Sherwin-Williams Q1 sales up 44%
Paint giant the Sherwin-Williams Company reported first quarter sales increased 43.6% to $3.97 billion from sales of $2.76 billion in the first quarter 2017.
Sales were given a lift with the addition of Valspar sales, acquired by Sherwin-Williams last year. Excluding Valspar sales, net sales from Sherwin-Williams core operations increased 4.9% for the quarter.
Cleveland, Ohio-based Sherwin-Williams also reported first quarter net earnings of $250.1 million, up 4.6% from net earnings of $239.2 million during the same period last year.
Net sales in the Americas Group increased 6.6% to $2.08 billion in the quarter due primarily to higher architectural paint sales volume across most end market segments and selling price increases. Net sales from stores in U.S. and Canada open for more than 12 calendar months increased 5.2% in the quarter over last year's comparable period.
Net sales of the Consumer Brands Group increased 103% to $656.4 million in the quarter due primarily to the inclusion of Valspar sales and selling price increases.
“The Company performed well in the first quarter despite some widely recognized headwinds, including a slow start to the painting season in North America, persistent raw material inflation and choppy global economic growth,” said John Morikis, chairman, president and CEO of Sherwin-Williams. “The contribution of the Valspar business to our consolidated revenue and profit continues to build momentum, and we saw positive sales volume, pricing and improving operating results from each of our reportable segments.”
During the first quarter, Sherwin-Williams opened four new stores in the Americas Group. Sherwin-Williams operates more than 4,900 company-operated stores and facilities, in addition to other brands are sold through leading mass merchandisers, home centers, independent paint dealers, hardware stores, and automotive retailers.
Sales were given a lift with the addition of Valspar sales, acquired by Sherwin-Williams last year. Excluding Valspar sales, net sales from Sherwin-Williams core operations increased 4.9% for the quarter.
Cleveland, Ohio-based Sherwin-Williams also reported first quarter net earnings of $250.1 million, up 4.6% from net earnings of $239.2 million during the same period last year.
Net sales in the Americas Group increased 6.6% to $2.08 billion in the quarter due primarily to higher architectural paint sales volume across most end market segments and selling price increases. Net sales from stores in U.S. and Canada open for more than 12 calendar months increased 5.2% in the quarter over last year's comparable period.
Net sales of the Consumer Brands Group increased 103% to $656.4 million in the quarter due primarily to the inclusion of Valspar sales and selling price increases.
“The Company performed well in the first quarter despite some widely recognized headwinds, including a slow start to the painting season in North America, persistent raw material inflation and choppy global economic growth,” said John Morikis, chairman, president and CEO of Sherwin-Williams. “The contribution of the Valspar business to our consolidated revenue and profit continues to build momentum, and we saw positive sales volume, pricing and improving operating results from each of our reportable segments.”
During the first quarter, Sherwin-Williams opened four new stores in the Americas Group. Sherwin-Williams operates more than 4,900 company-operated stores and facilities, in addition to other brands are sold through leading mass merchandisers, home centers, independent paint dealers, hardware stores, and automotive retailers.