Sherwin-Williams posts 15% decline in Q2 profit

17 July 2008 15:27  [Source: ICIS news]

TORONTO (ICIS news)--Sherwin-Williams posted a 15% decline in second-quarter net income on slow sales in its core US market and margin pressure caused by rising costs, the US paints producer said on Thursday.

 

Net profit for the three months ended 30 June was $172m (€108m), down from $203m in the 2007 second quarter.

 

Sales increased 1.4% to $2.23bn.

 

"We continue to manage through an unprecedented downturn in the US housing market that is both deep and wide,” said CEO Christopher Connor.

 

“This downturn has severely depressed paint demand in the domestic new residential, residential repaint, DIY and commercial markets.”

 

Sherwin expected 2008 third-quarter and full-year sales to come in slightly lower than last year’s sales, he added.

 

The company reaffirmed its earlier profit guidance of earnings per share (EPS) in the range of $3.60-4.10 for 2008, compared with $4.70 in 2007.

 

($1 = €0.63)

 

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By: Stefan Baumgarten
+1 713 525 2653

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