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☆ Sherwin-Williams Lifts Profit Forecast as Higher Prices Boost Q3 Results
  + stars: | 2023-10-24 | by ( Oct. | At A.M. | ) www.usnews.com   time to read: +1 min
(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
☆ Home Depot, Lowe's to see higher sales as owners remodel amid rising rates
  + stars: | 2022-11-14 | by ( Deborah Mary Sophia | ) www.reuters.com   time to read: +2 min
Wall Street analysts see the largest U.S. home improvement chains benefiting as rising interest rates encourage home owners to renovate existing properties rather than move on, while professional contractors have a backlog of work to clear. THE CONTEXTHome improvement chains saw sales and profits surge during the pandemic as Americans hunkered down at home revamped their living spaces. While demand is expected to cool, higher mortgage rates and home prices are providing a new reason for households to remodel their existing properties. "Home Depot and Lowe's no longer have the more captive consumer base they had throughout 2020. Yet consumers very much continue to spend on the home," said MKM Partners analyst David Bellinger.
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