Sherwin-Williams, the Cleveland-based paint maker, exceeded expectations in its third-quarter financial results. Despite a slowdown in the housing market, the company experienced an increase in demand for repainting properties.
Impressive Financial Figures
For the quarter ended September 30, Sherwin-Williams recorded net income of $761.5 million, or $2.95 per share. This represents growth from the previous year’s earnings of $685.1 million, or $2.62 per share. Adjusted earnings, excluding certain items, were $3.20 per share, surpassing the average Wall Street estimate of $2.78 per share.
Strong Sales Performance
Sherwin-Williams achieved third-quarter sales of $6.12 billion, a 1.1% increase compared to the same period last year. This figure surpassed the average Wall Street target of $6.02 billion. The company attributes this success to robust sales of marine, protective, and commercial paints.
Residential Repainting Demand Rises
While sales of paint for new homes experienced a decline, Sherwin-Williams witnessed a rise in demand for residential repainting products. However, the consumer brand sales suffered due to a slowdown in do-it-yourself home improvement activities in North America.
These impressive quarterly results indicate that Sherwin-Williams continues to thrive in a challenging market landscape.