Sherwin-Williams raised its outlook for the year after logging higher profit and sales in the second quarter, as the company scooped up market share and raised prices.

Chief Executive Heidi Petz said the paint maker continues to outperform the market despite ongoing global uncertainty and no meaningful improvement in demand.

"Sales improvement was driven by continued growth investments, new account wins and increased share of wallet," she said. "We also implemented pricing actions to offset raw material inflation that pressured our gross margin in the quarter."

For the year, Sherwin-Williams now expects net sales to be up in the mid- to high-single-digit percent range, compared with a prior outlook for sales growth in the low- to mid-single-digit percent range.

The company raised its earnings outlook to between $10.92 and $11.32 a share, or between $11.80 and $12.20 a share on an adjusted basis. It had previously forecast earnings of $10.70 to $11 a share, and adjusted earnings of $11.50 to $11.90 a share. Analysts polled by FactSet are looking for earnings of $11.14 a share, and adjusted earnings of $11.76 a share.

Shares climbed 5.6%, to $345.50, in premarket trading.

The higher outlook came as Sherwin-Williams posted net income of $843.6 million, or $3.43 a share, for its three months ended June 30, up from $754.7 million, or $3 a share, a year earlier.

Stripping out certain one-time items, adjusted earnings came in at $3.70 a share, ahead of analyst views for $3.52 a share.

Sales rose 7.5% to $6.79 billion, topping Wall Street models for $6.6 billion.

The company's self-branded stores notched sales of $3.9 billion, up 5.1% from last year, boosted by higher prices. Sales across its consumer brands group jumped 22% to $983.5 million, while sales across its performance coatings group climbed 6.3% to $1.91 billion.