Sherwin-Williams Beats Estimates, Lowers Guidance -- Earnings Review

By Imani Moise

Paint maker Sherwin-Williams Co. (SHW) reported first-quarter earnings before the opening bell Tuesday. Here's what you need to know:

EARNINGS: Profit rose to $250.1 million, or $2.62 a share, from $239.2 million, or $2.53 a share, a year earlier. Excluding acquisition related costs and other items, earnings grew to $3.57 a share from $2.61 in the comparable quarter.

REVENUE: Sales jumped 44% to $3.97 billion primarily due to the Valspar acquisition. Wall Street consensus was $3.95 billion in sales.

OUTLOOK: The Ohio-based company lowered its full-year earnings guidance to $14.95 to $15.45 a share, from a prior estimate of $15.35 to $15.85 per share to reflect a hit to its Valspar business. Last fiscal year the company earned $18.67 a share.

STOCK MOVE: Shares, down 2% to $380 premarket on light volume, have fallen 5.5% to $387.71 so far this year while the S&P 500 has inched 0.1% lower.

Write to Imani Moise at imani.moise@wsj.com

(END) Dow Jones Newswires

April 24, 2018 08:01 ET (12:01 GMT)

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