Sherwin-Williams raises quarterly dividend by 31% to $1.13 a share

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Sherwin-Williams shares slide 7.5% premarket after profit warning

Sherwin-Williams Co. shares slid 7.5% in premarket trade Tuesday, after the paints company warned that full-year earnings have fallen short of its guidance and consensus numbers and its CEO said its performance “was disappointing across the board”. “Consolidated revenue growth for the fourth quarter fell well short of our previous expectation, due in large part to weak sales growth by our North American stores in October and November,” CEO John Morikis said in a statement. “Store sales rebounded somewhat in December, but not enough to bring in the quarter.” The company is now expecting full-year adjusted per-share earnings of $18.53, below guidance of $19.05 to $19.20 and the FactSet consensus of $19.11. Sales in the fourth quarter are expected to rise 2%, compared with prior guidance for a mid-single digit percentage increase. Shares have fallen 8.1% in the last 12 months, while the S&P 500 has fallen 7.3%.

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