(Source: Datamonitor)
The Sherwin-Williams Company, a manufacturer and distributor of paint, coatings and related products, has reported a net income of $175.21 million, or $1.51 earnings per diluted share, for the third quarter ended September 30, 2009, compared to $177.08 million, or $1.5 per diluted share, for the third quarter ended September 30, 2008.
Net sales for the third quarter of 2009 decreased 12% to $1.99 billion, from $2.27 billion for the corresponding period of 2008.
For the first nine months ended September 30, 2009, net income was $370.51 million, or $3.17 earnings per diluted share, compared to $426.71 million, or $3.57 per diluted share, for the same period of 2008.
Net sales for the first nine months of 2009 decreased 12.5% to $5.49 billion, from $6.28 billion for the first nine months of 2008.
Christopher Connor, chairman and CEO of Sherwin-Williams, said: "While we remain disappointed with our sales, we are pleased with our earnings performance in the quarter resulting from the actions that have taken place within our operating segments to control costs, improve efficiencies, and maintain superior customer service.
"We have seen limited improvements in DIY and other end-user areas of our business but not to an extent that indicates any significant recovery or sustainable growth from the depressed markets of the past year. We continue to focus on growing volume and opportunities to leverage our controlled distribution network and strong brands to drive sales."
A service of YellowBrix, Inc.
