Sherwin-Williams sales, earnings up in third quarter
On a series of acquisitions, Sherwin-Williams saw across-the-board increases in third-quarter sales and earnings.
Sherwin-Williams recorded total net earnings of $200.3 million, up 11.8 percent from $179.1 million last year. The paint and coatings giant had sales of $2.2 billion in the quarter, up 4.8 percent from $2.1 billion last year.
Net earnings in the company’s paint stores group rose 9.6 percent to $248.4 million compared with $226.7 million last year. Sales rose 3.9 percent to $1.4 billion compared with $1.35 billion in the same period last year. The company attributed those gains in part to acquisitions, including the assets of Columbia Paint & Coatings, purchased at the end of the first quarter. Other acquisitions included the earlier purchase of M.A. Bruder & Sons -- combined with Columbia, the two acquisitions added 172 stores to the group’s operations.
“We are encouraged by the positive sales results generated by the paint stores group as they more than offset the reduction in architectural paint to other customers,” said Christopher Conner, chairman and CEO of Sherwin-Williams. “Despite the sluggish new residential and housing turnover markets, we continued to invest in our U.S. controlled distribution network.”
Consumer group earnings rose 6.4 percent to $64.15 million from $60.28 million last year. Sales were down 1.7 percent to $349 million from $355 million last year.
Global group earnings saw a 12.5 percent gain, up to $48.02 million from $42.7 million last year. Sales increased 8 percent to $445 million from $412.1 million last year.
For the fourth quarter, the company raised its estimated net income-per-share predictions, based on both expected segment profit growth and continued strength in the consumer group. The company expects a full-year sales increase of 2.5 percent to 3.5 percent.