It has been about a month since the last earnings report for Sherwin-Williams (SHW). Shares have added about 0.4% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Sherwin-Williams due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.Sherwin-Williams' Q2 Earnings & Sales Top EstimatesSherwin-Williams logged net income (as reported) of $4.25 per share for the second quarter of 2018, up around 26.5% from $3.36 per share recorded a year ago.Adjusted earnings (barring acquisition-related costs and environmental provisions) for the quarter came in at $5.73 per share, topping the Zacks Consensus Estimate of $5.59.Sherwin-Williams posted record second-quarter revenues of $4,773.8 million, up 27.8% year over year. It beat the Zacks Consensus Estimate of $4,712 million. Sales were driven by the addition of Valspar sales, higher selling prices and increased paint sales volumes in the Americas Group unit.Segment ReviewThe Americas Group unit registered net sales of $2.63 billion in the reported quarter, up around 7.7% on a year over year comparison basis. Revenues were driven by increased architectural paint sales volume across most end markets and higher selling prices. Net sales of the Consumer Brands Group unit surged around 45% to $777.7 million, driven by the addition of Valspar sales and higher pricing, partly masked by reduced volume sales to some of the unit’s retail customers. Valspar sales increased the division’s net sales by around 42.7% in the quarter.Net sales from the Performance Coatings Group shot up around 79.9% to $1.37 billion in the quarter owing to inclusion of Valspar sales and higher selling prices. Valspar sales contributed roughly 72.9% to the segment’s net sales in the quarter. Financials and Shareholder ReturnsSherwin-Williams purchased 850,000 shares of its common stock during the first half of 2018. At the end of the quarter, it had remaining authorization to purchase 10.80 million shares through open market purchases.OutlookMoving ahead, Sherwin-Williams projects mid-to-high single digit percentage increase in net sales year over year for third-quarter 2018.For full-year 2018, Sherwin-Williams projects high teens to low twenty percentage increase in net sales from 2017. It also sees incremental sales from the Valspar buyout to be roughly $1.85 billion for the first five months of the year. At this level, the company expects earnings per share for the year to be in the range of $15.00-$15.20 per share. The guidance includes a $3.80-$3.90 per share charge related to the Valspar acquisition. The company also raised its adjusted earnings per share guidance for 2018 to $19.05-$19.35. How Have Estimates Been Moving Since Then?It turns out, fresh estimates have trended upward during the past month.VGM ScoresAt this time, Sherwin-Williams has a nice Growth Score of B, however its Momentum is doing a bit better with an A. However, the stock was allocated a grade of C on the value side, putting it in the middle 20% for this investment strategy.Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.Based on our scores, the stock is primarily suitable for momentum investors while also being suitable for those looking for growth and to a lesser degree value.OutlookEstimates have been trending upward for the stock, and the magnitude of these revisions looks promising. Interestingly, Sherwin-Williams has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report The Sherwin-Williams Company (SHW): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research