The Sherwin-Williams Company shared its first quarter 2022 financial results, which showed a consolidated net sales increase of 7.4 percent to $5 billion. Net sales from stores in the U.S. and Canada that have been open more than 12 calendar months increased 3.8 percent during the quarter.
Diluted net income per share decreased to $1.41 per share in the quarter compared to $1.51 per share during Q1 of 2021. Adjusted diluted net income per share decreased to $1.61 per share, down from $2.06 per share in Q1 2021.
“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,” says chairman and chief executive officer, John G. Morikis. “We believe we are through the worst of the industry supply chain challenges and the incremental architectural capacity we added late last year positions us well for the upcoming architectural painting season. We are a stronger and more nimble company than ever before, and the resolve and determination of our 61,000 global employees has never been higher. We remain confident in our strategy, our capabilities and the differentiated product and service solutions we bring to customers, as we expect to continue to outgrow the market long-term.”
