Sherwin-Williams earnings disappoint

CLEVELAND — Sherwin-Williams reported profits of $319 million ($3.36 per share), a decline of 15%, as estimates of the costs associated with the acquisition of Valspar rose. The paint maker bought out its rival in an $8.9 billion deal which closed last month. Sales increased by 16% to $3.74 billion, slightly better than estimates. Following on the acquisition of Valspar, the company says it will divide its reporting into three segments: Sherwin-Williams paint stores and Latin American coatings, consumer brands, and performance coatings, with the latter two including brands inherited from Valspar.