The Sherwin-Williams Company announced its financial results for the third quarter and nine months ended Sept. 30, 2004.
Consolidated net sales increased 11.6% to $1.7 billion in the third quarter and 11.9% to $4.6 billion in the first nine months versus comparable periods last year. Net income increased 10.4% to $132.9 million in the third quarter and 19% to $310.8 million in the first nine months.
These results include the operations of three acquisitions completed since the third quarter of 2003 as well as the operations of two larger acquisitions, Duron, Inc. and Paint Sundry Brands Corporation.
Net sales recorded by Sherwin-Williams’ paint stores segment increased 13% to $1.1 billion in the third quarter and 12.1% to $3.0 billion in the first nine months of 2004 versus the comparable periods last year. Continuing strong domestic architectural paint sales to contractor and DIY customers accounted for most of the sales improvement in both periods, according to the company. Increased paint stores segment sales were boosted by the acquisition of Duron, Inc as well as continued improvement of industrial maintenance and product finishes sales, according to Sherwin-Williams.
Net sales of the company’s consumer segment rose 5.1% to $345.8 million in the third quarter and 10% percent to $1.0 billion in the first nine months versus the comparable periods last year.
Sherwin-Williams’ automotive finishes segment’ reported that its net sales rose 13.6% to $130.8 million in the third quarter and 11.6% to $382.6 million in the first nine months versus the comparable periods last year.
The company’s international coatings segment experienced an increase of 18.2% to $80.7 million in the third quarter and 19.7% to $233.2 million in the first nine months versus the comparable periods last year. Favorable currency exchange fluctuations relative to last year increased net sales for this increases and expense control, according to the company.
“We continue to be encouraged by the strength of the paint stores segment’s architectural, product finishes and industrial maintenance paint sales,” said Christopher M. Connor, chairman and chief executive officer, Sherwin-Williams.
Connor also commented on the positive contribution of Duron. “In its first month of combined operations with our paint stores segment, Duron contributed to the strong performance achieved by that segment,” he said.
Sherwin-Williams gets a boost from
Published August 11, 2005
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