Sherwin-Williams announced its third quarter financial results, reporting an increase of consolidated net sales by 0.7%.
“Sherwin-Williams grew sales, expanded gross margin, increased EBITDA and adjusted diluted net income per share despite continued choppiness in the demand environment,” says Heidi Petz, Sherwin-Williams president and CEO. “Strong cash generation in the quarter enabled us to return $631 million to our shareholders through dividends and share repurchases. We also chose to invest ahead of the curve in the quarter, given the unprecedented long-term opportunities that continue to emerge from an increasingly uncertain competitive landscape. We are highly confident these current near-term investments in stores, sales and technical reps, expanded services and digital capabilities will help generate sustained and profitable above-market growth.”
Net sales in the paint stores group (PSG) increased by 2.2% in the quarter. PSG refers to all retail locations open year-round. Net sales in PSG increased primarily due to low-single digit sales volume growth and continued realization of higher selling prices implemented earlier in the year. Net sales increased in most professional customer end markets, led by protective and marine, residential repaint and new residential.
