For the three months ended September 30, 2024, Sherwin-Williams Company reported net sales of $6,162.5 million, reflecting a 0.7% increase from $6,116.7 million in the same period of 2023. For the nine months ended September 30, 2024, net sales were $17,801.3 million, a slight increase from $17,799.7 million in the prior year. The growth in net sales was primarily driven by the Paint Stores Group, which saw a 3.2% increase in sales due to low-single digit volume growth and higher selling prices.
Gross profit for the third quarter of 2024 was $3,027.5 million, up from $2,916.2 million in Q3 2023, with gross profit as a percentage of net sales increasing to 49.1% from 47.7%. For the nine-month period, gross profit rose to $8,621.9 million from $8,209.4 million in 2023. Income before income taxes for Q3 2024 was $1,022.8 million, a 1.4% increase from $1,009.0 million in Q3 2023, while for the nine months, it increased to $2,836.2 million from $2,635.9 million.
Net income for the third quarter of 2024 was $806.2 million, compared to $761.5 million in Q3 2023, and for the nine months, it rose to $2,201.3 million from $2,032.6 million. Basic net income per share for Q3 2024 was $3.22, up from $2.98 in the prior year, while diluted net income per share increased to $3.18 from $2.95.
The company completed the acquisition of SIC Holding GmbH in October 2023 for approximately $290 million and a metal packaging coatings business for about $80 million in October 2024. Additionally, Sherwin-Williams divested a non-core domestic aerosol business in Q2 2023, resulting in a gain of $20.1 million.
As of September 30, 2024, total current assets were $5,974.3 million, an increase from $5,512.9 million at the end of 2023, while total assets rose to $23,968.3 million from $22,954.4 million. Total current liabilities increased to $7,218.1 million, and long-term debt decreased slightly to $8,175.3 million.
The company reported a strong liquidity position with $238.2 million in cash and $3.026 billion of unused capacity under credit facilities. Capital expenditures for the nine months ended September 30, 2024, were $770.0 million, up from $568.9 million in the same period of 2023, as the company continues to invest in growth initiatives, including a new headquarters and R&D center expected to be completed in 2025.
About SHERWIN WILLIAMS CO
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