Sherwin-Williams reports solid Q3
The Sherwin-Williams company reported consolidated net sales of $4.87 billion for the third quarter 2019, up 2.9% from sales of $4.73 billion for the third quarter 2018.
The Cleveland, Ohio-based manufacturer said increased sales for the quarter were due primarily to higher paint sales volume in North American stores and selling price increases. Net sales in Sherwin-Williams’ Americas Group increased 8.7% to $2.90 billion in the quarter.
Net sales of the Consumer Brands Group decreased 11.9% to $678.5 million in the quarter while net sales in the Performance Coatings Group decreased 0.3% to $1.29 billion for the period.
Net sales from stores in U.S. and Canada open more than twelve calendar months increased 8.1% in the quarter.
Sherwin-Williams also reported a net income of $576.4 million for the third quarter, up 63% from a net income of $354 million for the same period last year.
The company’s third quarter includes a benefit from the resolution of California litigation. During the third quarter of 2019, Sherwin-Williams reduced its accrual for the California litigation by $59.6 million to $76.7 million as a result of the final court-approved agreement to resolve litigation and the initial payment of $25 million to the plaintiffs in accordance with the agreement.
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The bottom line: Revenue is up following strong sales at North American stores and price increases.
What the CEO said: "Sherwin-Williams delivered strong results in the quarter as adjusted earnings per share increased 17.1% year-over-year to $6.65. Our performance in the quarter was driven by continued strength in North American architectural paint markets, which offset choppiness in some industrial end markets. U.S. and Canada same-store sales growth was 8.1% as our pro painting customers continued to report strong demand,” said John Morikis, chairman and CEO.
Company info: The Sherwin-Williams Company’s full third quarter 2019 report can be found here.
The Cleveland, Ohio-based manufacturer said increased sales for the quarter were due primarily to higher paint sales volume in North American stores and selling price increases. Net sales in Sherwin-Williams’ Americas Group increased 8.7% to $2.90 billion in the quarter.
Net sales of the Consumer Brands Group decreased 11.9% to $678.5 million in the quarter while net sales in the Performance Coatings Group decreased 0.3% to $1.29 billion for the period.
Net sales from stores in U.S. and Canada open more than twelve calendar months increased 8.1% in the quarter.
Sherwin-Williams also reported a net income of $576.4 million for the third quarter, up 63% from a net income of $354 million for the same period last year.
The company’s third quarter includes a benefit from the resolution of California litigation. During the third quarter of 2019, Sherwin-Williams reduced its accrual for the California litigation by $59.6 million to $76.7 million as a result of the final court-approved agreement to resolve litigation and the initial payment of $25 million to the plaintiffs in accordance with the agreement.
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The bottom line: Revenue is up following strong sales at North American stores and price increases.
What the CEO said: "Sherwin-Williams delivered strong results in the quarter as adjusted earnings per share increased 17.1% year-over-year to $6.65. Our performance in the quarter was driven by continued strength in North American architectural paint markets, which offset choppiness in some industrial end markets. U.S. and Canada same-store sales growth was 8.1% as our pro painting customers continued to report strong demand,” said John Morikis, chairman and CEO.
Company info: The Sherwin-Williams Company’s full third quarter 2019 report can be found here.