Sherwin-Williams sales rise

Sherwin-Williams (SHW), reported second quarter increases as net sales from stores in U.S. and Canada open more than twelve calendar months increased 6.4% in the quarter.

The Cleveland-based company reported that consolidated net sales increased 9.2% in the quarter to $5.87 billion, compared with $5.38 billion in Q2 of the previous year.

“Demand remained strong during the second quarter in The Americas Group and the Performance Coatings Group, as both groups delivered sales within our guidance,” said Chairman and CEO John G. Morikis.

“Speaking to trends in the business since our June 8th investor day, pro architectural demand in The Americas Group accelerated as the quarter progressed and has meaningfully strengthened further in July. Similarly, Performance Coatings Group demand remained strong through the quarter in North America, the Group's largest region, and this strong demand has also continued into July,” said the CEO.

In Q2 segments, The Americas Group (TAG) segment sales increased 8.1% to $3.43 billion from $3.09 billion in the previous year’s Q2. The company said net sales in TAG increased due primarily to sales increases and higher professional architectural sales volume in North America paint stores.

The Performance Coatings segment sales increased 15.2% to $1.79 billion from $1.56 billion in the same quarter last year, due to higher sales in most end markets, primarily attributable to selling price increases.

The Bottom Line: Sherwin-Williams sales for the second quarter moved ahead more than 9% company-wide to nearly $6 billion.

What the CEO said: “Consolidated gross margin improved sequentially, but at a slower pace than anticipated. Segment profit improved sequentially in The Americas Group as well as in the Performance Coatings Group, where margin also improved on a year over year basis,” said Morikis.

Company info: Click HERE to read the Q2 2022 financial report from Sherwin-Williams.