Sherwin-Williams posts third-quarter gains

Sherwin-Williams Company's residential repaint, DIY, and new residential market segment delivered strong year-over-year growth.

The paint giant said the performance impact from COVID-19 on consolidated net sales was not material, but was a decrease of approximately 3% for the first nine months.

Net sales in the company's Americas Group in the third quarter increased 2.8% to $2.98 billion. Net sales from stores in the U.S and Canada open for more than a year increased 3.1%, and 0.7% in the quarter and first nine months, respectively. 

Overall, the company's consolidated net sales increased 5.2% to $5.12 billion.

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Bottom line: Net income increased to $705.8 million in the third quarter, up from $576.5 million in the same quarter last year.

What the CEO said: "Continued and unprecedented strength in our DIY business, solid demand across our residential repaint and new residential segments, and improving demand in our industrial coatings businesses and regions drove our strong third quarter results," said Chairman and Chief Executive Officer John G. Morikis.

More information: Read the company's full third-quarter earnings release here.