The Cleveland-based paint maker reported second-quarter earnings of $5.03 per share, up 18.4% year over year, and $6.57 on an adjusted basis on revenue of $4.88 billion, a 2.2% increase. Zacks was modeling for earnings of $6.35 per share on revenue of $4.92 billion.
Net sales in the company's American segment rose 5% to $2.76 billion thanks to what Sherwin Williams said was higher paint sales "across all end markets in North American stores and selling price increases."
"Sherwin-Williams delivered record results in net sales, EBITDA, profit before taxes and net operating cash in the second quarter, overcoming uneven demand in end markets outside the U.S. and persistently challenging selling conditions in North American architectural paint markets," said CEO John Morikis.
The company said third-quarter net sales will increase by a low single digit percentage year over year, while full-year net sales are expected to rise between 2% and 4%.