Sherwin-Williams Q1 Results Beat Expectations

Cleveland, OH, April 16, 2009--Sherwin-Williams Co. saw its first quarter profit fall by more than half, the company said Thursday, as paint sales slowed and the dismal housing market weighed down results.

But the company's profit was still better than expected.

Sherwin-Williams gets about half its sales from remodeling and repainting business. As the economy slowed -- and housing sales dropped -- its business contracted sharply.

"Global paint demand in the architectural, commercial, industrial and marine markets remained soft as the economic downturn we have been experiencing continued and expanded internationally," Chairman and Chief Executive Christopher M. Connor said in a press release.

The company earned $37.3 million, or 32 cents per share. That's down from the manufacturer's profit of $77.9 million, or 64 cents per share, during the same period last year.

Meanwhile, sales fell a worse-than-expected 13 percent to $1.55 billion from $1.78 billion last year.

Sherwin-Williams gets about 10 percent of its sales from new housing and new building construction.