this area. sites including plants, branches and
owners and refinishers, automotive
Our automotive product development laboratories in the United States, Canada,
production shops, body builders,
teams were also hard at work, launching 53 Mexico and China.
aviation and OEM product finishers
new products and 160 new SKUs accounting We opened a new warehouse complex in
MAJOR BRANDS SOLD: Sherwin-
for sales that exceeded $40 million in 2006. 2006 in Jiading (Shanghai), and our China
Our aerospace coatings achieved AS9100 operation received the Vendor of the Year Williams®, Dutch Boy®, Krylon®, Kem
certification, opening new avenues to this award from Foxconn Electronics. Tone®, Minwax®, Thompson’s®
important market. We introduced more than 20 new prod- WaterSeal®, Pratt & Lambert®,
Meanwhile, Planet Color™ – an inno- ucts in 2006 including: Sher-Kem™ High Martin Senour®, Ronseal®, Tri-Flow®,
vative collection of optically enhanced Gloss Metal Finishing Enamel for heavy Marson®, Metalatex®, Novacor®,
equipment/general metal application; Polane®
coatings launched for the custom finish- Loxon®, Colorgin®, Andina®, Lazzuril®,
ing market in 2005 – experienced further Solar Reflective Enamel for building product Excelo®, Baco®, Planet Color™, Ultra-
growth and is now available in more than applications; a waterborne chemical agent Cure®, Kem Aqua®, Sher-Wood®,
300 colors. resistant epoxy primer for military applica- Powdura®, Polane® and Sumare®
tions; and Sher-Wood® Hi-Bild PreCat
Sherwin-Williams’ automotive products
OUTLETS: 469 company-operated
Lacquer and Sher-Wood® Ultra-Cure® Pig-
continue to be highly visible in motor sports.
architectural, automotive, industrial
Twelve Nextel Cup Series™ teams represent- mented Waterborne UV for wood
and chemical coatings branches and
other operations in the United
ing 33 cars have made Sherwin-Williams their applications such as furniture and cabinetry
States, Canada, Mexico, Jamaica,
automotive finish choice. We are the Official manufacturers. We also introduced the
Argentina, Brazil, Chile, Peru,
Phoenix® Metallic Color Matching Program
Automotive Finish of the Champ Car World
Uruguay and China. Distribution in 20
Series, and Planet Color™ paints will provide in 2006.
other countries through wholly-
owned subsidiaries, joint ventures
and licensees of technology,
trademarks and tradenames.
14. TOTAL DEBT TO CAPITALIZATION NET OPERATING CASH
WORKING CAPITAL TO SALES
(percent) (in thousands)
(percent)
15 35 1,000,000
13.8
30.9 30.5
30
12.5 815,841
28.0
12 800,000
11.7
11.5 26.4
26.0
11.0 716,702
25
9 600,000 558,917 558,929
20 544,681
15
6 400,000
10
3 200,000
5
0 0 0
2002 2003 2004 2005 2006 2002 2003 2004 2005 2006 2002 2003 2004 2005 2006
WORKING CAPITAL TO SALES – TOTAL DEBT TO CAPITALIZATION – NET OPERATING CASH – In 2006,
Working capital, defined as year-end In 2006, the Company borrowed on a we increased net operating cash by
accounts receivable plus inventories short-term basis to maintain liquid more than $99 million to more than
minus accounts payable, continued to cash balances in order to maximize its 10.4% of sales. This cash helped add
improve in 2006. Reducing working financial flexibility relating to uncer- manufacturing capacity, add new
capital favorably impacts net operat- tainties regarding the outcome of spe- stores at an increased rate and with a
ing cash. Management expects contin- cific litigation. The uncertainties different cost structure, enhance pro-
ued improvement in working capital required a planned, prudent approach ductivity, strengthen our financial
in the future, excluding the impact of to react in an orderly, timely manner condition, support the Company’s
acquisitions, and it believes that the to any cash requirements. The in- continued growth world-wide and
Company’s optimal working capital crease in short-term borrowings return additional cash to our share-
level is approximately 11% of sales. caused the increase in the percentage holders.
of total capitalization.
12
15. STRENGTH
IN NUMBERS
COMPARISON OF CUMULATIVE FIVE YEAR TOTAL RETURN
$300
$250
$200
$150
$100
Dec01 Dec02 Dec03 Dec04 Dec05 Dec06
The above graph compares the cumulative five year total shareholder return on Sherwin-Williams com-
mon stock with the cumulative five year total return of the companies listed on the Standard & Poor’s
500 Stock Index and a peer group of companies selected on a line-of-business basis. The cumulative five
year total return assumes $100 was invested on December 31, 2001 in Sherwin-Williams common stock,
the S&P 500 and the peer group. The cumulative five year total return, including reinvestment of divi-
dends, represents the cumulative value through December 31, 2006. The “Peer Group” of companies is
comprised of the following: Akzo Nobel N.V., Armstrong Holdings, Inc., BASF Corporation, Ferro
Corporation, H.B. Fuller Company, Genuine Parts Company, The Home Depot, Inc., Imperial Chemicals
Industries PLC, Lowe’s Companies, Inc., Masco Corporation, Newell Rubbermaid Inc., PPG Industries,
Inc., RPM International Inc., The Stanley Works, USG Corporation and The Valspar Corporation.
RETURN ON EQUITY DIVIDENDS PAID STOCK PURCHASE
(percent) (per common share) (in thousands)
1.00
35 10,000
1.0
33.3
30
8,076
.82
28.1 7,977
8,000
0.8
27.0
24.7
25
6,700
.68 6,600
.62
20.9 .60 6,000
0.6 5,600
20
15 4,000
0.4
10
2,000
0.2
5
0 0
0.0
2002 2003 2004 2005 2006 2002 2003 2004 2005 2006
2002 2003 2004 2005 2006
RETURN ON EQUITY – Return on DIVIDENDS PAID – For the 28th year STOCK PURCHASE – We believe that
equity is based on income before in a row, we increased cash dividends Sherwin-Williams’ stock is a good
cumulative effect of change in on common stock paid to our share- investment and again supported that
accounting principle divided by share- holders. In 2006, we increased our belief by purchasing 5.6 million
holders’ equity at the start of the year. cash dividend by eighteen cents to shares on the open market in 2006.
As a measure of our profitability $1.00 per share – a 22.0% increase This stock purchase strategy benefits
achieved for each dollar invested by in the amount of net operating cash shareholders by returning their invest-
our shareholders, increasing the returned to our shareholders. The ment at market value and maximizes
return on equity is indicative of the Company’s common stock dividend the ownership value of the remaining
Company’s ability to maximize share- policy is to pay an annual per com- outstanding shares.
holder return. mon share cash dividend that is
approximately 30% of the prior year’s
diluted net income per common share.
16. STORES/BRANCHES/
SUBSIDIARIES
1
4 3
4
5
4
26 8 7
6
Alaska
1
40 6 1 6
10
22
53 3
21
10
68 5 19
8
29 2 93 6 46 5
11
7 89 8
9
40 3 156 12
19 2 36 3
76 58 4
182 13
97 8
17 1
5
16 2
44 4
3 5
43
14 13 1
2
40 63 5
79 3
111 116 7
FOREIGN SUBSIDIARIES 5 D.C.
26
73 8 136 7
47 2
42 7
Coatings S.R.L. 5 1
32 17 73
61
52 5
138
Compañia Sherwin-Williams, S.A. de C.V. 5
2
58 5
241 19
Eurofinish S.r.l. 4
244
61
Productos Quimicos y Pinturas, S.A. de C.V.
21
Hawaii
Quetzal Pinturas, S.A. de C.V.
Ronseal (Ireland) Limited
Puerto Rico
30
Ronseal Limited
2 Virgin Islands
Sherwin-Williams Argentina I.y C.S.A.
Sherwin-Williams Automotive Europe S.p.A. 84
Sherwin-Williams Automotive France S.r.l.
Sherwin-Williams Automotive México S. de R.L. de C.V.
Jamaica
16
PAINT STORES GROUP STORES
Sherwin-Williams Canada Inc.
Sherwin-Williams (Caribbean) N.V. GLOBAL GROUP BRANCHES
Sherwin-Williams Cayman Islands Limited
EASTERN DIVISION
Sherwin-Williams Chile S.A.
Sherwin-Williams do Brasil Industria e Comércio Ltda. SOUTHEASTERN DIVISION
Sherwin-Williams Japan Co., Ltd.
MIDWESTERN DIVISION 56
Sherwin-Williams Paints Limited Liability Company 1
Sherwin-Williams Paints (Dongguan) Company Limited SOUTHWESTERN DIVISION
Sherwin-Williams Pinturas de Venezuela S.A.
Sherwin-Williams (Shanghai) Paints Company Limited
Today, the Paint Stores Group has 3,046 company-operated
Sherwin-Williams Uruguay S.A.
specialty paint stores in the United States, Canada and the
Sherwin-Williams (West Indies) Limited 44
Caribbean. More than 90% of the U.S. population lives
The Sherwin-Williams Company Resources Limited 6
within a 50-mile radius of a Sherwin-Williams paint store.
2
DOMESTIC SUBSIDIARIES
The Global Group continued to expand its network of
Contract Transportation Systems Co.
company-operated distribution by opening 41 net new
Omega Specialty Products & Services LLC
branches in 2006. Today, the Global Group has 469
Sherwin-Williams Automotive Finishes Corp.
company-operated architectural, automotive, industrial and
Sherwin-Williams Realty Holdings, Inc.
chemical coatings branches in North and South America.
SWIMC, Inc.
The Sherwin-Williams Acceptance Corporation
17. FINANCIAL
PERFORMANCE
FINANCIAL TABLE OF CONTENTS
Cautionary Statement Regarding Forward-Looking Information 16
Financial Summary 17
Management’s Discussion and Analysis of Financial Condition and Results of Operations 18
Reports of Management and the Independent Registered Public Accounting Firm 38
Consolidated Financial Statements and Notes 43
Shareholder Information 79
Corporate Officers and Operating Management 80
15
18. CAUTIONARY STATEMENT REGARDING
FORWARD-LOOKING INFORMATION
well as the performance of the businesses acquired; (g)
Certain statements contained in “Management’s Dis-
changes in general domestic economic conditions such
cussion and Analysis of Financial Condition and Results
as inflation rates, interest rates, tax rates, unemployment
of Operations,” “Business” and elsewhere in this report
rates, higher labor and healthcare costs, recessions, and
constitute “forward-looking statements” within the
changing government policies, laws and regulations; (h)
meaning of Section 27A of the Securities Act of 1933 and
risks and uncertainties associated with the Company’s
Section 21E of the Securities Exchange Act of 1934.
expansion into and its operations in China, South Amer-
These forward-looking statements are based upon man-
ica and other foreign markets, including general eco-
agement’s current expectations, estimates, assumptions
nomic conditions, inflation rates, recessions, foreign
and beliefs concerning future events and conditions and
currency exchange rates, foreign investment and repatri-
may discuss, among other things, anticipated future per-
ation restrictions, legal and regulatory constraints, civil
formance (including sales and earnings), expected growth,
unrest and other external economic and political factors;
future business plans and the costs and potential liability
(i) the achievement of growth in developing markets,
for environmental-related matters and the lead pigment
such as China, Mexico and South America; (j) increas-
and lead-based paint litigation. Any statement that is not
ingly stringent domestic and foreign governmental regu-
historical in nature is a forward-looking statement and
lations including those affecting the environment; (k)
may be identified by the use of words and phrases such as
inherent uncertainties involved in assessing the Compa-
“expects,” “anticipates,” “believes,” “will,” “will likely
ny’s potential liability for environmental-related activi-
result,” “will continue,” “plans to” and similar expres-
ties; (l) other changes in governmental policies, laws and
sions. Readers are cautioned not to place undue reliance
regulations, including changes in accounting policies
on any forward-looking statements. Forward-looking
and standards and taxation requirements (such as new
statements are necessarily subject to risks, uncertainties
tax laws and new or revised tax law interpretations);
and other factors, many of which are outside the control
(m) the nature, cost, quantity and outcome of pending
of the Company, that could cause actual results to differ
and future litigation and other claims, including the lead
materially from such statements and from the Company’s
pigment and lead-based paint litigation and the affect of
historical results and experience.
any legislation and administrative regulations relating
These risks, uncertainties and other factors include
thereto; and (n) unusual weather conditions.
such things as: (a) general business conditions, strengths
Readers are cautioned that it is not possible to pre-
of retail and manufacturing economies and the growth
dict or identify all of the risks, uncertainties and other
in the coatings industry; (b) competitive factors, includ-
factors that may affect future results and that the above
ing pricing pressures and product innovation and quali-
list should not be considered to be a complete list. Any
ty; (c) changes in raw material and energy supplies and
forward-looking statement speaks only as of the date on
pricing; (d) changes in the Company’s relationships with
which such statement is made, and the Company under-
customers and suppliers; (e) the ability of the Company
takes no obligation to update or revise any forward-
to attain cost savings from productivity initiatives; (f)
looking statement, whether as a result of new
the ability of the Company to successfully integrate past
information, future events or otherwise.
and future acquisitions into its existing operations, as
16
19. FINANCIAL SUMMARY
(millions of dollars except as noted and per share data)
2006 2005 2004 2003 2002
Operations
Net sales .................................................................... $ 7,810 $ 7,191 $ 6,114 $ 5,408 $ 5,185
Cost of goods sold .................................................... 4,395 4,110 3,412 2,952 2,846
Selling, general and administrative expenses .............. 2,513 2,326 2,069 1,882 1,785
Goodwill impairment ................................................ 22
Interest expense.......................................................... 67 50 40 39 40
Income before income taxes, minority interest and
cumulative effect of change in accounting principle 834 656 580 523 497
Income before cumulative effect of change in
accounting principle .............................................. 576 463 393 332 311
Net income ................................................................ 576 463 393 332 128
Financial Position
Accounts receivable - net .......................................... $ 865 $ 809 $ 724 $ 544 $ 494
Inventories ................................................................ 825 809 773 638 625
Working capital - net ................................................ 375 340 262 561 422
Property, plant and equipment - net .......................... 829 745 720 650 665
Total assets ................................................................ 4,995 4,369 4,274 3,683 3,432
Long-term debt .......................................................... 292 487 488 503 507
Total debt .................................................................. 875 621 738 514 522
Shareholders’ equity .................................................. 1,992 1,731 1,647 1,459 1,342
Per Common Share Information
Average shares outstanding (thousands) .................... 133,579 136,817 140,802 144,847 150,438
Book value ................................................................ $ 14.92 $ 12.81 $ 11.70 $ 10.17 $ 9.01
Income before cumulative effect of change in
accounting principle - diluted ................................ 4.19 3.28 2.72 2.26 2.04
Income before cumulative effect of change in
accounting principle - basic .................................... 4.31 3.39 2.79 2.29 2.07
Net income - diluted .................................................. 4.19 3.28 2.72 2.26 .84
Net income - basic .................................................... 4.31 3.39 2.79 2.29 .85
Cash dividends .......................................................... 1.00 .82 .68 .62 .60
Financial Ratios
Return on sales (1) .................................................... 7.4% 6.4% 6.4% 6.1% 6.0%
Asset turnover............................................................ 1.6× 1.6× 1.4× 1.5× 1.5×
Return on assets (1) .................................................. 11.5% 10.6% 9.2% 9.0% 9.1%
Return on equity (2) .................................................. 33.3% 28.1% 27.0% 24.7% 20.9%
Dividend payout ratio (3) .......................................... 30.5% 30.1% 30.1% 30.4% 35.7%
Total debt to capitalization ........................................ 30.5% 26.4% 30.9% 26.0% 28.0%
Current ratio ............................................................ 1.2 1.2 1.2 1.5 1.4
Interest coverage (4) .................................................. 13.4× 14.2× 15.5× 14.5× 13.3×
Net working capital to sales ...................................... 4.8% 4.7% 4.3% 10.4% 8.1%
Effective income tax rate (5) ...................................... 31.0% 29.2% 32.0% 36.5% 37.5%
General
Capital expenditures .................................................. $ 210 $ 143 $ 107 $ 117 $ 127
Total technical expenditures (6) ................................ 101 95 91 88 89
Advertising expenditures............................................ 281 257 240 239 222
Repairs and maintenance .......................................... 69 62 55 52 52
Depreciation .............................................................. 123 120 109 105 104
Amortization of intangible assets .............................. 23 23 17 12 12
Shareholders of record (total count) .......................... 10,173 10,625 11,056 11,472 11,936
Number of employees (total count)............................ 30,767 29,434 28,690 25,777 25,752
Sales per employee (thousands of dollars) .................. $ 254 $ 244 $ 213 $ 210 $ 201
Sales per dollar of assets ............................................ 1.56 1.65 1.43 1.47 1.51
(1)Based on income before cumulative effect of change in accounting principle.
(2)Based on income before cumulative effect of change in accounting principle and shareholders’ equity at beginning of year.
(3)Based on cash dividends per common share and prior year’s diluted income per common share before cumulative effect of change in accounting principle.
(4)Ratio of income before income taxes, minority interest, cumulative effect of change in accounting principle and interest expense to interest expense.
(5)Based on income before income taxes, minority interest and cumulative effect of change in accounting principle.
(6)See Note 1, page 50 of this report, for a description of technical expenditures.
17
20. MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
SUMMARY dated net sales increased 8.6 percent in 2006 to $7.81
billion from $7.19 billion in 2005. During 2006, consol-
The Sherwin-Williams Company, founded in 1866,
idated net sales increases were primarily attributable to
and its consolidated subsidiaries (collectively, the “Com-
strong paint sales by the Global Group and by stores
pany”) are engaged in the manufacture, distribution and
open for more than twelve calendar months in the Paint
sale of paint, coatings and related products to profes-
Stores Group. Net sales in the Paint Stores Group
sional, industrial, commercial and retail customers pri-
increased due primarily to strong domestic architectural
marily in North and South America. Effective January 1,
paint sales to contractors in the first half of 2006 and
2006, management changed the way it internally organ-
improved industrial maintenance product sales. Net
ized its business into three operating segments for
sales in the Consumer Group decreased due primarily to
assessing performance and making decisions regarding
sluggish Do-It-Yourself (DIY) sales and the elimination
allocation of resources – Paint Stores Group, Consumer
of a portion of a paint program with a large retail cus-
Group and Global Group (collectively, the “Reportable
tomer. Net sales in the Global Group increased due to
Operating Segments”). Historical business segment
selling price increases and paint and coatings sales vol-
information has been updated to reflect this change in
ume increases in all of its worldwide operations. Gross
the Reportable Operating Segments. See pages 6
profit as a percent of consolidated net sales increased to
through 11 of this report and Note 18, on pages 75
43.7 percent in 2006 from 42.8 percent in 2005 prima-
through 78 of this report, for more information con-
rily due to price increases and better factory utilization
cerning the Reportable Operating Segments.
resulting from higher volume despite start-up costs
The Company’s financial condition, liquidity and cash
incurred relating to the new emulsion plant in the west-
flow remained strong in 2006 and continued to improve
ern United States. Selling, general and administrative
in many areas. Net working capital was $35.5 million
expenses decreased as a percent of consolidated net sales
higher at December 31, 2006 compared to 2005. A rela-
in 2006 as compared to 2005 due primarily to increased
tively proportionate increase in current assets and current
sales and good expense control, which were partially
liabilities caused the Company’s current ratio to decrease
offset by increased costs due to increased store and
slightly to 1.18 at December 31, 2006 from 1.22 at
branch openings. Diluted net income per common share
December 31, 2005. Significant components of the
increased 27.7 percent to $4.19 per share for 2006 from
change in working capital were an increase in Short-term
$3.28 per share a year ago.
borrowings of $246.1 million and the reclassification to
Current portion of long-term debt of $197.6 million that
CRITICAL ACCOUNTING POLICIES AND ESTIMATES
is due in the first quarter of 2007. Cash and cash equiva-
lents and Short-term investments increased a combined The preparation and fair presentation of the consoli-
$454.3 million, which more than offset the liability dated financial statements, accompanying notes and
increases. The increases in Short-term borrowings, Cash related financial information included in this report are
and cash equivalents and Short-term investments during the responsibility of management. The consolidated
2006 were primarily to maintain short-term financial flex- financial statements, notes and related information have
ibility for the Company. Total debt increased to $874.5 been prepared in accordance with accounting principles
million from $621.2 at December 31, 2005 and increased generally accepted in the United States and include
as a percentage of total capitalization to 30.5 percent amounts that were based upon management’s best esti-
from 26.4 percent at the end of 2005. Net operating cash mates and judgments that were believed to be reason-
increased to $815.8 million in 2006 versus $716.7 million able under the circumstances. Management used
in 2005. Net operating cash in 2006 provided the funds assumptions based on historical results and other
necessary to support the Company’s continued growth assumptions to form the basis for determining appropri-
and improved total shareholder return. In 2006, the ate carrying values of assets and liabilities that were not
Company invested $51.2 million in acquisitions, readily available from other sources. Actual results
increased annual capital expenditures to $209.9 million, could differ from those estimates. Also, materially dif-
purchased treasury stock for $311.1 million and paid ferent amounts may result under materially different
$135.4 million in cash dividends. conditions or from using materially different assump-
Results of operations for the Company were also tions. However, management believes that any material-
strong and improved in many areas in 2006. Consoli- ly different amounts resulting from materially different
18