Sherwin-Williams Hikes 2005 Sales and Earnings For
Cleveland, OH, January 20, 2006--Sherwin-Williams Co., raised its fourth-quarter earnings forecast on better-than-expected sales, sending its shares up more than 4 percent.
Earnings are now forecast at $0.53 to $0.55 a share, compared with the company's October forecast of $0.41 to $0.49. For the year, the company expects profit of $3.26 to $3.28 a share, up from a previous forecast of $3.15 to $3.23.
Analysts' average forecasts are $0.48 a share for the quarter and $3.22 a share for the year.
The company said sales rose 14 percent in the fourth quarter, compared with expectations for a rise in the mid-single digits.
The company also said "improvement in operating performance" caused it to raise its forecast by $0.18 to $0.20 a share, partly offset by a charge of $0.10 a share tied to an expected drop in business at a major retailer in 2006.
