Summary
The Sherwin-Williams Company reported record net sales of $23.05 billion for the fiscal year ending December 30, 2023, an increase of 4.1% over the previous year. This growth was driven primarily by price increases across its segments and robust sales volume in the Paint Stores Group, which saw comparable store sales increase by 6.8%. Diluted net income per share rose by 19.8% to $9.25, with adjusted diluted net income per share increasing to $10.35, reflecting improved gross margins due to moderating raw material costs and effective pricing strategies. The company generated strong net operating cash of $3.52 billion, a significant improvement from the prior year, enabling strategic investments in business expansion, acquisitions (including the German-based SIC Holding GmbH), debt reduction, and capital returns to shareholders through dividends and share repurchases. Sherwin-Williams continues its expansion strategy, with plans to open 80-100 new stores in the U.S. and Canada in 2024 and ongoing investments in new headquarters and R&D facilities.
Financial Highlights
55 data points| Revenue | $23.05B |
| Cost of Revenue | $12.29B |
| Gross Profit | $10.76B |
| SG&A Expenses | $7.07B |
| Operating Income | $4.16B |
| Interest Expense | $417.50M |
| Net Income | $2.39B |
| EPS (Basic) | $9.35 |
| EPS (Diluted) | $9.25 |
| Shares Outstanding (Basic) | 255.40M |
| Shares Outstanding (Diluted) | 258.30M |
Key Highlights
- 1Record Net Sales of $23.05 billion, up 4.1% year-over-year.
- 2Diluted EPS increased 19.8% to $9.25, with adjusted diluted EPS up to $10.35.
- 3Paint Stores Group showed strong performance with comparable store sales up 6.8%.
- 4Generated robust Net Operating Cash of $3.52 billion, demonstrating improved cash flow.
- 5Acquired SIC Holding GmbH, strengthening the Performance Coatings Group.
- 6Reduced total debt outstanding by $718.8 million.
- 7Continued capital return to shareholders via dividends and share repurchases.