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Breaking News

Sherwin-Williams’ First-Quarter Sales Increase 15 Percent

NEWS
April 29, 2012

CLEVELAND - The Sherwin-Williams Co. announced its financial results for the first quarter ended March 31, 2012. Compared to the same period in 2011, consolidated net sales increased $280.8 million, or 15.1 percent, to $2.14 billion in the quarter due primarily to higher paint sales volume and selling price increases. Unfavorable currency translation rate changes decreased consolidated net sales 1.2 percent in the quarter, while acquisitions added 0.9 percent to consolidated net sales.

Net sales in the Paint Stores Group increased 20.9 percent to $1.12 billion in the quarter due primarily to higher paint sales volume across all end-market segments and selling price increases. Net sales from stores open for more than 12 calendar months increased 20.4 percent in the quarter over last year’s comparable period. The Paint Stores Group segment profit increased $43.9 million to $112.7 million in the quarter from $68.9 million last year. Segment profit in the quarter increased due primarily to higher paint sales volume and selling price increases, partially offset by increases in raw material costs and selling, general and administrative expenses. Segment profit as a percent to net sales increased in the quarter to 10.0 percent from 7.4 percent last year.

Net sales of the Consumer Group increased 8.6 percent to $320.4 million in the quarter, due primarily to selling price increases and higher sales volume. Segment profit increased to $55.3 million in the quarter from $41.1 million last year, due primarily to selling price increases and good cost control partially offset by increasing raw material costs. As a percent to net external sales, segment profit increased in the quarter to 17.3 percent from 13.9 percent last year.

The Global Finishes Group’s net sales stated in U.S. dollars increased 11.0 percent to $483.1 million in the quarter, due primarily to higher paint sales volume, selling price increases and acquisitions. In the quarter, acquisitions increased net sales in U.S. dollars by 3.9 percent. Currency translation rate changes decreased net sales by 2.3 percent. Stated in U.S. dollars, segment profit increased in the quarter to $28.6 million from $19.4 million last year, due primarily to higher paint sales volume and selling price increases partially offset by raw material cost increases. Acquisitions and foreign currency translation rate changes did not have a significant impact on segment profit in the quarter. As a percent to net external sales, segment profit was 5.9 percent in the quarter versus 4.5 percent last year.

The Latin America Coatings Group’s net sales stated in U.S. dollars increased 7.1 percent to $208.6 million in the quarter, due primarily to selling price increases and higher paint sales volume partially offset by unfavorable currency translation rate changes.

Looking forward, Christopher M. Connor, Chairman and Chief Executive Officer, said, “In the second quarter of 2012, we anticipate our consolidated net sales will increase 10 to 15 percent compared to the second quarter of 2011. At that anticipated sales level, we estimate diluted net income per common share in the second quarter to be in the range of $1.92 to $2.07 per share compared to $1.66 per share earned in the second quarter of 2011. For the full year 2012, we expect consolidated net sales to increase above 2011 levels by a high single-digit-to-low-teens percentage. With annual sales at that level, we have raised our expectation for diluted net income per common share for 2012 to be in the range of $5.75 to $6.05 per share compared to $4.14 per share earned in 2011.”

KEYWORDS: financial reports

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