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.
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(END) Dow Jones Newswires
January 28, 2021 07:33 ET (12:33 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.