Sherwin-Williams reported first quarter sales increased 14.9% to $1.8 billion, compared with sales of $1.54 billion during the same period last year.
The company also reported a first-quarter net income of $113.7 million, nearly a 37% jump from a net income of $83.3 million in the first quarter of 2005.
The company’s first-quarter paint-store group sales increased by 20.5% to $1.1 billion. Sherwin-Williams attributed the performance to strong sales from contractor and DIY customers along with commercial/industrial customers. In addition, general and administrative cost controls, combined with higher selling prices to offset increased raw materials costs, contributed to the sales gains, according to the company.
Consumer group sales rose 1.1% to $329.9 million from $326.3 million last year. The company’s global group sales rose 13.9% to $380.6 million from $334 million. Sherwin-Williams would see a second quarter jump in overall sales as well, between 10% and 13% over last year’s second quarter.
Published May 12, 2006
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