Sherwin-Williams net income slips on higher sales in Q1
Cleveland – The Sherwin-Williams Company reported a slight drop in net income during the first quarter of fiscal 2014, to $115.46 million from $116.18 million. Net sales fared better, rising 9% to $2.37 billion from $2.17 billion.
Christopher M. Connor, chairman and CEO of Sherwin-Williams, cited strong performance in the paint stores group, with slight offset on domestic sales from severe weather, as helping drive consolidated net sales in the quarter. Sherwin-Williams expects consolidated net sales to rise 8%-14% in the second quarter.
“We are pleased to report record sales and earnings per share from the continued positive sales volume and strong operating results of our paint stores group,” said Connor. “The paint stores group architectural volume growth was strong across all end market segments. The Comex acquisition performed better than expected in the quarter. Although the impact of harsh weather on domestic sales in the quarter was modest, it did disrupt supply chain operations and service driving up costs in the consumer group.”
AutoNation drives higher net income, revenue during Q1
Fort Lauderdale, Fla. – AutoNation Inc. reported net income of $91 million during the first quarter of fiscal 2014, about 10% higher than $83 million in the same period a year earlier. Revenue totaled $4.4 billion, up 7% from $4.1 billion.
Revenue increases resulted from stronger performance in all business sectors, including new vehicles, used vehicles, parts and service, and finance and insurance.
“AutoNation delivered solid growth in EPS and operating income in the first quarter of 2014 compared to the prior year, driven by gross profit growth in all of our business sectors,” said Mike Jackson, chairman and CEO. “We continue to expect U.S. industry new vehicle unit sales to increase 3% to 5%, bringing U.S. industry new vehicle sales above 16 million units in 2014."
MasterCard to acquire Pinpoint
Purchase, N.Y. – MasterCard has entered into an agreement to acquire Pinpoint Pty. Ltd., an Australian provider of loyalty and rewards services to financial institutions across the Asia Pacific region. This acquisition is expected to close in second quarter 2014.
Pinpoint, which was founded in 1984 and headquartered in Sydney, has a growing footprint across the region into markets such as China, Hong Kong, India, Taiwan, and Japan. Its customer base includes financial institutions and merchants. MasterCard says this acquisition, in combination with its capabilities, will benefit issuers, providing them more effective and efficient rewards programs to offer their customers. It is also intended to help merchants target new customers while retaining their existing client base,
“Bringing innovative and personalized rewards solutions to cardholders and customers is a priority for MasterCard,” said Vicky Bindra, president, Asia/Pacific, Middle East and Africa. “This is why it’s exciting when we come across companies such as Pinpoint that excel in this area. Not only does Pinpoint offer a competitive edge in Australia, its growing presence across Asia Pacific also holds much promise and will allow us to offer more effective programs to our customers and cardholders.”