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CORRECTED - CORRECTED-UPDATE 1-Sherwin-Williams Q4 beats, sees weak Q1
January 26, 2010 / 1:11 PM / 8 years ago

CORRECTED - CORRECTED-UPDATE 1-Sherwin-Williams Q4 beats, sees weak Q1

(Corrects adjusted fourth-quarter earnings per share in the first bullet point and fourth paragraph to 71 cents, after Thomson Reuters I/B/E/S revised the number that compares with estimates)

* Q4 adj EPS $0.71 vs est $0.52

* Q4 rev falls 6 pct, but tops Street view

* Sees Q1 EPS $0.30-$0.40 vs est $0.42

* Sees Q1 sales flat to down vs year ago

* Sees some sales stability in certain market segments

Jan 26 (Reuters) - Sherwin-Williams Co’s (SHW.N) fourth-quarter profit beat Wall Street estimates, but the paint maker expects a weak first quarter, even as it sees signs of stability in some markets.

Cleveland, Ohio-based Sherwin forecast first-quarter earnings of between 30 cents and 40 cents a share, below analysts’ estimates of 42 cents a share, according to Thomson Reuters I/B/E/S.

For the fourth quarter, the maker of Dutch Boy, Krylon and Duron paints, reported net income of $65.3 million, or 58 cents a share, up from $50.2 million, or 42 cents share, a year ago.

Excluding certain items, the company earned 71 cents a share.

Revenue at the company, which competes with larger peer PPG Industries Inc (PPG.N), shrunk by a lower-than-expected 6 percent to $1.6 billion.

Analysts were looking for earnings of 52 cents a share, on revenue of $1.55 billion.

In October last year, Sherwin-Williams forecast a fourth-quarter profit of between 35 cents and 55 cents a share, and said it expects sales to fall 8 percent to 12 percent in the quarter. [ID:nBNG533679]

The company’s shares, which have risen 20 percent in the last one year as the residential and commercial construction markets recovered, closed at $58.92 Monday on the New York Stock Exchange.

For the alerts, double-click [ID:nWNAB8244] (Reporting by Shradhha Sharma in Bangalore)

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