Solid Third Quarter Results
Sherwin-Williams delivered solid third quarter results with consolidated sales increasing at the high end of the guided range. Adjusted EBITDA margin expanded by 60 basis points to 21.4%, and adjusted diluted earnings per share grew by 6.5%.
Strong Performance in Paint Stores Group
Sales in Paint Stores Group increased by a mid-single-digit percentage, with price mix up at the high end of low single digits and volume up low single digits. Segment profit grew by a mid-single-digit percentage, and segment margin increased by 40 basis points.
Successful Suvinil Acquisition
Sherwin-Williams successfully closed the Suvinil acquisition, enhancing the Consumer Brands Group Latin America portfolio and providing opportunities for profitable growth. Sales in Consumer Brands Group beat expectations.
Proactive Cost Management
Sherwin-Williams controlled costs effectively, with SG&A growth moderating to the low single-digit percentage level. Administrative SG&A was down by a low double-digit percentage.
Shareholder Returns
The company returned $864 million to shareholders through share repurchases and dividends.