Sherwin-Williams Issues Q2 Revenue View, Backs FY23 Forecast; Stock Up In Pre-market

(RTTNews) - Sherwin-Williams Co. (SHW), while reporting higher first-quarter earnings above market estimates, with increased revenues, on Tuesday issued second-quarter revenue growth view, and backs fiscal 2023 forecast.

For the second quarter, the company projects consolidated net sales growth to be up or down a low-single digit percentage compared to the second quarter of 2022.

For fiscal 2023, the company said its net income per share guidance remains unchanged at $6.79 to $7.59 per share, including acquisition-related amortization expense of $0.81 per share and restructuring expense of $0.25 to $0.35 per share, compared to $7.72 per share in 2022.

Full year 2023 adjusted net income per share is still expected to be in the range of $7.95 to $8.65 per share, compared to $8.73 per share in 2022.

On average, 28 analysts polled by Thomson Reuters expect earnings of $8.48 per share for the year. Analysts' estimates typically exclude special items.

For the full year, the company continues to expect consolidated net sales to be down a mid-single digit percentage to flat compared to full year 2022.

In pre-market activity on the NYSE, the shares were trading at $243.79, up 3.06 percent.