- Sherwin-Williams Co (NYSE: SHW) has been seeing a jump of over 20% in the past 3 months as customers are fixing up their homes during the shelter-in-place orders associated with the pandemic
Sherwin-Williams Co (NYSE: SHW) has been seeing a jump of over 20% in the past 3 months as customers are fixing up their homes during the shelter-in-place orders associated with the pandemic. John Morikis, CEO of Sherwin-Williams, said that the company has been seeing “unprecedented demand” from do-it-yourself painters in North America.
This detail was revealed during the company’s recent earnings report — which topped Wall Street estimates.
This is especially important since Sherwin-Williams has been seeing its total sales fall due to declines from its commercial customers.
“My sincere thanks goes to our entire global team for their resilience and determination,” said Morikis via Bloomberg during the earnings announcement.
The company’s earnings increased to $7.10 per share. But net sales dropped 5.6% to $4.6 billion for the quarter.
Sales to its U.S. retailing network increased by 21%. As a result, Sherwin-Williams lifted its outlook. Now the company is seeing its sales hit about the same as it did in 2019.
And the company’s management increased its earnings target with profit expected to hit between $19.21 per share and $20.71 per share. This is up from $16.46 per share to $18.46 per share.
The Sherwin Williams stock performance is as follows: +1.18% (1-day); +3.31% (5-day); +11.93% (1-month); +24.54% (3-month); +7.19% (6-month); +10.79% (YTD); +24.19% (1-year); +128.09% (5-year); +41,486.86% (since 1968 IPO)
Disclosure: I own a small amount of Sherwin-Williams shares in my portfolio