The Sherwin-Williams Company Reports 2023 Third Quarter Financial Results
The Sherwin-Williams Co. announced its financial results for the third-quarter ended September 30, 2023. All comparisons are to the third-quarter of the prior year, unless otherwise noted. Reportedly, consolidated net sales increased 1.1% in the quarter to $6.12 billion; net sales from stores in the United States and Canada open more than twelve calendar months increased 3.0% in the quarter; diluted net income per share increased 12.6% to $2.95 per share in the quarter compared to $2.62 per share in the third-quarter 2022; adjusted diluted net income per share increased 13.1% to $3.20 per share in the quarter compared to $2.83 per share in the third-quarter 2022; and Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) in the quarter increased 12.6% to $1.27 billion, or 20.7% of net sales.
“Sherwin-Williams delivered strong third-quarter results in an environment where demand remained highly variable by end market and region, and against a challenging prior year comparison,” said John G. Morikis, chairman and CEO. “Consolidated net sales were within our guidance range, and consolidated gross margin of 47.7% expanded significantly both sequentially and year-over-year driven by pricing discipline and moderating raw material costs.”