Sherwin-Williams Co., the largest U.S. paint retailer, reported preliminary first-quarter earnings that exceeded its guidance and analysts’ estimates amid rising demand and prices.
Net income rose to 92 cents to 95 cents a share, from 63 cents a year earlier, Cleveland-based Sherwin-Williams said today in a statement. The average profit estimate of 15 analysts surveyed by Bloomberg was 72 cents, while the company in January forecast profit of 56 cents to 74 cents.
Paint-store revenue increased about 20 percent because of improved sales volumes for architectural paint and higher prices, said Sherwin-Williams, which also produces paint. PPG Industries Inc., the world’s second-biggest paint maker, on April 5 posted first-quarter earnings that were better than expected and said mild winter weather in the U.S. boosted sales.
Sherwin-Williams rose 1.5 percent to $112.23 as of 10:28 a.m. in New York. The shares gained 26 percent this year.
Complete first-quarter results will be announced on April 19, the company said.
Akzo Nobel NV is the world’s biggest paint maker.
© Copyright 2014 Bloomberg News. All rights reserved.