25 October 2011 14:27 [Source: ICIS news]
LONDON (ICIS)--Sherwin-Williams’ third-quarter net income rose 2.6% year on year to $179.9m (€129.5m), on higher sale volumes, the US-based paint and coatings firm said on Tuesday.
Sherwin-Williams’ sales for the three months ended 30 September were $2.48bn, up 14.4% year on year, because of selling price increases, acquisitions and strong organic sales growth, it added.
Net sales in the group’s Paint Stores Group business in the third quarter increased 10.2% year on year to $1.42bn, while net sales from its Consumer Group business rose 3.3% to $351.6m.
Sherwin-Williams’ Global Finishes Group business reported a 31.2% year on year growth in its net sales to $714.4m in the third quarter.
“We are encouraged by our improving sales results across most domestic architectural segments generated by our Paint Stores Group in the quarter,” said Christopher Connor, chairman and CEO.
“We are pleased with the continued sales development in the Global Finishes Group and the corresponding improvement in core operating results. Our operating segments continue to control costs and implement price increases in an effort to keep pace with rising raw material costs.”
Connor said that for the fourth quarter of 2011, the group anticipates consolidated net sales to increase 6–10% compared with last year’s fourth quarter.
“For the full-year 2011, we expect consolidated net sales to increase above 2010 levels by a low-teen percentage,” he added.
($1 = €0.72)
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