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 story : Sherwin-Williams shares sink after earnings miss and full-year profit warning #FinanceUSA #StockMarketNEWS Sherwin-Williams Co. stock sank 9.6% in Wednesday premarket trading after it posted second-quarter

@stockMarketNEWS 17 Days ago

Posted in: #FinanceUSA #StockMarketNEWS

Sherwin-Williams shares sink after earnings miss and full-year profit warning #FinanceUSA #StockMarketNEWS
Sherwin-Williams Co. stock sank 9.6% in Wednesday premarket trading after it posted second-quarter profit and sales that missed Street expectations and forecast full-year profit below the consensus. The paint reported net income of 7.9 million, or .21 per share, down from 8.6 million, or .42 per share last year. Adjusted EPS of .41 missed the FactSet consensus for .77. Sales of .872 billion were up from .380 billion and also missed the FactSet consensus for .028 billion. "[T]he slower North America DIY demand trend we previously described in Consumer Brands Group did not improve and we experienced tight supply in certain resins, in particular alkyd resins, which significantly impacted our North America non-paint sales," said Chief Executive John Morikis in a statement. "Internationally, demand deteriorated faster than anticipated in Europe, and no meaningful recovery occurred in China following the lifting of COVID lockdowns, both of which meaningfully impacted Consumer Brands Group and Performance Coatings Group sales." Sherwin-Williams brands include the namesake, Dutch Boy and Minwax. For the third-quarter, the company expects sales to be up in the low-to-mid-teens percent. The FactSet consensus is for .731 billion, implying 11.3% growth. Sherwin-Williams cut its full-year profit guidance to .65 to .95, lowered its adjusted EPS guidance to .50 to .80, and expects sales to be up in the high-single to low-double digit percent. The FactSet consensus is for EPS of .39 and sales of .893 billion, suggesting a 9.8% increase. Sherwin-Williams stock was down 27.8% for the year to date.


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