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Sherwin-Williams 1Q Bolstered by Strength in Housing Market

By Micah Maidenberg

 

Sherwin-Williams Co. said the housing market spurred demand for its paints during the first quarter, helping it to generate financial results above Wall Street forecasts.

The paints-and-coatings company Tuesday reported net income of $409.6 million, compared with $321.7 million a year earlier. Earnings tied to common shares rose to $1.51 a share from $1.15 a share, the company said.

Sherwin-Williams's adjusted profit of $2.06 a share beat the consensus estimate of $1.64 a share for that earnings metric, according to FactSet.

Sales rose to $4.67 billion from $4.15 billion, the company said, surpassing analysts' expectations of $4.52 billion.

In the company's Americas unit, Sherwin-Williams experienced double-digit sales growth for residential-repainting, new-residential and do-it-yourself products, Chief Executive John Morikis said.

The company opened a dozen new stores in the quarter in the U.S. and Canada, he said.

 

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

 

(END) Dow Jones Newswires

April 27, 2021 07:39 ET (11:39 GMT)

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