Sherwin-Williams says 2Q profit falls 7 percent

CLEVELAND - Paint maker Sherwin-Williams said Tuesday that its profit in the second quarter dropped 7 percent as the economic downturn cut into its paint sales, but its earnings exceeded what analysts were looking for.

The company reported earnings of $158 million, or $1.35 per share, in the second quarter of 2009 compared with $171.7 million, or $1.45 per share, in the second quarter of 2008.

Revenue dropped by 12.6 percent to $1.95 billion, from $2.23 billion a year earlier.

Analysts polled by Thomson Reuters were expecting a profit of $1.31 per share on revenue of $1.99 billion.

"We continue to manage through this unprecedented downturn in global paint demand that has affected virtually every segment of the market," Christopher M. Connor, chairman and chief executive, said in a statement.

Sherwin-Williams shares, which have traded between $42.19 and $65 during the past year, fell $1.22, or 2.1 percent, to $56.27 in trading right after the opening bell

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