Sherwin-Williams expects 3Q profit to fall

CLEVELAND - Paint maker Sherwin-Williams said Tuesday it expects to earn between $1.15 and $1.45 per share in the third quarter of 2009 as a slower economy continues to cut into its paint sales.

That's lower than the $1.52 per share it earned in the third quarter of 2008, as the company said it's anticipating a 10 percent to 13 percent drop in sales compared to its year-ago figure of $2.27 billion.

Analysts polled by Thomson Reuters are expecting earnings of $1.35 per share on revenue of $2.06 billion.

The Cleveland-based company revised its full 2009 earnings guidance to $3.30 to $3.80 per share, a drop from the $4 per share it earned in 2008.

Analysts for the year are looking for earnings of $3.61 per share on $7.27 billion in revenue.

Sherwin-Williams shares, which have traded between $42.19 and $65 during the past year, fell $3.99, or 6.9 percent, to $53.50 in morning trading.

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