Sherwin-Williams Up 8%; Backs 1Q Guidance

By Michael Dabaie

Sherwin-Williams Co. shares were up 8% to $434.18 in afternoon trading.

The paints and coatings company earlier reaffirmed its financial guidance for the first quarter of 2020. Sherwin-Williams said it continues to project net sales growth of 2% to 5% on year, with the Americas Group expected to be above the high end of this range.

Sherwin-Williams said it has experienced headwinds related to the new coronavirus pandemic, primarily outside the U.S.

The company said its production operations in Asia are returning to pre-crisis levels, with sites operating under the guidance of local and state governments.

"While there has been a dramatic surge in cases across Europe and an increase in cases in North America, the company has experienced minimal disruption to its supply chain and facility operations to date. At this time, the vast majority of the company's North American paint stores continue to operate and provide customers with multiple options for ordering and receiving product, including through our existing and extensive delivery system and store pick-up," Chief Executive John Morikis said.

The company said it is evaluating developments daily and operating in accordance with the most recent information provided by the Centers for Disease Control and Prevention, the World Health Organization, local health officials and other government entities.

Write to Michael Dabaie at [e-mail]

(END) Dow Jones Newswires

March 19, 2020 15:10 ET (19:10 GMT)

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