Sherwin-Williams boosts bottom line
Cleveland, Ohio-based paint industry giant Sherwin-Williams Co. said its strong second quarter performance was the result of higher paint sales volume in North American stores, a new customer program launched in 2018 and selling price increases.
The company reported sales for the three months ended June 30 of $4.88 billion, up 2.2%. Net income increased nearly 17% to $471 million compared to the prior year quarter, which saw charges for acquisition-related costs and environmental expense provisions.
Headwinds in the second quarter took the form of softness in some end markets outside the U.S. and unfavorable currency translation rate changes.
In the Americas Group, net sales from stores in the U.S. and Canada open for more than twelve calendar months increased 4.3% in the quarter and increased 4.0% in six months over last year's comparable periods.
Sherwin-Williams owns and operates more than 4,900 stores and facilities.
Bottom line: Second quarter net income increased 16.7% to $471 million.
What the CEO said: “We've opened 20 net new stores year to date, and our professional painting contractor customers continue to report solid backlogs and project pipelines going forward,” said John G. Morikis, chairman and CEO.
Company info: Read the company’s full Q2 press release here.
The company reported sales for the three months ended June 30 of $4.88 billion, up 2.2%. Net income increased nearly 17% to $471 million compared to the prior year quarter, which saw charges for acquisition-related costs and environmental expense provisions.
Headwinds in the second quarter took the form of softness in some end markets outside the U.S. and unfavorable currency translation rate changes.
In the Americas Group, net sales from stores in the U.S. and Canada open for more than twelve calendar months increased 4.3% in the quarter and increased 4.0% in six months over last year's comparable periods.
Sherwin-Williams owns and operates more than 4,900 stores and facilities.
Bottom line: Second quarter net income increased 16.7% to $471 million.
What the CEO said: “We've opened 20 net new stores year to date, and our professional painting contractor customers continue to report solid backlogs and project pipelines going forward,” said John G. Morikis, chairman and CEO.
Company info: Read the company’s full Q2 press release here.