Sherwin-Williams stock dropped 5% after disappointing earnings, impacting Home Depot and Lowe's

From Nasdaq.: 2024-10-22 13:42:03

Shares of Sherwin-Williams (NYSE: SHW) fell by almost 5% after the company reported third-quarter earnings below analyst expectations. This led to drops in Home Depot (NYSE: HD) and Lowe’s (NYSE: LOW) stocks as well. Despite this, Sherwin-Williams stock was still down by 4.2% as of 1:10 p.m. ET. The company cited a “choppy” demand environment and missed adjusted earnings per share at $3.37, below the expected $3.55. However, net-same-paint-store sales improved by 2.2% and full-year earnings guidance remained steady. Investors reacted to the results, but this could present a buying opportunity for home improvement stocks.

Sherwin-Williams’ disappointing third-quarter earnings caused a drop in its stock price and those of Home Depot and Lowe’s. The company missed analyst expectations for earnings per share and revenue, citing a “choppy” demand environment. Despite this, Sherwin-Williams showed growth in diluted net income per share and maintained its full-year earnings guidance. While investors might have been disappointed, this could be a buying opportunity as the stock has gained 20% in the past six months. Home improvement stocks Home Depot and Lowe’s are also expected to report third-quarter results soon, which could impact their stock prices further.



Read more at Nasdaq.: Why Sherwin-Williams Stock Dropped Today and Took Home Depot and Lowe’s Down Too