Sherwin-Williams Boosts 2023 Earnings View as Paint Demand Remains High

By Rob Curran

Sherwin-Williams boosted its earnings forecast for the year as demand for paint remained high despite a slowing housing market.

Sherwin raised its projection for 2023 net income to a range of $9.21 to $9.41 a share, compared with its prior estimate of $8.46 to $8.86 a share.

On an adjusted basis, Sherwin lifted its profit target to $10.10 to $10.30 a share from a previous target of $9.30 to $9.70 a share. In 2022, Sherwin's adjusted earnings amounted to $8.73 a share.

Sherwin forecast fourth-quarter sales in a range between a low-single digit percentage contraction and low single-digit percentage growth from a year earlier.

"Our fourth quarter is a seasonally smaller one, and we continue to expect choppiness by region and end market," said Chairman and Chief Executive John Morikis.

Sherwin rival PPG Industries recently boosted its growth projections for the year, citing robust demand from its aerospace and automotive customers.

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

October 24, 2023 07:52 ET (11:52 GMT)

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