Market Overview

UPDATE: Sherwin-Williams Posts Rise In Q2 Earnings, Lifts Full-Year Guidance

Related SHW
Top Investment Ideas From Top Hedge Fund Managers For the Year Ahead
This Chart Shows Why Home Depot And Lowe's Shareholders Should Be Optimistic About Earnings
Whether We Want It Or Not, We All Need A Break (Seeking Alpha)

Sherwin-Williams Co (NYSE: SHW) reported a 13% gain in its second-quarter earnings and lifted its full-year earnings outlook.

The Cleveland, Ohio-based company posted a quarterly profit of $291.4 million, or $2.94 per share, versus a year-ago profit of $257.3 million, or $2.46 per share.

Its net sales climbed 12% to $3.04 billion. Sherwin-Williams in April expected a profit of $2.80 to $3 per share on sales growth of 8% to 14%. Analysts were expecting earnings of $2.93 per share on revenue of $3.01 billion.

Its gross margin rose to 46.3% from 45.5%, while same-store sales increased 9.8%.

The company's sales in the paint stores group jumped 17% to $1.88 billion, while sales in the consumer group climbed 10% to $433.4 million. Sherwin-Williams' sales in the global finishes group jumped 6.1% to $544.6 million. The Latin America coatings group's net sales dropped 8.9% to $181.2 million.

Sherwin-Williams now expects full-year earnings of $8.50 to $8.70 per share, versus earlier forecast of $8.12 to $8.32 per share.

For the third quarter, Sherwin-Williams projects earnings of $3.15 to $3.25 per share on net sales growth of 9% to 14%. Analysts expected earnings of $3.06 per share on revenue growth of 10%.

Christopher M. Connor, Chairman and Chief Executive Officer, said, "We are pleased with the continued strong positive sales and earnings per share momentum.”

Sherwin-Williams shares climbed 3.10% to $207.99 in pre-market trading.

Posted-In: profitEarnings News Guidance


Related Articles (SHW)

View Comments and Join the Discussion!