With an anticipated acquisition of Valspar in the air, The Sherwin-Williams Company posted consolidated net sales of $2.76 billion in the first quarter, up 7.3% from the same quarter last year.
Net income increased to $239,152,000, up from $164,876,000.
“We are pleased to report record sales and earnings per share from the continued positive sales volume and strong operating results of our Paint Stores Group and operating margin improvement in our Global Finishes Group,” said CEO John G. Morikis.
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, selling price increases. There are more than 4,100 company-operated stores and facilities selling Sherwin-Williams products
The company said it opened 10 net new store location sin the Paint Store Group during the quarter.
The company announced last year plans to acquire Valspar, a deal that continues to work its way through various regulatory issues.