SHW Sherwin Williams

By Denny Jacob

Sherwin-Williams posted slightly higher sales in its latest quarter, aided by results in its paint stores group segment.

The paint and coating company logged net income of $356.2 million, or $1.39 a share, for the fourth quarter ended Dec. 31, down from $386.3 million, or $1.48 a share, a year earlier. Adjusted earnings were $1.81 a share, a touch above analysts' estimates of $1.80.

Sales edged up $5.25 billion from $5.23 billion. Analysts polled by FactSet expected $5.23 billion.

Sherwin-Williams said sales increased primarily due to an increase in paint stores group sales volume, which was partially offset by lower net sales volumes in its performance coating and consumer brands groups.

"From a segment perspective, paint stores group overcame a difficult demand environment characterized by challenging conditions in new residential and existing home sales markets to deliver high-single digit percentage growth against a low-teens comparison, while also expanding its segment margin," said Chief Executive Heidi Petz.

For the first quarter, the Cleveland, Ohio-based company forecast sales to be up or down at a low-single digit percentage. For 2024, Sherwin-Williams forecast sales to be up at a low to mid-single digit percentage as well as adjusted earnings per-share in the range of $10.85 and $11.35. Analysts polled by FactSet expected adjusted earnings per-share of $11.34 in 2024.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

January 25, 2024 07:29 ET (12:29 GMT)

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