Sherwin-Williams 1Q Bolstered by Strength in Housing Market
April 27 2021 - 7:54AM
Dow Jones News
By Micah Maidenberg
Sherwin-Williams Co. said the housing market spurred demand for
its paints during the first quarter, helping it to generate
financial results above Wall Street forecasts.
The paints-and-coatings company Tuesday reported net income of
$409.6 million, compared with $321.7 million a year earlier.
Earnings tied to common shares rose to $1.51 a share from $1.15 a
share, the company said.
Sherwin-Williams's adjusted profit of $2.06 a share beat the
consensus estimate of $1.64 a share for that earnings metric,
according to FactSet.
Sales rose to $4.67 billion from $4.15 billion, the company
said, surpassing analysts' expectations of $4.52 billion.
In the company's Americas unit, Sherwin-Williams experienced
double-digit sales growth for residential-repainting,
new-residential and do-it-yourself products, Chief Executive John
Morikis said.
The company opened a dozen new stores in the quarter in the U.S.
and Canada, he said.
Write to Micah Maidenberg at micah.maidenberg@wsj.com
(END) Dow Jones Newswires
April 27, 2021 07:39 ET (11:39 GMT)
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