Sherwin-Williams sales up 7.3 percent
The Sherwin-Williams Company reported that consolidated net sales for the first quarter increased 7.3% to $2.76 billion compared to the same period last year.
Net income of $239.1 million was up from $164.8 million in last year's first quarter. Diluted net income per common share in the quarter increased to $2.53 per share from $1.75 per share in 2016.
Net sales in the Paint Stores Group increased 12.1% to $1.81 billion in the quarter due primarily to higher architectural paint sales volume across all end market segments.
Net sales of the Consumer Group decreased 10.7% to $337.5 million in the quarter due primarily to lower volume sales to most of the Group's retail and commercial customers.
The Global Finishes Group's net sales stated in U.S. dollars increased 3.6% to $470.3 million in the quarter primarily due to higher paint sales volume and selling price increases.
The Latin America Coatings Group's net sales stated in U.S. dollars increased 12.9% to $141.4 million in the quarter due primarily to selling price increases and favorable foreign currency translation rate changes.
On April 12, Sherwin-Williams and Valspar announced that they have entered into a definitive agreement with Axalta Coating Systems to sell the assets related to Valspar's North American Industrial Wood Coatings business to Axalta for $420 million in cash. Valspar's North American Industrial Wood Coatings business had revenues of approximately $225 million in 2016. The companies are divesting the business in connection with the reviews by the Federal Trade Commission and Canadian Competition Bureau of the proposed acquisition of Valspar by Sherwin-Williams.