Financial News

Sherwin-williams reports

August 11, 2005

The Sherwin-Williams Company reported financial results for the second quarter and first six months ended June 30. Consolidated net sales increased 9.9%, to $1.62 billion in the second quarter of 2004 and 12.1% to $2.94 billion in the first six months of 2004 versus comparable periods last year. The net sales gains in the second quarter and first six months were due primarily to continuing strong domestic architectural paint sales and improving sales and market conditions in domestic industrial maintenance and product finishes market, according to the company. Net income increased 14.8% to $126.4 million in the second quarter and 26.2% to $177.9 million in the first six months of 2004.
Net sales in the paint store segment increased 11% to $1.04 billion in the quarter and 11.5% to $1.84 billion in the first six months. Continuing strong domestic architectural paint sales to contractors and DIY customers during the second quarter and first six months of 2004 accounted for most of the sales improvement. Industrial maintenance and product finishes sales continued to improve as the domestic economic environment continued to strengthen compared to a soft economic environment during the first two quarters of 2003.
Net sales of the consumer segment increased 7.5% to $371.7 million in the second quarter and 12.5% to $688.9 million in the first six months versus comparable periods last year. The second quarter and first half net sales gains were due primarily to continuing strong product programs and acquisitions, according to the company.
The automotive finishes segment’s net sales increased 8.4%, to $131.5 million in the second quarter and 10.6%, to $251.8 million in the first six months versus the comparable periods