Sherwin-Williams (SHW.N) raised its annual profit forecast on Tuesday after reporting better-than-expected quarterly results, as price hikes helped offset lower sales volumes across its businesses, sending its shares up 2% in premarket trading, said Reuters.
Paints and coatings makers have been able to offset the impact of slower-than-expected recovery of key end markets by raising prices of their products.
CEO John Morikis said though the company delivered a strong quarter it was against the backdrop of "an environment where demand remained highly variable by end market and region, and against a challenging prior year comparison."
We remind, Sherwin-Williams elects new CEO. The board of US paint and coatings company Sherwin-Williams has elected Heidi Petz as the company’s new CEO, effective 1 January 2024. Petz has been president and chief operating officer (COO) since 1 March 2022. She will take over as CEO from John Morikis while retaining her role as president. Morikis, who has been CEO since 2016, will continue as executive chairman of the board.
mrchub.com