Revenue during the quarter grew 7.28 percent to $2,761.39 million from $2,574.02 million in the previous year period. Gross margin for the quarter contracted 38 basis points over the previous year period to 48.64 percent. Total expenses were 88.17 percent of quarterly revenues, down from 90.60 percent for the same period last year. This has led to an improvement of 243 basis points in operating margin to 11.83 percent.

Operating income for the quarter was $326.65 million, compared with $241.84 million in the previous year period.

Commenting on the financial results, John G. Morikis, Chairman, President and Chief Executive Officer, said, “We are pleased to report record sales and earnings per share from the continued positive sales volume and strong operating results of our Paint Stores Group and operating margin improvement in our Global Finishes Group. Our Paint Stores Group posted another quarter of improved operating results and architectural volume growth. The Consumer Group improved their operating margins through improved operating efficiencies. Our Global Finishes Group improved their operating results through higher paint sales volume and selling price increases. The Latin America Coatings Group continues to see the positive impact of previous investments partially offsetting weak end market demand in some geographies. All of our operating segment management teams continue to control costs and implement price increases to offset rising raw material costs.”

For the second-quarter 2017, The Sherwin-Williams Company expects diluted earnings per share to be in the range of $4.15 to $4.35  and its adjusted diluted earnings per share to be in the range of $4.40 to $4.60.

For fiscal year 2017, the company expects diluted earnings per share to be in the range of $13.65 to $13.85and its adjusted diluted earnings per share to be in the range of $14.05 to $14.25.