Sherwin Williams 2Q Profit Tops Estimates on Price Increases
By Ben Glickman
Sherwin Williams' profit topped forecasts in the second quarter as price increases across its businesses and more sales from its paint stores boosted earnings.
The Cleveland, Ohio-based paint company said it had second-quarter profit of $794 million, or $3.10 a share, compared with $678 million, or $2.24 a share, a year ago. Analysts polled by FactSet expected per-share profit of $2.58.
Sherwin Williams' sales rose 6.3% to $6.24 billion, beating the $6.034 billion forecast by analysts polled by FactSet.
Higher selling prices across all business segments, lower raw material costs and more sales in the company's Paint Stores Group lifted earnings, the company said.
Same-store sales, which represents sales at stores open for more than a year, rose 9.5%.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
July 25, 2023 07:29 ET (11:29 GMT)
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