26 April 1999 00:00 [Source: ICB Americas]Sherwin-Williams Company enjoyed auspicious growth during the first quarter despite a downturn by the firm's coatings segment. The company posted a net income increase of 14.3 percent to $28.8 million on a sales boost of 2.1 percent to $1.13 billion.
The coatings segment suffered a 3.6 percent slump in sales to $501.2 million. The decrease was attributable to the devaluation of the Brazilian real and a softening of the US automotive refinish market. Still, the coatings sector raised its operating profits by 4.7 percent to $70.2 million, due in part to heightened volume gains by the company's paint stores segment.
"The company's first quarter results are encouraging despite the sales shortfall in the coatings segment," says chairman and CEO John G. Breen.
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