Sherwin-Williams Co.
SHW,
stock was rising by 5.2% in premarket action on Tuesday after the paint maker boosted its profit outlook as its second-quarter profit exceeded analyst estimates on higher prices and record revenue. The company booked selling price increases in all its segments, as well as higher sales volume in the paint stores group, while benefitting from “moderating raw material costs.” Sherwin-Williams said its profit for the three months ended June 30 increased to $793.7 million, or $3.07 a share, from $577.9 million, or $2.21 a share, in the year-ago quarter. Adjusted profit for the Cleveland-based company rose to $3.29 a share from $2.41 a share in the year-ago quarter, well ahead of the analyst forecast of $2.70 a share. Revenue grew by 6.3% to a record of $6.24 billion, beating the analyst estimate of $6.03 billion. Looking ahead, Sherwin-Williams said it now expects adjusted 2023 profit of $9.30 to $9.70 a share, ahead of the analyst view of $8.85 a share.
