(Reuters) - Sherwin-Williams raised its annual profit forecast on Tuesday after reporting better-than-expected quarterly results, as price hikes helped offset lower sales volumes across its businesses, sending its shares up 2% in premarket trading.
Paints and coatings makers have been able to offset the impact of slower-than-expected recovery of key end markets by raising prices of their products.
Chemical makers had flagged a potential blow in the second half of the year from a slower-than-expected recovery in China following its post-pandemic reopening and lower demand in Europe.
The company raised its forecast, and now expects full-year adjusted income between $10.10 and $10.30 per share, compared to prior forecast of $9.30 to $9.70 per share.
However, Morikis warned that "our fourth quarter is a seasonally smaller one, and we continue to expect choppiness by region and end market."
Persons:
Sherwin, Williams, John Morikis, Morikis, Mrinalika Roy
Organizations:
Reuters
Locations:
China, Europe, Bengaluru