Higher selling prices help boost Sherwin-Williams net sales in all 3 segments

Sherwin-Williams increased its consolidated net sales in the first quarter ended March 31, reaching $5.44 billion for the period.

Net sales increased 8.9% over the year ago period, and net sales from stores in U.S. and Canada (open for more than 12 months) increased 14.2% over the previous year’s period.

Diluted earnings per share increased 30.5% to $1.84 per share, compared with $1.41 per share last year. EBITDA increased 26.7% year-over-year, to $878.2 million for the quarter.

The Paint Stores Group reported net sales of $2.86 billion for the quarter, up 14.8%. The Consumer Brands Group’s net sales were $872.7 million for the period, up 2.4% year-over-year. And the Performance Coatings Group had net sales of $1.71 billion, up 3.4% over the previous quarter.

In its guidance for the second quarter, Sherwin-Williams expects net sales to be up or down in the low-single digit percentages, and down mid-single digit to flat for the full year.