UPDATE: Sherwin-Williams Posts Mixed Q3 Results, Lifts Earnings Forecast

The Sherwin-Williams Company

reported better-than-expected earnings for the third quarter, but the company's sales missed analysts' estimates. The company again lifted its earnings forecast for the year. It now projects a profit of $8.70 to $8.80 per share, versus its earlier forecast of $8.50 to $8.70 per share. The Cleveland, Ohio-based company posted a quarterly profit of $326.2 million, or $3.35 per share, versus a year-ago profit of $263 million, or $2.55 per share. The latest quarter results included charges of $0.13 per share related to Brazil tax assessments. Its net sales climbed 11% to $3.15 billion. However, analysts were projecting earnings of $3.20 per share on revenue of $3.17 billion. Sherwin-Williams' same-store sales rose 9.6% in the period. Its sales in the paint-stores group rose 15% to $2.03 billion, while the consumer group's sales climbed 5% to $385.2 million in the quarter. The company's sales in the global finishes group jumped 5.7% to $536.3 million, while the Latin America Coatings Group's net sales slipped 4.% to $200.4 million in the quarter. Sherwin-Williams acquired 2.00 million shares of its common stock through open market purchases in the quarter. Christopher M. Connor, Chairman and Chief Executive Officer, said, "We are pleased to report record sales and earnings per share in the third quarter and first nine months of 2014 on the continued positive sales volume and strong operating results of our Paint Stores Group.” Sherwin-Williams shares fell 1.41% to close at $225.68 yesterday.