Sherwin-Williams cuts 2nd-quarter, 2008 view

The Cleveland-based company now expects sales to be "slightly lower" than the $8 billion from 2007. Its previous outlook in April was for a low-single-digit percentage increase.

Analysts polled by Thomson Financial, on average, predict revenue of $8.18 billion.

The company now expects earnings between $3.60 to $4.10 per share, from previous guidance of $4.70 to $4.85 per share. Analysts expect a profit of $4.71 per share.

Sherwin-Williams said the revision is due to the continued downturn of the housing market and higher raw material and other costs.

For the second quarter, the company now predicts earnings of $1.40 to $1.50 per share, from a previous range of $1.45 to $1.60 per share. Analysts expect a profit of $1.53 per share.

The company expects a "slight increase" over second-quarter 2007 sales of $2.12 billion, from previous guidance of a low-single-digit percentage increase.

Analysts expect revenue of $2.22 billion.

Companies who make home products have suffered as consumers cut back amid a weak housing environment, as well as tightening credit and rising food and gas prices.

Shares fell $2.31, or 4.2 percent, to $53.38 during morning trading.