Sherwin-Williams misses by $0.13, beats on revs; guides Q1 EPS below consensus; guides FY14 EPS below consensus
Reports Q4 (Dec) earnings of $1.14 per share, $0.13 worse than the Capital IQ Consensus Estimate of $1.27; revenues rose 10.6% year/year to $2.46 bln vs the $2.43 bln consensus. Co issues downside guidance for Q1, sees EPS of $0.95-1.15 vs. $1.27 Capital IQ Consensus Estimate. Co issues mixed guidance for FY14, sees EPS of $8.12-8.32 vs. $9.09 Capital IQ Consensus Estimate.
"In the first quarter of 2014, we anticipate our consolidated net sales will increase seven to twelve percent compared to the first quarter of 2013. At that anticipated sales level, we estimate diluted net income per common share in the first quarter of 2014 will be in the range of $.95 to $1.15 per share compared to $1.11 per share earned in the first quarter of 2013. This guidance includes our expectation that the Comex stores in the U.S. and Canada will contribute $97 million to $107 million to net sales and negatively impact diluted net income per common share $.15 to $.25 per share in the first quarter. For the full year 2014, we expect consolidated net sales to increase eight to thirteen percent (Briefing.com note: Approx $10.99-11.50 bln, Capital IQ consensus $11.21 bln) compared to full year 2013. With annual sales at that level, we anticipate diluted net income per common share for 2014 will be in the range of $8.12 to $8.32 per share compared to $7.26 per share earned in 2013. This annual guidance includes our expectation that the Comex acquisition will increase net sales by a low single digit percentage in the year and negatively impact diluted net income per common share $.45 to $.55 per share in 2014."
"In the first quarter of 2014, we anticipate our consolidated net sales will increase seven to twelve percent compared to the first quarter of 2013. At that anticipated sales level, we estimate diluted net income per common share in the first quarter of 2014 will be in the range of $.95 to $1.15 per share compared to $1.11 per share earned in the first quarter of 2013. This guidance includes our expectation that the Comex stores in the U.S. and Canada will contribute $97 million to $107 million to net sales and negatively impact diluted net income per common share $.15 to $.25 per share in the first quarter. For the full year 2014, we expect consolidated net sales to increase eight to thirteen percent (Briefing.com note: Approx $10.99-11.50 bln, Capital IQ consensus $11.21 bln) compared to full year 2013. With annual sales at that level, we anticipate diluted net income per common share for 2014 will be in the range of $8.12 to $8.32 per share compared to $7.26 per share earned in 2013. This annual guidance includes our expectation that the Comex acquisition will increase net sales by a low single digit percentage in the year and negatively impact diluted net income per common share $.45 to $.55 per share in 2014."