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Strong Q1 Surprises Sherwin-Williams

Tuesday, April 10, 2012

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The Sherwin-Williams Company is set to unveil a better-than-expected first quarter, with stronger sales and earnings than the company itself forecast earlier this year.

The largest U.S. paint retailer said Tuesday (April 10) that it expected its diluted net income per common share to be in the range of $.92 to $.95 when it announces details of its first quarter on April 19.

 The Paint Stores Group expects to report a 20 percent increase in net sales during the quarter.


The Paint Stores Group expects to report a 20 percent increase in net sales during the quarter.

In its January guidance, the Cleveland-based company projected $.56 to $.74 diluted net income per common share; in 2011, it reported $.63 per share for the same quarter.

High-End Profit Estimate

Sherwin-Williams said Tuesday that it expected to beat its own guidance and analysts’ forecasts for the quarter ending March 31. The average profit estimate of 15 analysts surveyed by Bloomberg was 72 cents, compared to Sherwin-Williams’ own January profit forecast of 56 cents to 74 cents.

Sherwin-Williams credited the improvement to strong sales and performance by its Paint Stores Group. The group’s net sales climbed about 20 percent in the first quarter, due mainly to improving domestic architectural paint sales volume and price increases across all end-market segments, the company said.

Strong Season

The upbeat sneak preview was the latest good news in what is shaping up to be a strong season for the paint and coatings industry.

Last week, PPG Industries announced that it, too, foresaw better-than-expected earnings and strong sales, despite layoffs and a one-time environmental charge, when the company releases its first-quarter statement on April 19.

The same day, RPM International announced that its traditionally weak third quarter had actually included double- and triple-digit gains.

On April 5, Investors Business Daily reported a flurry of upticks in paint company stocks. The IBD report ranked the paints group 10th, up from 96th at the start of the year.

And on Tuesday, Barclay’s analyst Christopher J. Nocella said the paint season was off to a “strong start,” according to

Zack’s Equity Research was cautiously optimistic, saying, “Strong sales in the Paint Stores Group will place Sherwin-Williams in a better position. We further believe that the company will expand its footprint through meaningful acquisitions. However, raw material prices remain a concern.

“The price of its key input titanium dioxide (TiO2) has been escalating and continues to be a headwind for the company. Furthermore, Sherwin Williams faces stiff competition from PPG Industries Inc.”


Tagged categories: Coatings manufacturers; Earnings reports; Market; PPG; RPM; Sherwin-Williams

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