Earnings reports from major coatings manufacturers for the first part of the year show the effects of a slowing economy, continued increases in raw-material and energy costs, and the impact of cold weather. The Sherwin-Williams Co., PPG Industries Inc., DuPont Co., Ferro Corp., and Rohm and Haas Co. reported lower first-quarter earnings, and RPM Inc. reported a loss of $7 million for its third quarter ended Feb. 28. The Valspar Corp. said net income declined 25% for its second quarter ended April 27.
In announcing that first-quarter net income declined 9.8% to $36.9 million and sales fell 5.2% to $1.16 billion from the same period of 2000, Sherwin-Williams Chairman and CEO Christopher M. Connor said the company was disappointed by profit and sales declines in the company’s Consumer Segment, which markets products through home centers and other retailers. Sherwin-Williams’ huge Paint Stores Segment, however, managed a 7.8% increase in operating profit despite a slight decline in net sales.