The Sherwin-Williams Company (NYSE: SHW) announced its financial results for the first quarter ended March 31, 2022.
All comparisons are to the first quarter of the prior year, unless otherwise noted.
Summary
- Consolidated net sales increased 7.4% in the quarter to $5.00 billion
- Net sales from stores in U.S. and Canada open more than twelve calendar months increased 3.8% in the quarter
- Diluted net income per share decreased to $1.41 per share in the quarter compared to $1.51 per share in the first quarter 2021
- Reaffirming FY22 diluted net income per share guidance in the range of $8.40 to $8.80 per share, including acquisition-related amortization expense of $0.85 per share
CEO remarks
“Our team delivered results in line with our expectations in an environment characterized by strong demand, ongoing cost inflation, and choppy raw material availability that improved meaningfully in the final weeks of the quarter,” said Chairman and Chief Executive Officer, John G. Morikis.
“Sales grew 7.4% against a double-digit comparison a year ago, and we delivered sequential improvement in consolidated gross margin and segment margins in all of our businesses. Our margins remained under pressure on a year over year basis, as significant pricing actions previously announced in all businesses have not yet fully caught up to offset highly elevated raw material costs.
“Throughout the quarter, we remained focused on providing differentiated solutions for our customers, and we continue to see opportunity and momentum in every business. In The Americas Group, sales increased in all professional customer segments, led by protective and marine, property maintenance, new residential and residential repaint, and backlogs remain strong. While our Consumer Brands Group faced a challenging prior year comparison, the Group’s sales in North America were nearly flat as we continued to focus on supporting key retail partners and growing our Pros Who Paint initiative.
The Performance Coatings Group delivered double-digit sales growth driven by both strong volume and pricing. All businesses and regions in the Group generated growth, led by our packaging and coil divisions. At quarter end, our architectural inventory gallons significantly improved in our distribution centers and our North American paint stores.”
More information and a presentation can be found here.
