The Cleveland-based company reported net income of $245.2 million, or $2.62 a share, down from $250.1 million, or $2.62 a share, a year ago. Adjusted earnings totaled $3.60, missing analysts' forecast of $3.66. Sales rose to $4.04 billion from $3.97 billion but came in below Wall Street's consensus of $4.09 billion.
Same-store sales increased 3.6%. The first quarter of 2019 included charges for acquisition-related costs of 71 cents a share and pension settlement expenses of 27 cents a share, respectively.
The revenue increase in the quarter was due primarily to a new customer program launched in 2018, higher paint sales volume in North American stores, and selling price increases. This was partially offset by soft end market demand outside the U.S. and unfavorable currency translation rate changes.
Net sales in the Americas Group increased 3.6% to $2.15 billion in the quarter due primarily to higher paint sales volume across most end markets in North American stores and selling price increases, partially offset by unfavorable currency translation rate changes.
Sherwin-Williams said it expects full-year earnings of $16.93 to $17.39 a share and adjusted earnings of $20.40 to $21.40. Analysts are looking for earnings of $21.09 a share.
"We made good progress on our pricing initiatives across all segments during the quarter and effectively managed SG&A (Selling, General and Administrative Expenses) spending," John Morikis, chairman and CEO, said in a statement, "but volumes fell short of expectations due to a slower start to the architectural painting season in North America and continued challenging conditions in many end markets outside North America."