said it expects lower first-quarter sales because of harsh February and March weather. The results will fall below analysts' consensus.
The company still expects first-quarter and full-year 2003 earnings to be within its previously announced ranges, however.
Sherwin-Williams now expects first-quarter sales to come in slightly below last year's sales of $1.149 billion. The company had previously said sales would come in at or slightly above 2002's results. Analysts expect revenue of $1.154 billion.
But the company affirmed its full-year sales outlook, expecting sales to be up 3% to 5% from last year. Sales at Sherwin-Williams were $5.185 billion in 2002; analysts expect $5.388 billion for 2003.
First-quarter earnings are expected to be in the low range of the company's forecast of 20 cents to 23 cents a share. Analysts are expecting 22 cents a share. Sherwin-Williams expects to earn $2.17 to $2.29 a share in 2003; analysts expect $2.22 a share.
The Cleveland-based company will announce results on April 22. Shares closed at $27.60 Monday on the
New York Stock Exchange