Sherwin Q1 performance ‘remarkable’ - JPMorgan

20 April 2007 18:12  [Source: ICIS news]

TORONTO (ICIS news)--US paint and coatings maker Sherwin-Williams’ first-quarter operating performance was remarkable as it came despite sharply lower sales volumes, analysts at JPMorgan said on Friday.

 

Cleveland, Ohio-based Sherwin managed to maintain first-quarter earnings per share (EPS) at 83 cents, compared with 82 cents a year ago, despite sharply lower sales and volumes, JPMorgan said.

 

“The EPS resilience was the result of a positive pricing dynamic, lower raw material costs (sequentially) and excellent cost and working capital management,” the analysts said in a research note to clients.

 

JPMorgan estimated Sherwin’s full-year 2007 EPS at $4.60, up 10% from the $4.19 the company realised last year.

 

Sherwin-Williams’ shares were priced at $65.61/share, up 0.14%, in early Friday afternoon trading in New York.

 

($1 = €0.74)

By: Stefan Baumgarten
+1 713 525 2653

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