What happened

Sherwin-Williams (SHW -0.52%) stock outperformed a booming market last month as shares gained 10% compared to a 5.5% rise in the S&P 500 in July, according to data provided by S&P Global Market Intelligence.

The increase has the global paint retailer sitting about 12% higher so far in 2020, compared to a 2% boost in the wider market.

A couple painting a room together.

Image source: Getty Images.

So what

Sherwin-Williams announced strong second-quarter earnings late in the month. Sales fell overall, but the decline was better than many investors had anticipated. That success was in spite of the closure of most of its company-owned stores during the COVID-19 pandemic lockdowns. Sherwin-Williams also revealed sharp sales spikes through its retailing partners.

Now what

In response, management lifted its sales and profit outlook for 2020. It also now sees revenue landing at about the 2019 level. Earnings are on pace to climb to between $19.21 and $20.71 per share, up from the prior target of between $16.46 and $18.46 per share. Investors may see updates to those forecasts during a scheduled presentation to Wall Street analysts in late September. Official third-quarter results are slated for Oct. 27.