Sherwin-Williams reports record sales

Sherwin-Williams (SHW), based in Cleveland, reported Q2 consolidated net sales increased 6.3% in the quarter to a record $6.24 billion from $5.87 billion in the previous year’s second quarter.

John G. Morikis, chairman and CEO, said, “gross margin improved sequentially and year-over-year to 46%, driven by strong sales volume in our Paint Stores Group as well as moderating raw material costs.”

Also, he reported, “sales in our Consumer Brands Group increased by a low-single digit percentage in North America and a strong double digit percentage in Latin America and Europe. In the Performance Coatings Group, our Automotive Refinish business grew by a high-single digit percentage.”

In the Q2 Paint Stores Group segment, net sales increased 10% to $3.5 billion, and profit increased 24% to $849 million. The company said this was due primarily to higher paint sales volume, selling price increases and moderating raw material costs.

In other Q2 segments, The Consumer Brands Group segment net sales increased 5% to $946 million. The Performance Coatings Group segment net sales increased 0.3% to $1.8 billion.

The Bottom Line: Sherwin-Williams sales for Q2 moved ahead 6% company-wide to over $6 billion.

What the CEO said: “We leveraged the strong sales growth to drive solid margin expansion across all our segments, while also investing in growth initiatives that will propel sustained future performance,”said Morikis.

Company info: Click HERE to read the Q2 2023 financial report from Sherwin-Williams.