During the third-quarter of 2022, consolidated net sales for Sherwin-Williams increased 17.5% to a record $6.05 billion. Net sales from stores in U.S. and Canada that were open more than twelve calendar months increased 20.7% in the quarter. Diluted net income per share increased to $2.62 per share in the quarter compared to $1.88 per share in the third-quarter 2021. Adjusted diluted net income per share increased 35.4% to $2.83 per share in the quarter compared to $2.09 per share in the third-quarter 2021
“Our team delivered record net sales results in the third quarter as we continued to focus on serving our customers with innovative solutions,” says chairman and CEO John G. Morikis. “Sales grew to $6.05 billion, a 17.5% increase against a softer quarter comparison last year when raw material availability was highly challenged. Consolidated gross margin expanded 110 basis points sequentially and 120 basis points year-over-year to 42.8%. Our margins improved as a result of pricing actions across all businesses and volume increases in all architectural paint end markets in The Americas Group. We generated strong cash flow in the quarter, which enabled us to continue making strategic long-term investments across the business and pursue strategic, bolt-on acquisitions in the Performance Coatings Group, having closed three acquisitions since the beginning of the third quarter.”
