18 July 2013 14:21 [Source: ICIS news]
HOUSTON (ICIS)--Sherwin-Williams reported a year-on-year increase in Q2 net income of almost 13%, to $257m (€195m), as net sales rose by 5.5% to $2.71bn, the US-based coatings and paint major said on Thursday.
Sherwin-Williams’ Q2 gross profit was $1.23bn, with gross profit as a percentage of sales rising to 45.5%, from 44.7% in the same period a year ago.
Net sales from paint stores open more than twelve calendar months increased by 7.0% year on year in the second quarter, the company added.
CEO Christopher Connor said that Sherwin-Williams’ Paint Stores Group saw strong architectural volume growth across all end-markets in the second quarter.
Meanwhile, the company's Latin America Coatings Group managed to improve its core operating margins through selling price increases and cost control, "despite the difficult environment in which they are operating," Connor said.
For the current 2013 third quarter, Sherwin-Williams expects overall net sales to increase by up to 9% year on year, he added.
($1 = €0.76)
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