Sherwin-Williams reveals sales weakness
Paint industry giant Sherwin-Williams warned investors that its fourth-quarter performance will not live up to previous expectations. The company had expected consolidated revenue gains in the mid-single-digits, but now says it expects growth of 2%.
The company’s earnings per share forecast were also revised downward – from just under $14 to about $11.15.
The company’ also announced that preliminary net sales from stores in the U.S and Canada open for more than twelve calendar months increased about 3% in the quarter.
"Our performance in the fourth quarter was disappointing across the board relative to our outlook back in October. Consolidated revenue growth for the fourth quarter fell well short of our previous expectation, due in large part to weak sales growth by our North American stores in October and November," CEO John G. Morikis said.
“Store sales rebounded somewhat in December, but not enough to bring in the quarter,” he added.
The company will release its fourth quarter and full year financial performance results on Jan. 31.
The company’s earnings per share forecast were also revised downward – from just under $14 to about $11.15.
The company’ also announced that preliminary net sales from stores in the U.S and Canada open for more than twelve calendar months increased about 3% in the quarter.
"Our performance in the fourth quarter was disappointing across the board relative to our outlook back in October. Consolidated revenue growth for the fourth quarter fell well short of our previous expectation, due in large part to weak sales growth by our North American stores in October and November," CEO John G. Morikis said.
“Store sales rebounded somewhat in December, but not enough to bring in the quarter,” he added.
The company will release its fourth quarter and full year financial performance results on Jan. 31.