Sherwin-Williams Company SHW reported fourth-quarter revenue of $5.252 billion, beating the consensus of $5.220 billion. Sales grew 0.4% year over year.
Consolidated net sales increased primarily due to an increase in Paint Stores Group net sales volume.
The Cleveland-based company reported adjusted EPS of $1.81, beating the analyst consensus of $1.80.
Sherwin-Williams generated $3.52 billion in net operating cash during the year.
Quarterly gross profit increased to $2.548 billion, compared with $2.233 billion.
Gross margin expanded to 48.5%, compared with 42.7% in the year-ago period.
“For the full year, sales grew to a record $23.05 billion, gross margin expanded to 46.7% (which is well within our current targeted range) and adjusted diluted net income per share increased 18.6% to a record $10.35 per share,” said president and CEO Heidi G. Petz.
The company exited the quarter with cash and equivalents worth $276.8 million.
Outlook: Sherwin-Williams expects FY24 adjusted EPS of $10.85-$11.35, versus analyst consensus of $11.33.
The company expects the first quarter of 2024 consolidated net sales to be up or down a low-single-digit percentage compared to the first quarter of 2023.
Price Action: SHW shares are trading lower by 1.39% to $297.02 on the last check Thursday.
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