Sherwin-Williams Posts Positive Results for First Quarter
CLEVELAND - The Sherwin-Williams Co., Cleveland, announced its financial results for the first quarter ended March 31, 2013. Compared to the same period in 2012, consolidated net sales increased $30.8 million, or 1.4 percent, to $2.17 billion in the quarter due primarily to higher paint sales volume in Paint Stores Group. Acquisitions increased consolidated net sales 1.0 percent, which offset the impact of unfavorable currency translation rate changes in the quarter.
Diluted net income per common share increased to $1.11 per share in the quarter compared to $.95 per share in 2012 due primarily to improved operating results of the Paint Stores and Global Finishes Groups. Unfavorable currency translation rate changes decreased diluted net income per common share by $.02 per share in the quarter. Acquisitions had no significant effect on diluted net income per common share in the quarter.