Cleveland, OH, July 22-Sherwin-Williams posted a 21% increase in second-quarter earnings, reflecting same-store sales, acquisitions, and improvements in the auto-finishing business.
The company reported net income of $153.2 million, or $1.08 a share, up from $126.4 million, or 87 cents a share, in the year-ago period.
Sales rose 22% to $1.97 billion.
Analysts were expecting earnings of $1.03 a share on revenue of $1.76 billion.
Net sales in the Paint Stores Segment increased 26.4% to $1.3 billion in the quarter due primarily to strong domestic architectural paint sales to contractor customers, increased sales to do-it-yourself (DIY) customers and improved industrial maintenance and product finishes sales.
The company said it expects third-quarter net income to range $1.06 to $1.10 a share on a mid-teens percentage increase in sales. Wall Street is looking for profit of $1.06.
"Though significant raw-material-cost increases continue to adversely impact our gross margins, the implementation of certain price increases and tight control over expenses will support our continued earnings improvement," said chairman and CEO Christopher Connor in a statement.
