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Sherwin-Williams Earnings and Revenues Lag Estimates in Q3
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The Sherwin-Williams Company (SHW - Free Report) logged third-quarter 2024 earnings (as reported) of $3.18 per share, up around 7.8% from $2.95 in the year-ago quarter.
Barring one-time items, adjusted earnings in the reported quarter were $3.37 per share, which missed the Zacks Consensus Estimate of $3.56.
Find the latest EPS estimates and surprises on Zacks Earnings Calendar.
Sherwin-Williams posted revenues of $6,162.5 million, up around 0.7% year over year. The figure missed the Zacks Consensus Estimate of $6,227.6 million. The increase is due to higher Paint Stores Group sales and the impact of the 2023 acquisition. The upsides were partially offset by lower sales in the Consumer Brands and Performance Coatings Groups, and a roughly 1% unfavorable foreign currency translation.
The Sherwin-Williams Company Price, Consensus and EPS Surprise
The Paint Stores Group segment registered net sales of $3,650.2 million in the third quarter, up around 3.2% year over year. The figure missed the Zacks Consensus Estimate of $3,743.2 million. Net sales in Paint Stores Group increased due to low-single-digit sales volume growth and the sustained realization of higher selling prices implemented earlier in the year.
Net sales in the Consumer Brands Group segment declined 7.5% year over year to $790.5 million, beating the Zacks Consensus Estimate of $770.8 million. Net sales in Consumer Brands Group fell due to weaker DIY demand in North America and an estimated 4% impact from adverse foreign currency translation led by Latin America.
Net sales in the Performance Coatings Group declined roughly 0.2% year over year to $1,720 million, missing the Zacks Consensus Estimate of $1,733.1 million. Performance Coatings’ net sales were nearly flat due to sales volume growth, including the 2023 acquisition, offset by adverse foreign currency translation.
SHW’s Financials
During the first nine months of 2024, the company generated $2.22 billion in net operating cash and returned $1.97 billion to shareholders in the form of dividends and the repurchase of 4.4 million shares of common stock. As of Sept. 30, 2024, SHW had the remaining authority to purchase 35.3 million shares of its common stock through open market purchases.
SHW’s Outlook
The company forecasts its consolidated net sales growth for the fourth quarter of 2024 to be flat to up low single digits percentage compared to the fourth quarter of 2023. The company expects full-year earnings per share to be in the range of $10.3 to $10.6. This includes 80 cents per share in acquisition-related amortization expense. Full-year 2024 adjusted earnings per share are forecast to be in the range of $11.10 to $11.40.
SHW’s Stock Price Performance
Shares of Sherwin-Williams have gained 62.7% in the past year compared with a 7.3% rise of the industry.
Image Source: Zacks Investment Research
SHW’s Zacks Rank & Key Picks
SHW currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks worth a look in the basic materials space include IAMGOLD Corporation (IAG - Free Report) , Agnico Eagle Mines Limited (AEM - Free Report) and Barrick Gold Gorporation .
IAMGOLD is slated to report third-quarter results on Nov. 7. The Zacks Consensus Estimate for third-quarter earnings is pegged at 12 cents. IAG beat the Zacks Consensus Estimate in three of the last four quarters, with the average earnings surprise being 200%. IAG carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Agnico Eagle is slated to report third-quarter results on Oct. 30, after market close. The Zacks Consensus Estimate for AEM’s third-quarter earnings is pegged at 96 cents. AEM beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 15.7%. AEM currently carries a Zacks Rank #1.
Barrick Gold is slated to report third-quarter results on Nov. 7, before the opening bell. The consensus estimate for Barrick Gold’s third-quarter earnings is pegged at 35 cents. GOLD, carrying a Zacks Rank #2, beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 21.2%.
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Sherwin-Williams Earnings and Revenues Lag Estimates in Q3
The Sherwin-Williams Company (SHW - Free Report) logged third-quarter 2024 earnings (as reported) of $3.18 per share, up around 7.8% from $2.95 in the year-ago quarter.
Barring one-time items, adjusted earnings in the reported quarter were $3.37 per share, which missed the Zacks Consensus Estimate of $3.56.
Find the latest EPS estimates and surprises on Zacks Earnings Calendar.
Sherwin-Williams posted revenues of $6,162.5 million, up around 0.7% year over year. The figure missed the Zacks Consensus Estimate of $6,227.6 million. The increase is due to higher Paint Stores Group sales and the impact of the 2023 acquisition. The upsides were partially offset by lower sales in the Consumer Brands and Performance Coatings Groups, and a roughly 1% unfavorable foreign currency translation.
The Sherwin-Williams Company Price, Consensus and EPS Surprise
The Sherwin-Williams Company price-consensus-eps-surprise-chart | The Sherwin-Williams Company Quote
SHW’s Segmental Review
The Paint Stores Group segment registered net sales of $3,650.2 million in the third quarter, up around 3.2% year over year. The figure missed the Zacks Consensus Estimate of $3,743.2 million. Net sales in Paint Stores Group increased due to low-single-digit sales volume growth and the sustained realization of higher selling prices implemented earlier in the year.
Net sales in the Consumer Brands Group segment declined 7.5% year over year to $790.5 million, beating the Zacks Consensus Estimate of $770.8 million. Net sales in Consumer Brands Group fell due to weaker DIY demand in North America and an estimated 4% impact from adverse foreign currency translation led by Latin America.
Net sales in the Performance Coatings Group declined roughly 0.2% year over year to $1,720 million, missing the Zacks Consensus Estimate of $1,733.1 million. Performance Coatings’ net sales were nearly flat due to sales volume growth, including the 2023 acquisition, offset by adverse foreign currency translation.
SHW’s Financials
During the first nine months of 2024, the company generated $2.22 billion in net operating cash and returned $1.97 billion to shareholders in the form of dividends and the repurchase of 4.4 million shares of common stock. As of Sept. 30, 2024, SHW had the remaining authority to purchase 35.3 million shares of its common stock through open market purchases.
SHW’s Outlook
The company forecasts its consolidated net sales growth for the fourth quarter of 2024 to be flat to up low single digits percentage compared to the fourth quarter of 2023. The company expects full-year earnings per share to be in the range of $10.3 to $10.6. This includes 80 cents per share in acquisition-related amortization expense. Full-year 2024 adjusted earnings per share are forecast to be in the range of $11.10 to $11.40.
SHW’s Stock Price Performance
Shares of Sherwin-Williams have gained 62.7% in the past year compared with a 7.3% rise of the industry.
Image Source: Zacks Investment Research
SHW’s Zacks Rank & Key Picks
SHW currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks worth a look in the basic materials space include IAMGOLD Corporation (IAG - Free Report) , Agnico Eagle Mines Limited (AEM - Free Report) and Barrick Gold Gorporation .
IAMGOLD is slated to report third-quarter results on Nov. 7. The Zacks Consensus Estimate for third-quarter earnings is pegged at 12 cents. IAG beat the Zacks Consensus Estimate in three of the last four quarters, with the average earnings surprise being 200%. IAG carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Agnico Eagle is slated to report third-quarter results on Oct. 30, after market close. The Zacks Consensus Estimate for AEM’s third-quarter earnings is pegged at 96 cents. AEM beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 15.7%. AEM currently carries a Zacks Rank #1.
Barrick Gold is slated to report third-quarter results on Nov. 7, before the opening bell. The consensus estimate for Barrick Gold’s third-quarter earnings is pegged at 35 cents. GOLD, carrying a Zacks Rank #2, beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 21.2%.