On July 29, Sherwin-Williams declined 3.45% in regular trading, trading at $342.895/share, with turnover of $70.71 million. The pullback followed the stock's 8%-plus surge in the prior session after the company reported Q2 results that beat expectations on both top and bottom lines.
Sherwin-Williams reported Q2 adjusted EPS of $3.70, exceeding the consensus estimate of $3.52 by 5.11% and representing a 9.47% year-over-year increase. Revenue reached $6.79 billion versus the $6.6 billion estimate. The company also raised full-year adjusted EPS guidance to $11.80-$12.20, above the prior range of $11.50-$11.90 and the analyst estimate of $11.76. Despite the strong results, today's session saw classic profit-taking as investors locked in gains from the prior day's rally, which marked the stock's largest single-day advance in over four years.
Sector headwinds compounded the selling pressure, with peer PPG Industries falling 5.26% on the same day. Additionally, the company noted during its earnings call that it does not expect a broad demand recovery in the second half and anticipates high-single-digit raw material inflation, tempering the post-earnings enthusiasm.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
Comments