19 April 2012 14:15 [Source: ICIS news]
LONDON (ICIS)--Sherwin-Williams’ 2012 first-quarter net income rose by 46% year on year to $100m (€76m), mainly due to higher paint sales volumes and price increases, the US-based paint firm said on Thursday.
Sherwin-Williams’ net sales for the three months ending 31 March rose by 15% year on year to $2.14bn, it said.
“We are pleased to report record sales and earnings per share in the first quarter on strong sales and operating results of our paint stores group and operating profit increases across the remaining operating segments,” said CEO Christopher Connor.
“All our operating segments grew sales volume and operating profit as a percent to sales in the quarter. The paint stores group volume growth was strong across all end-market segments. Our consumer group improved their operating results through disciplined cost control and selling price increases,” he added.
Connor said the company expects its consolidated net sales to increase by 10-15% in the second quarter of 2012, compared with the second quarter of 2011.
($1 = €0.76)
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