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Sherwin-Williams raises FY'19 profit guidance after Q3 earnings beat

Sherwin-Williams Co. raised its guidance for full-year 2019 adjusted EPS as it reported better-than-expected earnings for the third quarter.

The paint and coating manufacturing company now expects to earn between $20.90 per share and $21.30 per share in 2019, excluding acquisition-related costs and other non-operating expenses. The previous full-year forecast was a range of $20.40 per share to $21.40 per share.

In the third quarter, the company's adjusted EPS rose 17.1% year over year to $6.65 from $5.68. The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was $6.50.

Net income on a GAAP basis increased 62.8% year over year to $576.4 million, or $6.16 per share, from $354.0 million, or $3.72 per share.

Net sales increased to $4.87 billion in the third quarter from $4.73 billion in the prior-year period.