Copyright Reuters
Shares of the company rose 5.5% to $354.95 in pre-market trading. Sign up here. U.S. home sales, which dipped in July, rebounded sharply in August to a 3-1/2-year high and held near a seven-month peak in September, as wealthier households continued to spend on renovations and maintenance. The recovery in housing activity supported demand for Sherwin-Williams' paints and coatings, particularly through its Paint Stores Group, which caters to professional contractors and homeowners. The paintmaker said total net sales rose to $6.35 billion for the third quarter, from $6.16 billion a year ago. Sales at the Paint Stores Group grew 5.1%, led by double-digit gains in protective and marine coatings and steady demand in commercial and residential repaint markets. The Performance Coatings Group posted a 1.7% rise in net sales, helped by packaging and auto-refinish coatings. On an adjusted basis, the Ohio-based company reported an adjusted profit of $3.59 per share, beating analysts' estimates of $3.44 per share, according to LSEG data. The company also tweaked its full-year adjusted profit forecast to a range of $11.25 to $11.45 per share, compared with its previous outlook of between $11.20 and $11.50. Reporting by Pranav Mathur in Bengaluru; Editing by Leroy Leo
