: Sherwin-Williams shares slide 3% premarket after paint maker lowers its guidance to reflect supply chain and labor issues #FinanceUSA #StockMarketNEWS Sherwin-Williams Co. shares slid 3% in premarket
@stockMarketNEWS Tue 18 Jan, 2022
Sherwin-Williams shares slide 3% premarket after paint maker lowers its guidance to reflect supply chain and labor issues #FinanceUSA #StockMarketNEWS
Sherwin-Williams Co. shares slid 3% in premarket trade Friday, after the paint maker lowered its fourth-quarter and full-year guidance, citing a shortage of raw materials amid supply-chain constraints and labor challenges. "While availability of some raw materials has improved slightly, others including select resins and additives specific to our professional contractor products remain in tight supply, Chief Executive John G. Morikis said in a statement. "Logistics and transportation issues have further impacted the supply chain. Additionally, we faced meaningful labor challenges in The Americas Group in December related to the COVID Omicron variant, as our workforce, including store managers, field sales reps and drivers, experienced reduced staff availability and store hours in some locations." The company is now expecting fourth-quarter per-share earnings of .15 and adjusted EPS of .35, below the FactSet consensus of .69. It expects sales of $.762 billion, compared with a FactSet consensus of .764 billion. For the full year, it expects EPS of .96 and adjusted EPS of .15, below the .48 FactSet consensus. It expects sales of .945 billion, compared with a FactSet consensus of .943. Shares have gained 32% in the last 12 months, while the S&P 500 has gained 22.8%.