Sherwin-Williams reports Q3 gross profits up 11%

19 October 2006 16:10  [Source: ICIS news]

HOUSTON (ICIS news)--Paints and coatings maker Sherwin-Williams on Thursday said its gross profits for the third quarter reached $935.8m (€742.6m), up more than 11% over the year-earlier period.

Net sales for the quarter ended 30 September reached $2.1bn, up from $1.97bn a year earlier.

Sherwin-Williams is one of the world’s top paints, coatings, adhesives and sealants manufacturers.

The company’s paint stores group had the strongest growth of the three main business segments. Strong architectural coatings sales to contractors, and better industrial coatings sales, contributed to a 13.3% growth in year-to-date sales fro the segment over 2005.

The consumer group, however, struggled with sluggish do-it-yourself sales and inventory control efforts at downstream retailers. Net consumer group sales declined $5.3m, or 1.5%, in the third quarter compared with 2005.

Christopher Connor, chairman and chief executive, said the company anticipated slightly slower net sales growth of 5-7% in the fourth quarter, with annual sales expected to grow 8-9% over the 2005 yearly total.

By: David Barry
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