CLEVELAND, April 9, 2012 /PRNewswire/ -- The Sherwin-Williams Company (NYSE: SHW) is updating its sales and earnings expectations for the first quarter ended March 31, 2012 previously given on January 26, 2012. Based on stronger than anticipated preliminary sales and earnings results, diluted net income per common share for the first quarter is expected to be in the range of $.92 to $.95 per share compared to the January guidance of $.56 to $.74 per share. The Company reported diluted net income per common share of $.63 per share in the first quarter 2011.
The expected increase in first quarter diluted net income per common share over the earlier guidance for the quarter was due primarily to strong sales and operating results of the Paint Stores Group. Net sales in the Paint Stores Group increased approximately 20% in the quarter due primarily to improving domestic architectural paint sales volume across all end market segments and price increases.
The Company will conduct a conference call to discuss its financial results for the first quarter and its outlook for the second quarter and full year 2012 at 11:00 a.m. ET on Thursday, April 19, 2012. The conference call will be webcast simultaneously in the listen only mode by Vcall. To listen to the webcast on the Sherwin-Williams website, www.sherwin.com, click on About Us, choose Investor Relations, then select Press Releases and click on the webcast icon following the reference to the April 19th release. The webcast will also be available at Vcall's Investor Calendar website, www.investorcalendar.com. An archived replay of the live webcast will be available at www.sherwin.com beginning approximately two hours after the call ends and will be available until Wednesday, May 9, 2012 at 5:00 p.m. ET.
Founded in 1866, The Sherwin-Williams Company is a global leader in the manufacture, development, distribution, and sale of coatings and related products to professional, industrial, commercial, and retail customers.