By Micah Maidenberg
Sherwin-Williams Co. said it believes sales growth in the third quarter and profit for the year will be stronger than it previously had forecast, helped along by consumers touching up their properties amid the Covid-19 pandemic.
The paint maker behind Valspar, HGTV Home, Dutch Boy and other brands on Tuesday said it now sees a 3% to 5% gain in third-quarter sales over the same period last year, up from prior guidance that saw year-over-year sales up by a low-single-digit percentage.
For the full year, sales will be up slightly, better than its earlier expectation that sales would be flat.
The company believes it will earn $20.96 to $21.46 a share, up from $19.21 to $20.71 a share.
Sherwin-Williams said it has been helped along by do-it-yourself, or DIY, painters.
"Demand for architectural coatings has been stronger than expected in the third quarter, led by our DIY, residential repaint and new residential segments. Demand on the industrial side of our business has also improved," Chief Executive John Morikis said.
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