- Wednesday, October 16, 2024
Sherwin-Williams Co. (SHW) experienced a 5.2% rise in premarket trading on Tuesday following the company's release of its second-quarter financial results. This paint maker reported higher-than-expected profits, driven by elevated prices and record revenue. Sherwin-Williams achieved selling price increases across all segments and saw a boost in sales volume within the paint stores group. Additionally, the company benefited from decreased raw material costs.
For the period ending June 30, Sherwin-Williams reported a significant increase in profit, reaching $793.7 million, or $3.07 per share, compared to $577.9 million, or $2.21 per share, in the same quarter the previous year. Adjusted profit for the Cleveland-based company rose to $3.29 per share, exceeding the year-ago quarter's $2.41 per share and surpassing analysts' forecasted $2.70 per share.
Moreover, Sherwin-Williams achieved a noteworthy 6.3% increase in overall revenue, totaling a record-breaking $6.24 billion. This figure surpassed analysts' estimate of $6.03 billion.
Looking toward the future, Sherwin-Williams provided an improved adjusted profit outlook for 2023, expecting earnings between $9.30 and $9.70 per share. This projection exceeds analysts' expectation of $8.85 per share.
With its impressive second-quarter performance and optimistic outlook, Sherwin-Williams proves its continued strength as a leading player in the paint industry.
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