Cleveland, Ohio — Sherwin Williams reported its 2022 year-end and fourth-quarter financial results last month, with consolidated net sales ringing in at a record US$22.15 billion, up 11.1 percent from 2021.
The company said sales from locations open for the full year of 2022 in the U.S. and Canada grew 11.7 percent.
Fourth-quarter consolidated net sales increased by 9.8 percent; diluted net income per share was US$1.48, while adjusted diluted net income per share increased 41 percent in Q4 to US$1.89 per share.
Consolidated net sales increased primarily due to selling price increases in all segments and higher architectural sales volume in The Americas Group, partially offset by lower sales volumes outside of North America in the Consumer Brands and Performance Coatings Groups. Acquisitions increased consolidated net sales by approximately 1.5%, while currency translation rate changes decreased consolidated net sales by 2.0%.
Sherwin Williams CEO John G. Morkis said the company enters 2021 with “confidence and energy.”
“We expect to outperform the market in 2023, just as we have in the past,” he said in the company’s press release. “At the same time, we will not be immune from what we expect to be a very challenging demand environment in 2023. Visibility beyond the first half of the year is limited. Our team is focused on winning new accounts and growing our share of wallets in this challenging environment, while leveraging our exposure in more resilient end markets, including residential repainting, property maintenance, auto refinish, and packaging.”
Morkis did say raw material costs are expected to decrease by “a low to mid-single digit percentage, while other costs, including wages, are expected to increase by a mid-to-high single digit percentage.”