- Paintmaker Sherwin-Williams missed Wall Street estimates for first-quarter profit on Tuesday due to lower sales in North America, sending shares of the company nearly 5% lower in premarket trading.
Net sales at its performance coatings segment, which develops and sells industrial coatings, also dropped to $1.68 billion from $1.71 billion a year earlier.The company said weak demand in North America was, however, partially offset by growth in the European markets. Sherwin-Williams is positioned to benefit from the sale of PPG's architectural coatings business, as it is expected to be the most common substitute for PPG paint, according to a survey conducted by Morgan Stanley Research.
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