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CLEVELAND — Paint maker and retailer Sherwin-Williams Co. said Thursday its second-quarter profit jumped 15 percent, fueled by sales to contractors and industrial customers.
The earnings results beat Wall Street expectations but its forecast for the third quarter and full year were below analysts' estimates.
Its shares fell 78 cents to $68.78 in morning trading.
Chairman and CEO Christopher M. Connor said the company is controlling costs and and has raised prices to offset raw material increases.
Sherwin-Williams reported net income of $181.7 million, or $1.64 per share, for the April-June quarter, up from $158 million, or $1.35 per share, a year ago.
Excluding an 8 cents a share charge for repurchasing debt, its earnings were $1.72 a share. Analysts surveyed by Thomson Reuters expected earnings of $1.64 a share before one-time items.
Revenue rose to $2.1 billion from $1.95 billion. Analysts expected $2.08 billion.
The company expects earnings per share of $1.55 to $1.70 for the third quarter and $4.12 to $4.52 for the year.
But analysts expect earnings of $1.75 for the third quarter and $4.60 for the year.
