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Sherwin-Williams 4Q Bolstered by Housing Market, Do-It-Yourself Jobs

By Micah Maidenberg

 

Sherwin-Williams Co. beat fourth-quarter expectations from analysts, helped in part by consumers taking on paint jobs at home.

The paint company on Thursday reported a profit of $407 million, or $4.46 a share, up from $248.6 million, or $2.66 a share, for the year-earlier period.

After adjustments, Sherwin-Williams generated earnings of $5.09 a share, ahead of expectations from analysts polled by FactSet, who predicted $4.85 a share for that metric.

Sales increased to $4.49 billion from $4.11 billion, the Cleveland-based company said, surpassing the $4.34 million consensus estimate.

Sherwin-Williams said fourth-quarter results were helped in part by consumers taking on painting projects. Many people have been working from home and spending more time in their houses as the Covid-19 pandemic has limited travel and shut down offices.

The company's Americas business, which operates paint shops in the U.S. and nearby markets, saw sales rise 9% in the quarter.

That gain was due in large part to "higher residential repaint, [do-it-yourself] and new residential paint sales in the U.S. and Canada," the company said, but Covid-19 weighed on demand in some end markets, partially offsetting the increases.

 

Write to Micah Maidenberg at micah.maidenberg@wsj.com

 

(END) Dow Jones Newswires

January 28, 2021 07:33 ET (12:33 GMT)

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