WASHINGTON (dpa-AFX) - Paint maker Sherwin-Williams Co. (SHW) said its second-quarter net income advanced to $257.29 million, or $2.46 per share, from $227.81 million, or $2.17 per share, in the earlier year quarter. On average, 13 analysts polled by Thomson Reuters expected earnings per share of $2.59 for the quarter. Analysts' estimates typically exclude one-time items.
Consolidated net sales in the quarter increased 5.5% year-over-year to $2.71 billion, from $2.57 billion a year ago, on higher paint sales volume in the company's Paint Stores Group. Acquisitions increased consolidated net sales about 0.7% in the quarter and six months, while unfavorable currency translation rate changes reduced consolidated net sales 0.3% in the quarter and 0.6% in six months. Analysts estimated revenues of $2.79 billion for the quarter.
Looking ahead to the third quarter of 2013, consolidated net sales are expected to increase six to nine percent, and net income per share likely to be in the range of $2.55 - $2.65 per share. Twelve analysts project third-quarter earnings of $2.80 per share.
For the full year 2013, the firm expects consolidated net sales to increase above 2012 levels by a mid single digit percentage, and backed its earnings per share guidance for 2013 in the range of $7.45 - $7.55. Analysts project full-year earnings of $8.08 per share.
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