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Sherwin-Williams Q2 net income falls 1.4%

July 22/2011

(ICIS) -- Sherwin-Williamss second-quarter net income fell 1.4% year on year to USD 179.1 mln (EUR 125.4 mln), partly due to high raw material costs, the US-based paint and coatings firm said on Thursday.

Sherwin-Williams' sales for the three months ended 30 June were USD 2.36bn, up 9.9% year on year. Gross profit was USD 1.02bn, up 5.2% from the 2010 second quarter. However, the gross profit/sales ratio fell to 43.4%, from 45.4% in the 2010 second quarter. Selling, general and administrative expenses rose rose 9.3% year on year to USD 756m.

"Earnings in the quarter were at the low end of our guidance range due to high raw material costs versus the timing of our price increases, said CEO Christopher Connor.

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