Upbeat Results Drive Sherwin-Williams Shares Higher

(RTTNews) - Shares of The Sherwin-Williams Company (SHW), that sells paints, coatings, and related products, are rising more than 10% in the morning trade on Tuesday after reporting better-than-expected first-quarter results.

The company reported net income of $370.8 million or $1.41 per share in the first quarter, compared with $409.6 million or $1.51 per share a year ago.

Excluding one-time items, earnings were $1.61 per share in the quarter, that beat the average estimate of analysts polled by Thomson Reuters of $1.55 per share.

Net sales increased 7.4% in the quarter to $4.999 billion from $4.656 billion last year due to increase in selling price in all segments and higher product sales volume in the Performance Coatings Group. The consensus estimate was for $4.91 billion.

Looking forward, Sherwin-Williams has reaffirmed its full-year adjusted EPS guidance in the range of $9.25-$9.65 per share. The consensus estimate stands at $9.31 per share.

SHW, currently at $273.62, has been trading in the range of $233.32-$354.15 in the past 52 weeks.