Sherwin-Williams Lifts Outlook, Helped by DIY Painters
September 29 2020 - 4:51PM
Dow Jones News
By Micah Maidenberg
Sherwin-Williams Co. said it believes sales growth in the third
quarter and profit for the year will be stronger than it previously
had forecast, helped along by consumers touching up their
properties amid the Covid-19 pandemic.
The paint maker behind Valspar, HGTV Home, Dutch Boy and other
brands on Tuesday said it now sees a 3% to 5% gain in third-quarter
sales over the same period last year, up from prior guidance that
saw year-over-year sales up by a low-single-digit percentage.
For the full year, sales will be up slightly, better than its
earlier expectation that sales would be flat.
The company believes it will earn $20.96 to $21.46 a share, up
from $19.21 to $20.71 a share.
Sherwin-Williams said it has been helped along by
do-it-yourself, or DIY, painters.
"Demand for architectural coatings has been stronger than
expected in the third quarter, led by our DIY, residential repaint
and new residential segments. Demand on the industrial side of our
business has also improved," Chief Executive John Morikis said.
Write to Micah Maidenberg at micah.maidenberg@wsj.com
(END) Dow Jones Newswires
September 29, 2020 16:36 ET (20:36 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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