Sherwin-Williams reports record year sales
Sherwin-Williams (SHW), based in Cleveland, reported its consolidated net sales increased 4.1% in the full year to a record $23.05 billion.
Heidi G. Petz, president and CEO, said, “For the full year, gross margin expanded to 46.7% and adjusted diluted net income per share increased 18.6% to a record $10.35 per share.
Petz said: “We generated strong net operating cash in the year, which enabled us to continue to invest in customer-focused innovation, while returning $2.06 billion to shareholders through dividends and share repurchases.”
The paint company also reported consolidated net sales in Q4 at $5.25 billion from $5.23 billion in the previous year’s fourth quarter.
The CEO said, “We continued our accelerated growth investments in the quarter, which we are confident will continue to drive profitable above- market growth in future periods.”
In the Q4 Paint Stores Group segment, net sales increased 2.3% to $2.9 billion, and profit increased 14.8% to $567 million.
In Q4 Consumer Brands Group segment net sales dropped 7% to $692 million. The Performance Coatings Group segment net sales was flat at $1.61 billion.
The Bottom Line: Sherwin-Williams had full year record sales of 4% to over $23 billion.
What the CEO said: “From a segment perspective, the Paint Stores Group overcame a difficult demand environment characterized by challenging conditions in new residential and existing home sales markets to deliver high-single digit percentage growth against a low- teens comparison, while also expanding its segment margin,” said Petz.
“Consumer Brands Group faced weak DIY demand, but grew in its targeted Pros Who Paint market and completed the divestiture of non-core aerosol product lines and its China architectural business,” said Petz.
Company info: Click HERE to read the Q4 and full year 2023 financial report from Sherwin-Williams.
