Sherwin-Williams reports positive third quarter

Sherwin-Williams reported third-quarter net sales of $3.15 billion, down slightly from $3.150 billion in the third quarter of 2014. Net income for the third quarter ended Sept. 30 totaled $374.5 million, up 14.8% from $326.2 million in the prior-year period.

Net sales for the nine-month period totaled $8.73 billion, up 2% from $8.56 billion in the prior-year period. The company attributed this to higher paint sales volume in its Paint Stores and Consumer Groups. Net income for the nine months totaled $855.8 million, up 16.7% from $733.1 million in the prior-year period.

“Our Paint Stores Group posted another quarter of positive operating results and architectural volume growth,” said Christopher M. Connor, chairman and CEO. “Consumer Group improved its operating results through improved operating efficiencies. The HGTV HOME by Sherwin-Williams paint program continues to drive sales improvements in Consumer Group. Our Global Finishes and Latin America Coatings Groups are managing through the negative effects of currency devaluation and weak end market demand in some geographies. In total, it is gratifying to report another quarter of sales increases and earnings per share growth.

Net sales in the Paint Stores Group increased 2.9% to $2.09 billion in the quarter and increased 5.0% to $5.53 billion in nine months due primarily to higher architectural paint sales volume.

Net sales of the Consumer Group increased 9.4% to $421.6 million in the quarter and increased 10.4% to $1.26 billion in nine months due primarily to sales of HGTV HOME by Sherwin-Williams paint to Lowe's stores.

The Global Finishes Group's net sales stated in U.S. dollars decreased 9.3% to $486.1 million in the quarter and decreased 7.4% to $1.46 billion in nine months.

“For the fourth quarter, we anticipate our consolidated net sales will be up low single digits compared with last year's fourth quarter. For the full year 2015, we expect consolidated net sales to increase by a low single digit percentage compared with full year 2014.”