Sherwin-Williams Up 8%; Backs 1Q Guidance
March 19 2020 - 3:25PM
Dow Jones News
By Michael Dabaie
Sherwin-Williams Co. shares were up 8% to $434.18 in afternoon
trading.
The paints and coatings company earlier reaffirmed its financial
guidance for the first quarter of 2020. Sherwin-Williams said it
continues to project net sales growth of 2% to 5% on year, with the
Americas Group expected to be above the high end of this range.
Sherwin-Williams said it has experienced headwinds related to
the new coronavirus pandemic, primarily outside the U.S.
The company said its production operations in Asia are returning
to pre-crisis levels, with sites operating under the guidance of
local and state governments.
"While there has been a dramatic surge in cases across Europe
and an increase in cases in North America, the company has
experienced minimal disruption to its supply chain and facility
operations to date. At this time, the vast majority of the
company's North American paint stores continue to operate and
provide customers with multiple options for ordering and receiving
product, including through our existing and extensive delivery
system and store pick-up," Chief Executive John Morikis said.
The company said it is evaluating developments daily and
operating in accordance with the most recent information provided
by the Centers for Disease Control and Prevention, the World Health
Organization, local health officials and other government
entities.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
March 19, 2020 15:10 ET (19:10 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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