Sherwin-Williams 3Q Net Tops Views as Sales Grow
By Rob Curran
Sherwin-Williams posted third-quarter net income growth above Wall Street expectations as demand for repainting properties grew despite the recent slowdown in the housing market.
The Cleveland-based paint maker logged third-quarter earnings of $761.5 million, or $2.95 a share, for the quarter ended Sept. 30, up from $685.1 million, or $2.62 a share, a year earlier. Stripping out certain items, Sherwin posted adjusted earnings of $3.20 a share, eclipsing the average Wall Street target of $2.78 a share, as tallied by FactSet.
Third-quarter sales rose 1.1% to $6.12 billion, topping the average Wall Street target of $6.02 billion, as per FactSet.
Sherwin-Williams cited strong sales of marine, protective and commercial paints.
Demand for residential repainting products also increased. Paint sales for new homes declined.
Consumer brand sales suffered from a slowdown in do-it-yourself home improvement in North America.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
October 24, 2023 07:35 ET (11:35 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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