Sherwin-Williams announced record sales for 2022, generating $22.15 billion in sales. Their CEO attributed the strong results to “selling price increases in all segments and higher architectural sales volume in The Americas Group.” Chairman and CEO John Morikis singled out the Americas Group, citing its double-digit sales growth in all customer segments, “including the seventh consecutive year of double-digit growth in residential repaint.”
"Our more than 61,000 employees delivered these results in another year of difficult operating conditions,” said Morikis. “We refused to be deterred by these challenges and continued to do what we do best – serve our customers.”
The CEO also praised Sherwin-Williams’ ability to generate strong net operating cash, which allowed the paint manufacturer to buy back $883 million in company shares, pay investors $619 million in dividends and use $1 billion to complete five acquisitions.
Morikis added that the coming year, while it also appears to be challenging, should yield good results for the company, but it’s too soon to look too far ahead. “Visibility beyond our first half of the year is limited. On the architectural side, U.S. housing will be under significant pressure this year,” said Morikis. “Slowing existing home sales and continued high inflation also will be headwinds. On the industrial side, we have already seen a slowdown in Europe, and the same is beginning to appear in the U.S. across several sectors,” said Morikis.
Even so, he’s predicting a good year for the company overall. “We enter 2023 with confidence and energy. We have clarity of mission, the right strategy and a focus on solutions for our customers,” said Morikis. “Above all, we have the right people, and we expect to outperform the market in 2023 just as we have in the past.”
This is priceless...
"serve our customers"
Try again. Prices went up which means the contractors and customers are now paying a higher price. This allowed the STOCKHOLDERS to reap major benefits, sell off their stock and pay out half a billion dollars in dividends to them. None of that helps customers or contractors. From what I see well over a billion dollars in money to the stockholders.
How does that help customers?
Good Grief SW
I am glad to hear SW had such a good year- at the expense of all the paint contractors. We have never had to spend this much on paint and supplies ever. Good grief! Slow down just a little and give the customers (paint contractors) a break! It sounds to me like there may be room in the budget to reduce paint cost instead of consistent increases. When is enough enough??
In reply to Good Grief SW by Brian Copenhaver (not verified)
reply to Good Grief
I agree when is it enough, seems like every few months price increases in the name of Covid, supply chain, raw materials. Always thought it was funny they couldn't get raw materials to make the affordable paint but could get the materials for the high end crap. Were they putting gold in it because it was already too much? On the back of us that support them, need to make more billions while guys like us are barely getting by. Would it be so terrible if the profit was the same for a few years in support of us whom support the paint industry!?! I call BS!
really.... youll have the…
really.... youll have the audacity to print this article at the expense of contractors large and
small. every time you turn around there is a price increase. and now lets talk about std
stock items. cant keep blaming the freeze of 2020 or corona virus or the shortage of raw
materials for being out of stock. how bout you give back some of that money and roll up your sleeves and keep paint in supply...... before you write ..... like this.
Profiteering or Price Increases?
16% price increase to Contractors in 2020.
16% price increase to Contractors in 2021.
16% price increase to Contractors in 2022.
Stockholders might want to get a clue that their profit source may be unwilling to sustain them any further.
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