Sherwin-Williams Q3 Profit Up, Beats Estimates; Lifts FY23 Earnings View

(RTTNews) - Sherwin-Williams Co. (SHW) Tuesday announced a 12.6 percent increase in third-quarter profit, while adjusted earnings and sales came in above estimates.

Looking ahead to the full year 2023, the specialty chemicals company raised its earnings outlook above the Street view. For the fourth quarter, the current projection of net sales is 'up or down low-single digit percentage.'

The quarterly earnings were $761.5 million or $2.95 per share, up from $685.1 million or $2.62 per share last year. Adjusted earnings were $3.20 per share.

On average, 22 analysts polled by Thomson Reuters expected the company to earn $2.77 per share. Analysts' estimates usually exclude special items.

Net sales increased 1.1 percent to $6.116 billion from $6.047 billion a year ago. Wall Street expected $6.02 billion.

The company raised its earnings guidance to a range of $9.21 to $9.41 per share, which includes expenses. Adjusted earnings guidance also is increased to a range of $10.10 to $10.30 per share, from its previous outlook range of $9.30 to $9.70 per share. Analysts' estimates is $9.83 per share.

In the pre-market session, shares are at $246.50, up 3.29 percent from its previous close of $237.70