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 email@example.com
(END) Dow Jones Newswires
April 27, 2021 07:39 ET (11:39 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.