Sherwin Williams 2Q Earnings Up 10%

Cleveland, OH, July 19, 2007--Sherwin-Williams reported second quarter earnings that were up 10% as paint sales improved.

Net earnings in the quarter rose to $202.6 million, or $1.52 per share, from $184.6 million, or $1.33 per share, during the same period last year.

Revenue rose 3% to $2.2 billion, from $2.13 billion last year, helped by improving domestic and international paint sales.

Analysts had forecast EPS of $1.44 on revenue of $2.21 billion.

Sales in the paint-store segment rose 2.8% to $1.37 billion, helped by an acquisition and higher domestic architectural paint sales to do-it-yourself customers, and commercial and residential repaint contractors. Industrial maintenance product sales were also higher.

Same-store sales were flat.

Christopher M. Connor, Chairman and CEO said, “We are encouraged by the positive sales results generated by the Paint Stores and Global Groups during the quarter. We continued to invest in new stores during the quarter, opening 13 net new stores and acquiring another 131 in our Paint Stores Group."

Sales at the company's consumer group, which makes paint and coatings for third-party customers and the company's own paint stores, fell 1% to $396.6 million, hurt by the elimination of part of a paint program with a large retail customer.