Sherwin-Williams’ second-quarter earnings fell 1.4 percent as price increases and sales growth couldn’t fully mitigate rising raw material costs. The company reported a profit of $179.1 million, down from $181.7 million, a year earlier. Sales increased 9.9 percent to $2.35 billion, while same-store sales rose four percent.
Sales in the paint stores group increased 4.3 percent to $1.30 billion in the quarter. Segment profit decreased to $206.6 million in the quarter from $212 million last year due primarily to continuing raw material cost increases only partially offset by selling price increases.
Sales in the consumer group decreased 8.4 percent to $375.6 million in the quarter. Segment profit decreased to $61.4 million in the quarter from $80.7 million last year.
The global finishes group’s sales increased 39.5 percent to $678.9 million in the quarter on the back of acquisitions while segment profit in the quarter increased to $46.1 million from $40.0 million.
“Earnings in the quarter were at the low end of our guidance range due to high raw material costs versus the timing of our price increases,” said Christopher Connor, chairman and CEO.