Cleveland, OH, April 21, 2006--Sherwin-Williams Co., reported a rise in its first-quarter earnings amid a strong boost in sales.
Net income for the quarter climbed to $113.7 million, or $0.82 a share, from $83.3 million, or $0.58 per share, a year ago--beating the analyst’s estimate of $0.75 a share.
Net sales for the period rose to $1.77 billion from $1.54 billion a year ago.
Net sales in the Paint Stores Group Segment increased $179.7 million, or 20.5%, to $1.1 billion in the quarter due primarily to continuing strong domestic architectural paint sales to contractor and do-it-yourself (DIY) customers and improved industrial maintenance product sales.
During the quarter, net sales from stores open for more than twelve calendar months increased 18.5% over last year's first quarter.
During the period, the company acquired 400,000 shares of its common stock through open market purchases.
"All of our operating segments managed to mitigate much of the continuing raw material cost increases with various programs of expense control and increased productivity," said the company's chairman, president and chief executive officer, Christopher M. Connor.
The company said it expects net income per share for the second quarter in the range of $1.25 to $1.30 per share, compared with $1.08 per share last year. Thomson Financial analysts expect $1.19 per share.
For fiscal 2006, the company estimates per share in the range of $3.75 to $3.90, compared with $3.28 per share earned in 2005.
