The Sherwin-Williams Company reported financial results for the second quarter and six months ended June 30, 2002.
Consolidated net sales rose 3.2% for the quarter to $1.45 billion from $1.41 billion in the second quarter 2001. For the six months ended June 30, net sales increased 1.4% to $2.6 billion from $2.57 billion in the same period in 2001. Strong domestic architectural paint sales gains were partially offset by continued sluggishness in domestic industrial and automotive sales and poor economic conditions in South America and weak currency exchange rates continued to curtail international sales, according to the company.
Net sales in the paint stores segment increased 4.3% to $911.8 million in the second quarter and 2.6% to $1.61 billion for the six months due primarily to strong architectural paint sales.
Net sales of the consumer segment increased 3.7% to $350.9 million in the quarter and 2.2% to $629.7 million in the six-month period compared to last year. A portion of the second quarter sales improvement was due to timing of purchases by select retail customers, and an improvement in sales of aerosols and other paint-related products to existing customers, which offset a shortfall in sales in the cleaning solutions business unit, according to the company.
The automotive finishes segment’s net sales dropped 0.8% to $123.6 million in the second quarter and 2.2% to $235.2 million in the six-month period compared with the same periods in 2001. The slowly recovering domestic economy continued to adversely affect this segment’s OEM sales. Vehicle refinish sales were curtailed by lower accident rates resulting from the lingering effects of a mild winter, according to the company.