Sherwin Williams (SHW) Earnings Estimates Coming Down

From Susquehanna this morning:

“Trimming SHW estimates on weaker volumes and FX — We have seen further currency deterioration and expect the company was not able to recoup as many weather delayed sales in the architectural paints business as we previously had expected. Additionally, Protective and Marine sales have been slower, impacting both price and volume. As such, we have reduced our 3Q15 EPS to $3.90 and EBITDA is $595mln (prior $4.10 and $523mln), and our full-year 2015 EPS is now $10.95 and EBITDA is $1,755mln based on lower volume growth assumptions in the paint stores segment and higher FX headwinds in the Global Group and Latin America Coatings Group. Our 2015 estimate is towards the high end of SHW’s $10.60-$11.00 EPS guidance. Additionally we have reduced our 2016 EPS to $13.00 and EBITDA to $2,020 (prior $13.40 and $2,060mln) based on lower base-line earnings in 2015.”