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Sherwin-Williams Posts Higher Profits on Acquisitions, Price Hikes
8:12 AM MDT | April 21, 2011 | Kerri Walsh
Sherwin-Williams’s (SW) first-quarter net income and sales rose on higher selling prices, acquisitions, expense control, and a lower effective tax rate. Net income doubled, to $68.3 million (63 cts/share), on sales up 19%, to $1.86 billion. Acquisitions and favorable currency exchange rates accounted for 9% and 1% of the sales increase, respectively. Raw material costs partially offset selling price hike gains, SW says. The paint stores group reported profit up 44%, to $68.9 million, on sales up 9%, to $929 million primarily because of selling price...
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