Sherwin-Williams reports lower revenue

Sherwin-Williams (SHW), based in Cleveland, reported its consolidated net sales for the first quarter decreased 1.4% to $5.37 billion. Profit was at $640 million up 4.1% from $615 million in 2023.

Heidi G. Petz, president and CEO, said, “Paint Stores Group sales were up slightly against a strong double-digit comparison, driven by a modest contribution from our February 1 price increase which will reach greater realization in the second quarter.”

In the Q1 Paint Stores Group segment, net sales increased 0.5% to $2.88 billion. 

In Q1 Consumer Brands Group segment net sales dropped 7% to $811 million. The Performance Coatings Group segment net sales dropped 1.6% to $1.68 billion.

The Bottom Line: Sherwin-Williams first quarter sales fell 1.4% to $5.37 billion.

What the CEO said: “In what is a seasonally smaller first quarter and with continued demand choppiness in several end markets, Sherwin-Williams delivered consolidated sales within our guided range, gross margin expansion and diluted earnings per share and EBITDA growth,” said Petz.

Company info: Click HERE to read the Q1 2024 financial report from Sherwin-Williams.