2023-07-25 12:19:23 ET
Sherwin-Williams ( NYSE: SHW ) on Tuesday advanced as much as 5.6% to a 17-month high of $282.98 a share after the maker of paints reported Q2 results that beat the average estimates among Wall Street analysts.
Its profit rose 17% to $794 million, or $3.10 a share, from $678 million, or $2.24 a share, a year earlier. Adjusted EPS of $3.29 beat the consensus estimate of $2.58.
Sales advanced 6.3% from a year earlier to $6.24 billion, compared with the consensus estimate of $6.03 billion.
Sherwin-Williams ( SHW ) attributed much of the sales gains to higher prices among its business segments, while raw material costs declined.
Same-store sales at locations open for more than a year rose 9.5% from a year earlier.
“As a result of our better than expected first half results, and our current visibility into the second half, we are increasing our sales and earnings guidance for the full year," John G. Morikis, chairman and CEO of the company, said in a statement. "At the same time, our second half comparisons remain challenging, and demand is likely to vary widely by region and end market, leading us to focus even more intensely on our new account and share of wallet initiatives.”
Management raised its full-year adjusted EPS guidance to a range of $9.30 to $9.70 from the previous level of $7.95 to $8.65.
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Sherwin-Williams hits 17-month high after Q2 earnings beat estimates