The Sherwin-Williams Co. reported net sales of $2.57 billion for its second quarter, a 9.3% increase over sales of $2.35 billion in the same quarter of 2011.
Net income for the second quarter, which ended June 30, was $227.8 million, compared with $179.1 million a year ago.
Net sales in the Paint Stores Group increased 14.6% to $1.49 billion during the quarter; for the Consumer Group, net sales increased 5.9% to $397.7 million.
Commenting on the financial results, Christopher Connor, the paint supplier’s chairman and CEO, said: "We are pleased to report record sales and earnings per share in the second quarter and first half of 2012. Selling price increases implemented across all segments in the previous 12 months are gaining traction against the higher raw material costs.”
In its Paint Store Group, the company gained 20 new locations through openings and closings during the quarter. For the year, it anticipates opening 60 to 65 new stores.
In June, Sherwin Williams completed the acquisition of Geocel Corp., a provider of sealants and adhesives.
Conner said he anticipates an increase of consolidated net sales “in the mid-single digits” in the third quarter compared with the same quarter of 2011.
Headquartered in Cleveland, Sherwin-Williams manufactures and distributes coatings and related products to professional, industrial, commercial and retail customers. The company’s brands include Dutch Boy, Krylon, Minwax and Thompson's Water Seal. Its products are sold through a chain of more than 4,000 company-operated stores, as well as mass merchandisers, home centers, independent paint dealers, hardware stores, automotive retailers and industrial distributors. Sherwin-Williams products are available in more than 109 countries.