Sherwin-Williams posts robust sales gain
Sherwin-Williams reported a 12.1% sales increase and a corresponding boost in income for the second quarter.
The company took in net sales of $3.04 billion over the three months ended June 30, up from $2.71 billion in the second quarter of 2013.
The increase was largely buoyed by a 17.2% increase in net sales for the Paint Stores Group, due in large part to higher architectural paint sales volume.
This translated to a 13.3% boost in net income: $291.45 million in 2014, compared with $257.29 million in 2013.
"We are pleased with the continued strong positive sales and earnings-per-share momentum," said chairman and CEO Christopher Connor.
Connor added that the Comex acquisition is exceeding performance expectations. Additionally, 33 net new stores in the Paint Stores Group are expected to be topped off by 47 to 57 more for the year.
Housing starts drop 9.3% in June
Housing starts dropped for the second month in a row in June, this time even more sharply — at a seasonally adjusted annual rate of 893,000, starts were down 9.3% from May’s downwardly revised rate of 985,000.
The decrease rode almost entirely on the back of the southern United States, which dropped 29.6% since May. Every other region of the country posted increases, led by a 28.1% gain in the Midwest.
Despite the surprisingly steep drop, June’s starts were still a 7.5% improvement over last year’s rate of 831,000.
In terms of single-family starts, a rate of 575,000 registered a 9.0% drop from May’s revised figure of 632,000.
Building permits also fell, but not as much. Privately owned housing units authorized by building permits clocked in at a seasonally adjusted annual rate of 963,000, 4.2% below May’s rate and 2.7% above June 2013’s estimate.