Sherwin-Williams’s strong Q1 results

Sherwin-Williams, fresh off its announcement of a Valspar acquisition, reported positive numbers across the board in the first quarter of 2016.

Total salws rose 5.1% to $2.45 billion, as net income showed a 12% gain to $147 million.

The company’s Paint Store Group had net sales of $1.62 billion, up 10.5% from the same quarter last year. The segment profit was up a robust 43.6% to $254 million.

CEO John Morikis said the The HGTV HOME by Sherwin-Williams paint program continues to drive sales improvements in the company’s consumer group. Sherwin-Williams continued to invest in its Paint Stores Group by opening 13 net new locations in the quarter. The company operates more than 4,100 stores, not counting independent retailers that carry its products.

Q1 Net sales

2015 $2.45 billion

2016 $2.57 billion

% gain: 5.1%

Q1 Net income

2015: $131 million

2016: $147 million

% gain: 12.0%

Sherwin-Willams announced Marh 20 plans to acquire Valspar. “Our balance sheet remains flexible and is positioned well for future acquisitions and other investments in our business,” said Morikis.

With headquarters in Cleveland, Ohio, the Sherwin-William manufactures products under well-known brands such as Sherwin-Williams, HGTV HOME by Sherwin-Williams, Dutch Boy, Krylon, Minwax, Thompson's Water Seal.