22 April 2010 15:06 [Source: ICIS news]
TORONTO (ICIS news)--Sherwin-Williams posted a 12.6% year-on-year fall in its first-quarter net income to $32.6m, down from $37.3m in the 2009 first quarter, as sales were up 1.0% to $1.57bn (€1.18bn), the US paint maker said on Thursday.
Although sales were slightly better than expected in the first quarter that ended 31 March, net profit fell from the same quarter last year, Sherwin-Williams said. This was partly due to charges related to the recently passed US healthcare reforms, it added.
“Sales in the quarter were slightly stronger than we anticipated, although domestic demand remains soft,” said CEO Christopher Connor.
The company said its gross profit rose to $691.9m, up from $680.6m in the same quarter last year. As a percentage of sales, gross profit rose to 44.2%, up from 43.9%, it said.
Reported earnings per share were 30 cents, including a 10 cent/share charge for healthcare expenses. In the 2009 first quarter, earnings per share were 32 cents.
($1 = €0.75)
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