Sherwin Williams Half-Year Report 2024
Led by strong performance in the Paint Stores Group, we continued to execute on our proven strategy across the Company to deliver consolidated sales within our expectations, gross margin expansion, EBITDA growth, and a 12.5% percent increase in adjusted diluted net income per share,” said President and Chief Executive Officer, Heidi G. Petz. “We generated strong cash flow and continued to execute our disciplined capital allocation strategy, including returning $1.34 billion to our shareholders through dividends and share repurchases during the year.
Paint Stores Group sales were up, at the midpoint of our guidance, against a double-digit comparison. Volume increased by a low-single-digit percentage, and price realization increased from first-quarter levels as expected. We are clearly seeing a return on last year’s growth investments in residential repaint, where volume increased by a mid-single-digit percentage in a down market.
Highlights
- Consolidated net sales increased 0.5% in the quarter to $6.27 billion
- Net sales from stores in the Paint Stores Group open more than twelve calendar months increased 2.4% in the quarter
- Diluted net income per share increased 14.0% to $3.50 per share in the quarter compared to $3.07 per share in the second quarter 2023
- Adjusted diluted net income per share increased 12.5% to $3.70 per share in the quarter compared to $3.29 per share in the second quarter 2023
- Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) in the quarter increased 12.1% to $1.44 billion, or 22.9% of net sales
- Increasing full-year 2024 diluted net income per share guidance to a range of $10.30 to $10.60 per share, including acquisition-related amortization expense of $0.80 per share ◦ Increasing full-year 2024 adjusted diluted net income per share guidance in the range of $11.10 to $11.40 per share