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Investing.com — Shares of Sherwin-Williams Co (NYSE:SHW), the paint and coating manufacturing company, are gaining Tuesday after beating earnings and revenue expectations.
The company reported adjusted earnings per share of $1.61 with net sales of $5 billion, up 7.4%.
“Our team delivered results in line with our expectations in an environment characterized by strong demand, ongoing cost inflation, and choppy raw material availability that improved meaningfully in the final weeks of the quarter,” said Chairman and Chief Executive Officer John Morikis.
The company said margins remained under pressure on a year-over-year basis, as “significant pricing actions previously announced in all businesses have not yet fully caught up to offset highly elevated raw material costs.”
However, they added that they are through the worst of the industry supply chain challenges.
“The incremental architectural capacity we added late last year positions us well for the upcoming architectural painting season. We are a stronger and more nimble company than ever before, and the resolve and determination of our 61,000 global employees has never been higher,” stated Morikis.
Sherwin-Williams reaffirmed its adjusted net income per share guidance of $9.25 to $9.65 per share.
The company’s stock is up 9.7%.
