WASHINGTON (dpa-AFX) - Sherwin-Williams Co. (SHW) Tuesday increased its sales guidance for the second quarter and also lifted its sales and profit outlook for the full year 2021.
Looking forward to the second quarter, the company now expects sales to be up a high-teens percentage over second quarter last year, compared to prior estimate of mid to high-teens percentage.
Analyst polled by Thomson Reuters currently expect sales growth 14.50% for the second quarter.
For the full year, the company now expects sales to be up a high-single to low-double-digit percentage and adjusted earnings of $9.15 to $9.45 per share. Previously, the company expected sales growth of mid to high-single-digit percentage and adjusted earnings of $8.80 to $9.07 per share.
Analysts currently estimate earnings of $9.32 per share on revenues growth of 8.20% for the year.
'We outperformed expectations in the first quarter, and sales in The Americas Group and Performance Coatings Group have been stronger than expected in the second quarter,' said Chairman, President and Chief Executive Officer, John Morikis.
'Demand remains strong in our architectural end markets, led by residential repaint and new residential, with continued improvement in commercial and property management. Demand is also strong on the industrial side of our business and is recovering faster than expected. At the same time, the raw material inflation we experienced in the first quarter has continued in the second quarter.'
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