Cleveland, OH, April 21--Paint maker and retailer Sherwin-Williams in the first quarter reported earnings of $83.2 million, or $0.58 per a share, compared with $51.5 million, or $0.35 per share a year earlier.
Sales during the quarter were up 16.6%, to $1.539 billion.
Net sales in the sales in the Paint Stores Segment increased 22.9%, to $987.6 million in the quarter due primarily to continuing strong domestic architectural paint sales to contractor and do-it-yourself (DIY) customers and improved industrial maintenance and product finishes sales.
During the quarter, same store sales increased 10.3% over last year's first quarter.
The company’s gave guidance, saying it anticipates achieving a percentage increase in second quarter consolidated net sales in the low-to-mid-teens over last year's second quarter. It said it expects diluted net income per common share for the second quarter to be in the range of $.99 to $1.04 per share compared to $.87 per share last year.
The company said it anticipates that the percentage increase in annual consolidated net sales for 2005 will be in the low-to-mid-teens over 2004 and, with annual sales at that level, and diluted net income per common share for the year 2005 in the range of $3.10 to $3.20 per share compared to $2.72 per share earned in 2004.
