(Reuters) -Sherwin-Williams on Tuesday beat the Wall Street estimate for first-quarter profit, helped by higher prices for its industrial paints, sending its shares up 4.7% before the bell.
Sales of U.S. single-family homes increased more than expected in March as buyers rushed to take advantage of a decline in mortgage rates, boosting demand for products such as paints and adhesives.
At Sherwin-Williams’ paint stores group unit, serving architectural and industrial contractors and DIY homeowners, first-quarter net sales rose 2.3% to $2.94 billion.
The results come amid a global choppy demand environment for the chemical industry, with companies bracing for impacts from U.S. President Donald Trump’s tariffs.
“We continue to expect demand softness to persist in several end markets well into the second half of the year,” said CEO Heidi Petz.
Sherwin-Williams, one of the largest paint and coating companies, reaffirmed its full-year adjusted profit forecast range of $11.65 to $12.05 per share, compared with analysts’ estimate of $11.90 per share, according to data compiled by LSEG.
Its rival, PPG Industries, is set to report results later on Tuesday.
The company posted an adjusted profit of $2.25 per share for the quarter ending March 31, compared with the estimate of $2.16 per share.
(Reporting by Katha Kalia in Bengaluru; Editing by Shreya Biswas and Vijay Kishore)
Comments