22 February 2013 18:02 [Source: ICIS news]
HOUSTON (ICIS)--Sherwin-Williams has restated its 2012 Q4 and full-year earnings following a charge related to a legal settlement with the US Department of Labour, the company announced on Friday.
In a press release, the Labour Department said the US-based paint maker will make a one-time payment of $80m (€61m), which results in a one-time after-tax charge of $49.2m related to its employee stock ownership plan.
The company restated Q4 earnings downward about 42% to $68.1m compared with $117.2m reported on 31 January 2012. For the year, earnings after the charge were restated downward about 7% to $631m compared with $680.2m as previously reported.
Sherwin-Williams said the payment will not have an effect on its full-year 2013 earnings forecast issued but will impact cash flow from operations.
($1 = €0.76)
Reporting by Mark Yost
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