Sherwin-Williams Co. SHW, -0.26% rose by 5.2% on Tuesday in premarket trading after the paint manufacturer boosted its profit forecast as its second-quarter profits exceeded analyst expectations on higher prices and records revenue. Sherwin Williams reported higher selling prices in all segments and increased sales volumes in its paint stores group. The company also benefited from “moderating the raw material costs.” Sherwin Williams said that its profit for three months ended on June 30 rose to $793.7 millions, or $3.07 per share, up from $577.9million, or $2.21 per share, the previous quarter. The adjusted profit of the Cleveland-based firm rose from $2.41 to $3.29 per share, which is well above the analyst’s forecast of $2.70. Revenue increased by 6.3%, to a new record of $6.24 Billion. This was higher than the analyst’s estimate of $6.03 Billion. Sherwin Williams said that it expects to achieve a profit adjusted for 2023 of $9.30-$9.70 per share. This is higher than the analyst’s estimate of $8.85 per share.