WASHINGTON (dpa-AFX) - The Sherwin-Williams Company (SHW) said raw material availability, including the unfavorable impact of Hurricane Ida, will negatively impact the company's third quarter consolidated sales by a high-single digit percentage. The company previously communicated that it anticipated less of an impact of raw material availability in the third quarter.
Sherwin-Williams Company lowered third quarter consolidated net sales guidance to be up or down by a low-single digit percentage over prior year.
'We continue to see strong demand across the pro architectural and industrial end markets we serve. However, persistent and industry-wide raw material availability issues have not improved as anticipated, impacting our ability to fully meet the strong demand,' said CEO, John Morikis.
The company's full year sales and net income per share guidance remains unchanged, with full year 2021 adjusted net income per share anticipated to increase 13.6% at the midpoint of the range compared to the prior year. Sherwin-Williams Company will provide an update on full year outlook with its third quarter results.
Shares of Sherwin-Williams were down 2% in pre-market trade on Wednesday.
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