Paint Store Group lifts Sherwin-Williams
Among Sherwin-Williams' three divisions, it was the Paint Store Group that led the way in the company's second quarter ended June 30.
The Paint Store Group saw sales increase 3.5 percent. The company's Consumer Brands Group and Performance Coatings Group, respectively, reported a 10.7 percent decline and a 0.6 percent gain.
"Led by strong performance in the Paint Stores Group, we continued to execute on our proven strategy across the Company to deliver consolidated sales within our expectations, gross margin expansion, EBITDA growth, and a 12.5% percent increase in adjusted diluted net income per share," said President and Chief Executive Officer, Heidi G. Petz.
Consolidated sales for the second quarter increased 0.5 percent to $6,271,500,000. Net income for the quarter increased 12.1 percent from $797,700,000 to $889,900,000.
"The macroeconomic environment has been softer for longer than many economists anticipated at the start of the year, and it is unclear how this trajectory may unfold in our back half," said Petz. "While we are not immune to market conditions, our focus on providing differentiated solutions to drive our customers' productivity and profitability remains unchanged. We believe in our strategy, we've invested in it, and we expect to drive above market performance.”
She continued: ”Sherwin-Williams remains well-positioned in each of our targeted markets, and we expect share gains to become more evident over time. We have the right enterprise priorities, disciplined capital allocation, a team that executes better than anyone in our industry, and favorable demand demographics that continue to bode well for long-term value creation."
The company expects its third-quarter sales to be up a low-single-digit percentage compared to the prior-year quarter.
