SHW Sherwin Williams

By Matt Grossman

Sherwin-Williams Co. said Friday that it expects to report 6.1% sales growth for the fourth quarter, though it forecast earnings below previous guidance because of input challenges.

Sherwin-Williams said it is now expecting to report fourth-quarter adjusted earnings of $1.35 a share on sales of $4.76 billion.

Analysts had been forecasting adjusted earnings of $2.10 a share, with sales of $5.95 billion, according to FactSet.

"Our lower-than-expected earnings relative to our prior guidance is related to a shortfall in the Americas group, where sales were below our guidance due to slower than expected improvement in raw-material availability and Covid-related labor headwinds in December," Chairman and Chief Executive John G. Morikis said.

"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."

Mr. Morikis said that additional that transportation and logistics issues have also worsened supply-chain issues.

Demand has remained strong, although supply headwinds will likely persist in the first quarter, Mr. Morikis said.

Sherwin-Williams plans to increase its pricing in the Americas by 12% on Feb. 1, he said.

Write to Matt Grossman at matt.grossman@wsj.com

(END) Dow Jones Newswires

January 14, 2022 07:38 ET (12:38 GMT)

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