Sherwin-Williams Beats Revenue Estimates
Sherwin-Williams Company (NYSE: SHW) reported fourth-quarter revenue of $5.252 billion, surpassing the consensus of $5.220 billion. The sales witnessed a growth of 0.4% year over year, primarily driven by an increase in Paint Stores Group net sales volume.
Healthy Financials and Earnings
The Cleveland-based company also reported an adjusted EPS of $1.81, which exceeded the analyst consensus of $1.80. Quarterly gross profit saw a significant increase to $2.548 billion, compared with $2.233 billion in the same period last year. Furthermore, gross margin expanded to 48.5% from 42.7% in the year-ago period, reflecting strong financial health.
Robust Annual Performance
President and CEO Heidi G. Petz expressed her satisfaction with the full-year performance, citing that sales had grown to a record $23.05 billion, gross margin had expanded to 46.7%, and adjusted diluted net income per share rose by 18.6% to a record $10.35 per share.
Outlook and Share Performance
Looking ahead, Sherwin-Williams expects an adjusted EPS of $10.85-$11.35 for the fiscal year 2024, compared to the analyst consensus of $11.33. The company is cautiously optimistic, anticipating the first-quarter consolidated net sales to be up or down a low-single-digit percentage compared to the first quarter of 2023. However, despite the strong results, SHW shares were trading lower by 1.39% at $297.02 at the last check on Thursday.
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