PaintSquare.com
      | Connect Follow us on Twitter Like us on Facebook
About | Subscribe | Advertise
  

 

Paint and Coatings Industry News

Main News Page


Sherwin-Williams Reports Third Quarter Results

Monday, October 26, 2009

Comment | More

The Sherwin-Williams Company (Cleveland, OH) announced its financial results for the third quarter and nine months, ending September 30, 2009. Compared to 2008, Q3 sales decreased by $271.7 million, or 12%, to $1.997 billion and the nine months sales decreased by $784.5 million, or 12.5%, to $5.495 billion. Profits increased slightly to $316.4 million in the quarter, compared to $312.6 million in Q3 2008. In the first nine months of 2009, profits fell to $699.2 million from $799 million in the first nine months of 2008. The company says this is primarily due to weak paint sales volume.

The Global Finishes Group had net sales of $444.1 million in the third quarter, a decline of 11.3% compared to Q3 2008. Nine months sales were $1.216 billion, down 16.2%, but were partially offset by acquisitions and selling price increases.

Net sales for the Consumer Group decreased by 7.1% for the quarter, totaling sales of $330.5 million. Sales were at $985.1 million, down by 4%, for the nine months.

The Paint Stores Group saw a net sales decline of 13.5% to $1.221 billion for the quarter and a 13.4% decline to $3.289 billion for the nine months period. According to the company, this is due primarily to continuing weak residential and commercial architectural paint sales volumes and lower sales in industrial coatings and non-paint categories, but is partially offset by improving DIY customer sales.

Christopher M. Connor, chairman and CEO, commented, “Our Paint Stores Group has continued to control SG&A without sacrificing their ability to deliver superior customer service or focus on gaining business in all markets and product lines. Our Consumer Group has managed to offset some of their market volume softness with new product introduction. Many of the difficult steps Consumer Group has taken to bring fixed costs into line with volumes are starting to show results, and we will continue to control our operating costs until manufacturing volumes return to levels that will support more normal profitability for the Group. We continue to see weak paint demand in our Global Finishes Group, but we are encouraged by the increased sales activity in a number of our regions and segments. We continue to be pleased with the way management and employees in that Group have controlled spending and improved efficiencies in relation to sales levels during some very difficult and challenging economic and financial conditions in many of the countries in which we do business.”

   

Tagged categories: Earnings reports; Finance; Sherwin-Williams

Comment Join the Conversation:

Sign in to our community to add your comments.

SSPC: The Society for Protective Coatings
http://www.sspc.org/

Join SSPC and Enhance
Your Career !


Sherwin-Williams
Sherwin-Williams Protective & Marine Coatings

With 4,000 distribution points and 3,700+ years of experience, Sherwin-Williams delivers the products, support and expertise you need, right where you need it.


Abrasives Inc.
Check our Prices for Blast Abrasives

Faced with higher abrasive costs? We invite you to call & check our rates on Black Magic® coal slag and other quality blast materials. Abrasives Inc. 800-584-7524


Sidewinder/Persyst Enterprises, Inc.
The Sidewinder Model M2 Solvent Recycler

Combat the rising cost of gunwash, thinners, acetone & more while drastically reducing waste disposal coat.


KTA-Tator, Inc. - Corporate Office
KTA Online
Instrument Catalog

• Any Manufacturer
• Any Instrument
• Any Time
Visit www.ktagage.com
Or call 800-582-4243


U.S. Zinc
Zinc. Quality With U.S.

We provide a superior experience to each of our customers. Through added infrastructure, we have become a fully integrated REACH-registered supplier.


Jessup Manufacturing Company
More Traction for Extreme Marine Conditions

Jessup Safety Track® 3800 Military Grade peel-and-stick non-skid tapes and treads provide extra slip resistance for decks. MIL-PRF-24467C Type XI, Black & Gray.


Axxiom Manufacturing
Schmidt Improves Conversion Kits

Schmidt's conversion kits turn out-of-date blast pots into high quality, efficient blasters. Quick, easy to install with step by step instructions.
Call 1-800-231-2085


HoldTight Solutions Inc.
NO FLASH RUST -
NO CONTAMINANTS

Our HoldTight®102 salt remover & flash rust preventer prevents flash
rust by removing surface contaminants. It has no equal; only wannabees.
Contact us for your
nearest distributor.
(800) 319.8802 sales@holdtight.com

 
 
 
Technology Publishing

The Technology Publishing Network

The Journal of Protective Coatings & Linings (JPCL) PaintSquare
Durability + Design Paint BidTracker

 
EXPLORE:      JPCL   |   PaintSquare News   |   Interact   |   Buying Guides   |   Webinars   |   Resources   |   Classifieds
REGISTER AND SUBSCRIBE:      Free PaintSquare Registration   |   Subscribe to JPCL   |   Subscribe to PaintSquare News
MORE:      About PaintSquare.com   |   Privacy policy   |   Terms & conditions   |   Site Map   |   Search   |   Contact Us
 

© Copyright 2000-2015, Technology Publishing / PaintSquare, All rights reserved
2100 Wharton Street, Suite 310, Pittsburgh PA 15203-1951; Tel 1-412-431-8300; Fax 1-412-431-5428; E-mail webmaster@paintsquare.com