The Sherwin-Williams Company announced its financial results for the first quarter

The Sherwin-Williams Company (NYSE: SHW) announced its financial results for the first quarter ended March 31, 2018. Compared to the same period in 2017, consolidated net sales increased $1.20 billion, or 43.6%, to $3.97 billion in the quarter due primarily to the addition of Valspar sales, selling price increases and higher paint sales volume in The Americas Group. Excluding sales from Valspar, net sales from core Sherwin-Williams operations increased 4.9% in the quarter. Diluted net income per common share in the quarter increased to $2.62 per share from $2.53 per share in 2017Net sales of the Consumer Brands Group increased 103.0% to $656.4 million in the quarter and segment profit increased to $74.2 million in the quarter from $55.9 million last year. The Performance Coatings Group’s net sales stated in U.S. dollars increased 153.4% to $1.23 billion in the quarter due primarily to the inclusion of Valspar sales and selling price increases. Commenting on the first quarter, John G. Morikis, Chairman, President and Chief Executive Officer, said, “The Company performed well in the first quarter despite some widely recognized headwinds, including a slow start to the painting season in North America, persistent raw material inflation and choppy global economic growth. Both Consumer Brands and Performance Coatings Groups have made great progress in integrating commercial teams and key business processes relating to pricing, selling and marketing programs. “For the second quarter, we anticipate our Sherwin-Williams’ core net sales will increase a mid-to-high single digit percentage compared to last year’s second quarter. For the full year 2018, we expect Sherwin-Williams’ core net sales to increase by a mid-to-high single digit percentage compared to full year 2017.”