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On the evening of April 21, Beijing time, according to market observation reports, Sherwin-Williams Co.
announced its financial report that the company’s first quarter profit increased by 12% year-on-year, mainly due to the strong growth in sales.
The expected revenue growth
.
The report shows that Sherwin-Williams Coatings' first-quarter net revenue was US$2.
57 billion, an increase of 5.
1% year-on-year; net profit was US$147.
1 million, and earnings per share were US$1.
57, which were higher than the US$131.
4 million and 1.
38 cents in the same period last year
.
Excluding one-off items such as merger-related costs, adjusted earnings per share were US$1.
81
.
The company previously expected earnings per share to be between US$1.
50 and US$1.
65, and revenue growth would be low single digits
.
The gross profit margin for the quarter was 49%, higher than the 46.
2% in the same period last year
.
Consumer group sales increased by 7.
5% year-on-year to US$378.
1 million, and paint shop group net sales increased by 11% to US$1.
62 billion
.
For the current fiscal quarter, Sherwin-Williams predicts that its earnings per share will be between $3.
95 and $4.
15, and net sales will achieve low to mid-single-digit growth
.
According to a Thomson Reuters survey, analysts on average expect earnings per share of 4.
10 U.
S.
dollars and revenue growth of 3% to 3.
22 billion U.
S.
dollars
.
For the 2016 fiscal year, Sherwin-Williams predicts that its earnings per share will be between US$12.
50 and US$12.
70, which is higher than the previously expected US$12.
20 to US$12.
40
.
Sherwin-Williams Coatings announced the acquisition of its competitor Valspar for more than US$9 billion last month.
This transaction will help Sherwin-Williams Coatings products enter Lowe's Cos and other large retailers
.