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Sherwin-Williams reports consolidated net sales rise by 11.9 percent in Q2



Published September 17, 2012
The Sherwin-Williams Company announced its financial results for the second quarter and six months ended June 30, 2012. Compared to the same periods in 2011, consolidated net sales increased $218.3 million, or 9.3 percent, to $2.57 billion in the quarter and increased $499 million, or 11.9 percent, to $4.71 billion in six months due primarily to higher paint sales volume in their paint stores group and selling price increases.

Net sales in the paint stores group increased 14.6 percent to $1.49 billion in the quarter and increased 17.2 percent to $2.61 billion in six months due primarily to higher paint sales volume across all end market segments as well as selling price increases. Paint stores group segment profit increased $60.4 million to $267 million in the quarter from $206.6 million last year and increased to $379.7 million in six months from $275.5 million last year. Segment profit in the quarter and six months increased due primarily to higher paint sales volume and selling price increases partially offset by increases in raw material costs and selling, general and administrative expenses. Segment profit as a percent to net sales increased in the quarter to 17.9 percent from 15.9 percent last year and increased in six months to 14.5 percent from 12.4 percent in 2011.

Net sales of the consumer group increased 5.9 percent to $397.7 million in the quarter and increased 7.1 percent to $718.1 million in six months due primarily to selling price increases and higher volume sales to most of the group’s retail customers. Segment profit increased to $80.8 million in the quarter from $61.4 million last year and increased to $136.1 million in six months from $102.5 million last year due primarily to selling price increases and good cost control partially offset by increasing raw material costs. As a percent to net external sales, segment profit increased in the quarter to 20.3 percent from 16.3 percent last year and increased in six months to 18.9 percent from 15.3 percent in 2011.

The global finishes group’s net sales stated in U.S. dollars increased 3.3 percent to $498.7 million in the quarter and increased 6.9 percent to $981.8 million in six months due primarily to selling price increases, acquisitions and higher paint sales volume. Stated in U.S. dollars, segment profit increased in the quarter to $48 million from $30.2 million last year and increased in six months to $76.7 million from $49.7 million last year due primarily to selling price increases and higher paint sales volume partially offset by raw material cost increases. As a percent to net external sales, segment profit was 9.6 percent in the quarter versus 6.3 percent last year and 7.8 percent in six months compared to 5.4 percent in 2011.

The Latin America coatings group’s net sales stated in U.S. dollars decreased 4.5 percent to $187.3 million in the quarter due primarily to unfavorable currency translation rate changes partially offset by selling price increases and higher paint sales volume. Six month net sales stated in U.S. dollars increased 1.2 percent to $395.9 million due primarily to selling price increases and higher paint sales volume partially offset by unfavorable currency translation rate changes. Stated in U.S. dollars, segment profit decreased to $9.3 million in the quarter from $15.8 million last year and decreased to $29.2 million in six months from $33.2 million last year due primarily to raw material cost increases and unfavorable currency translation rate changes partially offset by selling price increases and increased paint sales volume. As a percent to net external sales, segment profit was five percent in the quarter versus 8.1 percent last year and 7.4 percent in six months versus 8.5 percent in 2011.

“We are pleased to report record sales and earnings per share in the second quarter and first half of 2012 on the continued positive sales volume and strong operating results of our paint stores, consumer and global finishes groups,” said Christopher Connor, chairman and CEO.


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