25 October 2012 20:02 [Source: ICIS news]
HOUSTON (ICIS)--US paint producer Sherwin-Williams should continue to benefit from the rebounding housing industry, the company's chief executive said on Thursday.
“We’re seeing really good numbers coming out now in construction,” CEO Christopher Connor said during the company’s third-quarter earnings conference call.
Sherwin-Williams said the more dependable sector was residential, whether it included new homes or repainting projects.
The company was encouraged by the housing-start permit numbers reported this week and said it still has a lot of runway in the US residential market.
However, the consumer group sector had a softer quarter, though it is hard to tell if it was just for a quarter or if it represented a longer trend, Sherwin-Williams said.
In addition, the commercial market is still lagging, though that was expected.
“As housing comes back, we expect commercial construction to rebound, and that would be a little bit of a tail-end for the company,” Connor said.
The US Commerce Department released a report last week, showing house starts rose 15% from August to September, with an equally strong gain in building permits.
The American Chemistry Council (ACC) estimates that each new home built represents about $15,000 (€11,550) worth of chemicals and derivatives used in the structure or production of component materials.
($1 = €0.77)
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