Domestic paint sales were strong in the first quarter, according to Sherwin-Williams.
The paint and coatings manufacturing giant reported first quarter consolidated sales increased 12.3% to $4.66 billion from sales of $4.14 billion in the first quarter 2020.
Sales were driven by strong growth in residential repaint, DIY, new residential, and industrial businesses, the company reported.
In the Americas Group, sales rose 8.6% to $2.5 billion from sales of $2.3 billion in the first quarter a year ago. Within the segment, same-store sales increased 8.2% with double-digit growth in residential repaint, DIY and new residential sales.
In the company’s Consumer Brands Group, sales leaped by 25% to $778.1 million. Performance Group Coatings sales rose nearly 13% to $1.37 billion.
Sherwin-Williams’ profits also saw a big increase as the company posted a first quarter net income of $409.6 million, rising 27.3% from a net income of $321.7 million in the first quarter 2020.
The Bottom Line: Profits leap 27.3% to $409.6 million in the first quarter as Sherwin-Williams cashes in on big residential and DIY sales.
What the CEO said: "Our sales growth was driven by strong architectural paint demand, improving demand in the industrial end markets served, and pricing actions to offset raw material cost increases,” said John Morikis, president, CEO and chairman of Sherwin-Williams.
"In The Americas Group, our residential repaint, new residential and DIY businesses grew sales by double-digits, while our new commercial business continued its rebound growing sales low-single-digits. Strength in DIY end markets continued in our Consumer Brands Group, as sales were up double-digits across all regions.”
Company info: The full first quarter 2021 report from Sherwin-Williams is available here.