Why Sherwin-Williams Stock Is Bucking the Market Today
While the S&P 500 and Nasdaq Composite are down 2% and 3%, respectively, today, one well-known name bucking that downtrend in a big way was Sherwin-Williams (NYSE: SHW). The more than 150-year-old industrial supplier of paints and coatings reported its first-quarter financial results this morning, and investors thought it was quite a bit better than watching paint dry. After rising as much as 11.3% at the day's highs, Sherwin-Williams shares were still 8.9% higher as of 2:37 p.m. ET.
While net earnings were down slightly from the year-ago period, the $1.61 per share in adjusted net income beat analyst estimates by $0.07 per share. More importantly, the company predicted net sales will increase by a percentage in the low to mid-teens for the second quarter compared with the prior year. The analyst consensus for sales was to grow less than 10%, according to FactSet Research Systems.
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Source Fool.com
