Sherwin-Williams (NYSE:SHW) saw its shares plummet by more than 5% intra-day today following the release of disappointing third-quarter results and a lower-than-expected annual outlook.
For Q3 2024, Sherwin-Williams reported earnings per share (EPS) of $3.37, missing the $3.55 consensus estimate. Revenue also came in below expectations, reaching $6.16 billion, slightly under the projected $6.2 billion.
While the Consumer Brands Group outperformed with net sales of $790.5 million, beating the forecast of $770 million, the Performance Coatings Group fell short with net sales of $1.72 billion, just under the $1.74 billion estimate.
For the full fiscal year, Sherwin-Williams revised its EPS guidance to a range of $11.10 to $11.40, below the Wall Street estimate of $11.50.