Solid First Quarter Results
Adjusted earnings per share grew by 3.7% to $2.25. Gross margin and gross profit dollars expanded, and EBITDA margin and dollars also increased. SG&A decreased due to continued good spending control.
Growth in Paint Stores Group
Sales grew by a low single-digits percentage with price mix up by mid-single-digits. Protective and Marine grew by a high single-digits percentage driven by oil and gas, water and wastewater, and infrastructure projects.
Dividend Increase and Share Repurchases
Sherwin-Williams invested $352 million in share repurchases and increased its dividend by 10%.
Suvinil Acquisition
Announced acquisition of Suvinil, a market leader in Brazil, expected to close in the second half of the year. The acquisition is expected to complement the existing Latin America business.