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Sherwin-Williams (SHW) Inks Deal to Boost Capacity in Statesville
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The Sherwin-Williams Company (SHW - Free Report) entered into an agreement with the state of North Carolina, Iredell County and the city of Statesville to notably scale up its architectural paint and coatings manufacturing capacity and set up a distribution facility in Statesville, NC.
The paint and coatings giant plans to invest a minimum of $300 million in the project, creating more than 180 jobs at the site over the next three years, thereby doubling the existing workforce.
The investment will add a 36,000-square-foot extension to the company’s existing 200,000-square-foot manufacturing facility, create four new rail spurs, and build a new 800,000-square-foot distribution and fleet transportation center, which has another 200,000 square feet available for expansion. Construction is anticipated to commence by the third quarter of this year, with the manufacturing capacity and new distribution center scheduled to come online by the end of 2024.
Sherwin-Williams has long been an integral part of the Statesville community. The company considered numerous locations for expansion but finalized the Statesville facility because of the high quality of its current workforce, transportation infrastructure, ability to handle expanded capacity and centralized regional operations location. The company is thrilled to expand its foothold in the region with the help of this project.
In fact, the latest investment showcases Sherwin-Williams’ ongoing commitment to both its customers and the Statesville region. Moreover, the revamp is expected to add millions of gallons of annual manufacturing capacity and sizable pallet storage capacity to aid the company in catering to the surging demand for architectural paint and coatings products.
Per the agreement, Sherwin-Williams will receive incentives and benefits valued at roughly $30 million from the state, county and local government. This investment demonstrates the robustness of the relationship between Sherwin-Williams and the state of North Carolina, Iredell County and the city of Statesville, and highlights the company's firm conviction in the region and its people.
The state of North Carolina is equally optimistic about this project. There are currently more than 2,400 full-time Sherwin-Williams employees working in the state, with the latest agreement ensuring a substantial increase in the employment rate over the next three years.
Shares of Sherwin-Williams have gained 17.5% in the past year compared with a 14.3% rise of the industry.
Image Source: Zacks Investment Research
In its last earnings call, this Zacks Rank #4 (Sell) company stated that it expects consolidated net sales to increase low-to-mid single-digit percentage in first-quarter 2022. For 2022, net sales are expected to increase high-single digits to low double digits. SHW also expects adjusted earnings per share for 2022 between $9.25 and $9.65.
Stocks Worth Considering
Some better-ranked stocks in the basic materials space include Albemarle Corporation (ALB - Free Report) , Commercial Metals Company (CMC - Free Report) and AdvanSix Inc. (ASIX - Free Report) .
Albemarle, currently sporting a Zacks Rank #1 (Strong Buy), has an expected earnings growth rate of 51.5% for 2022. The Zacks Consensus Estimate for Albemarle’s 2022 earnings has been revised upward by 32 cents in the past 60 days. You can see the complete list of today’s Zacks #1 Rank stocks here.
Albemarle beat the Zacks Consensus Estimate for earnings in each of the trailing four quarters, the average being 22.1%. ALB has rallied around 38.5% in a year.
Commercial Metals, flaunting a Zacks Rank #1, has a projected earnings growth rate of 62% for the current fiscal year. The consensus estimate for Commercial Metals’ current fiscal-year earnings has been revised upward by $1.62 in the past 60 days.
Commercial Metals beat the Zacks Consensus Estimate for earnings in three of the last four quarters, missing once. It has a trailing four-quarter earnings surprise of 13.1%, on average. CMC has rallied around 56.1% in a year.
AdvanSix has a projected earnings growth rate of 7.4% for 2022. The Zacks Consensus Estimate for AdvanSix’s 2022 earnings has been revised upward by 16 cents in the past 60 days.
AdvanSix beat the Zacks Consensus Estimate for earnings in each of the trailing four quarters, the average being 46.9%. ASIX has rallied 61.3% in a year. It currently carries Zacks Rank of 2 (Buy).
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Sherwin-Williams (SHW) Inks Deal to Boost Capacity in Statesville
The Sherwin-Williams Company (SHW - Free Report) entered into an agreement with the state of North Carolina, Iredell County and the city of Statesville to notably scale up its architectural paint and coatings manufacturing capacity and set up a distribution facility in Statesville, NC.
The paint and coatings giant plans to invest a minimum of $300 million in the project, creating more than 180 jobs at the site over the next three years, thereby doubling the existing workforce.
The investment will add a 36,000-square-foot extension to the company’s existing 200,000-square-foot manufacturing facility, create four new rail spurs, and build a new 800,000-square-foot distribution and fleet transportation center, which has another 200,000 square feet available for expansion. Construction is anticipated to commence by the third quarter of this year, with the manufacturing capacity and new distribution center scheduled to come online by the end of 2024.
Sherwin-Williams has long been an integral part of the Statesville community. The company considered numerous locations for expansion but finalized the Statesville facility because of the high quality of its current workforce, transportation infrastructure, ability to handle expanded capacity and centralized regional operations location. The company is thrilled to expand its foothold in the region with the help of this project.
In fact, the latest investment showcases Sherwin-Williams’ ongoing commitment to both its customers and the Statesville region. Moreover, the revamp is expected to add millions of gallons of annual manufacturing capacity and sizable pallet storage capacity to aid the company in catering to the surging demand for architectural paint and coatings products.
Per the agreement, Sherwin-Williams will receive incentives and benefits valued at roughly $30 million from the state, county and local government. This investment demonstrates the robustness of the relationship between Sherwin-Williams and the state of North Carolina, Iredell County and the city of Statesville, and highlights the company's firm conviction in the region and its people.
The state of North Carolina is equally optimistic about this project. There are currently more than 2,400 full-time Sherwin-Williams employees working in the state, with the latest agreement ensuring a substantial increase in the employment rate over the next three years.
Shares of Sherwin-Williams have gained 17.5% in the past year compared with a 14.3% rise of the industry.
In its last earnings call, this Zacks Rank #4 (Sell) company stated that it expects consolidated net sales to increase low-to-mid single-digit percentage in first-quarter 2022. For 2022, net sales are expected to increase high-single digits to low double digits. SHW also expects adjusted earnings per share for 2022 between $9.25 and $9.65.
Stocks Worth Considering
Some better-ranked stocks in the basic materials space include Albemarle Corporation (ALB - Free Report) , Commercial Metals Company (CMC - Free Report) and AdvanSix Inc. (ASIX - Free Report) .
Albemarle, currently sporting a Zacks Rank #1 (Strong Buy), has an expected earnings growth rate of 51.5% for 2022. The Zacks Consensus Estimate for Albemarle’s 2022 earnings has been revised upward by 32 cents in the past 60 days. You can see the complete list of today’s Zacks #1 Rank stocks here.
Albemarle beat the Zacks Consensus Estimate for earnings in each of the trailing four quarters, the average being 22.1%. ALB has rallied around 38.5% in a year.
Commercial Metals, flaunting a Zacks Rank #1, has a projected earnings growth rate of 62% for the current fiscal year. The consensus estimate for Commercial Metals’ current fiscal-year earnings has been revised upward by $1.62 in the past 60 days.
Commercial Metals beat the Zacks Consensus Estimate for earnings in three of the last four quarters, missing once. It has a trailing four-quarter earnings surprise of 13.1%, on average. CMC has rallied around 56.1% in a year.
AdvanSix has a projected earnings growth rate of 7.4% for 2022. The Zacks Consensus Estimate for AdvanSix’s 2022 earnings has been revised upward by 16 cents in the past 60 days.
AdvanSix beat the Zacks Consensus Estimate for earnings in each of the trailing four quarters, the average being 46.9%. ASIX has rallied 61.3% in a year. It currently carries Zacks Rank of 2 (Buy).