Cleveland, OH, January 25—-Paintmaker and retailer Sherwin-Williams Co. said Monday that it forecast full-year earnings in line with current Wall Street expectations.
For the 2005 year, Sherwin-Williams sees a profit of $3 to $3.10 per share. That compares with projected income of $3.04 per share on sale of $6.57 billion from analysts polled by Thomson First Call.
The company added that investor inquiries prompted it to clarify fourth-quarter guidance released last week, saying its expected earnings were boosted 8 cents per share by a one-time, 2 percent tax break from effects of the American Jobs Creation Act of 2004.
Profit for the quarter ended in December is expected to be 57 cents per share, on target with current views from Wall Street analysts. Earlier internal estimates pegged fourth-quarter results at 48 cents to 52 cents per share, compared with analyst targets of 51 cents per share.
Net sales jumped 17 percent to $1.5 billion in the latest quarter, partially offsetting a sharp increase in raw-material costs, Sherwin-Williams said.
Sherwin-Williams last week also raised its yearly forecast to $2.72 per share as net sales grew 13 percent to $6.1 million. Its forecast is a penny per share ahead of current analyst views.
Previously, the company saw income of $2.62 to $2.66 per share, while analysts estimated income of $2.66 per share and sales of $6.06 billion.
Results for the fourth quarter and 2004 year are scheduled to be released Feb. 3
