Sherwin-Williams sees record sales
Sherwin-Williams (SHW), based in Cleveland, reported record year sales, with significant margin improvement across all three segments.
The company reported that consolidated net sales increased 11.1% in the year to a record $22.15 billion, compared with $19.94 billion in the previous year. Gross profit was up 9.2%. Q4 net sales increased 9.8% to $5.23 billion over $4.48 billion compared to Q4 last year, profit was up 18.8%.
John G. Morikis, chairman and CEO, noted, “high single-digit percentage sales growth, significant year-over-year gross margin improvement, expanded adjusted operating margins in all three segments, strong double-digit adjusted diluted net income per share growth and strong EBITDA growth.”
In Q4 segments, The Americas Group segment sales increased 15.7% and profit increased 31.6%. The company said this was due primarily to higher paint sales volume and selling price increases, partially offset by increased raw material costs and higher SG&A costs related to continued investments in long-term growth strategies.
The Bottom Line: Sherwin-Williams sales for the year moved ahead more than 11% company-wide for 2022 to over $22 billion.
What the CEO said: “Looking at our reportable segment performance in 2022, The Americas Group delivered double-digit sales growth in all customer segments, including the seventh consecutive year of double-digit growth in residential repaint,” said Morikis.
Company info: Click HERE to read the Q4 and full year 2022 financial report from Sherwin-Williams.
