CLEVELAND - The Sherwin-Williams Co. announced its financial results for the third quarter and nine months ended September 30, 2013. Compared to the same periods in 2012, consolidated net sales increased $244.2 million, or 9.4 percent, to $2.85 billion in the quarter and increased $415.9 million, or 5.7 percent, to $7.73 billion in nine months due primarily to higher paint sales volume in its Paint Stores Group.

Diluted net income per common share in the quarter increased to $2.55 per share from $2.24 per share in 2012, including a 2013 charge of $.13 per share resulting from government tax assessments related to the company’s Brazilian operations. Diluted net income per common share increased in nine months to $6.11 per share from $5.37 per share last year, including 2013 charges of $.21 per share related to the Brazil tax assessments. The increases in third quarter and nine months diluted net income per common share were due primarily to improved operating results of the Paint Stores, Consumer and Global Finishes Groups.

Net sales in the Paint Stores Group increased 13.5 percent to $1.76 billion in the quarter and increased 9.0 percent to $4.54 billion in nine months due primarily to higher architectural paint sales volume across all end market segments. Net sales from stores open for more than 12 calendar months increased 10.9 percent in the quarter and increased 7.4 percent in nine months over last year's comparable periods. Paint Stores Group segment profit increased $58.8 million to $359.4 million in the quarter from $300.6 million last year and increased $141.8 million to $822.0 million in nine months from $680.3 million last year due primarily to higher paint sales volume partially offset by increases in selling, general and administrative expenses. Segment profit as a percent to net sales increased in the quarter to 20.4 percent from 19.3 percent last year and increased in nine months to 18.1 percent from 16.3 percent in 2012.

Net sales of the Consumer Group increased 5.4 percent to $366.8 million in the quarter due primarily to timing of seasonal shipments to some customers. Net sales increased 0.3 percent to $1.07 billion in nine months due primarily to higher sales in the quarter and acquisitions partially offset by the previously disclosed elimination of a portion of a paint program with a large retail customer.

The Global Finishes Group's net sales stated in U.S. dollars increased 3.2 percent to $507.3 million in the quarter and increased 2.3 percent to $1.51 billion in nine months due primarily to selling price increases and acquisitions. Acquisitions increased net sales in U.S. dollars by approximately 1.3 percent in the quarter and nine months.

The Latin America Coatings Group's net sales stated in U.S. dollars was flat at $208.6 million in the quarter due primarily to selling price increases and higher paint sales volume offset by unfavorable currency translation rate changes. Nine month net sales stated in U.S. dollars increased 0.9 percent to $610.3 million due primarily to selling price increases partially offset by unfavorable currency translation rate changes.