Sherwin-Williams Q1 net income doubles to $68m, sales rise 18.5%

21 April 2011 13:51  [Source: ICIS news]

TORONTO (ICIS)--Sherwin-Williams’ first-quarter net income more than doubled to $68m (€47m) year on year as net sales rose 18.5% and costs remained under control, the US paint maker said on Thursday.

Sherwin-Williams' sales for the three months ended 31 March were $1.86bn, up by $290m from the 2010 first quarter, primarily because of higher selling prices and acquisitions, it said.

First-quarter gross profit rose 15% to $797m. However, as a percentage of net sales, gross profit was 43.0%, down from 44.2% in the 2010 first quarter.

CEO Christopher Connor said while US domestic demand remains soft, the company is encouraged by improvements in the do-it-yourself (DIY) and in the protective and marine sales markets, as well as continued growth in architectural paints.

In the current 2011 second quarter, sales could increase by up to 13% compared with last year’s second quarter, Connor said.

($1 = €0.69)

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By: Stefan Baumgarten
+1 713 525 2653

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