Sherwin Williams Q2 Report 2023

Consolidated net sales increased primarily due to selling price increases, which impacted sales by a mid-single digit
percentage, and mid-single digit volume growth due to higher architectural sales volume in the Paint Stores Group.
This growth was offset by lower volume in industrial businesses. Acquisitions increased consolidated net sales by
1.4%.
Income before income taxes increased primarily due to selling price increases in all segments and higher sales
volume in the Paint Stores Group, as well as moderating raw material costs. These factors were partially offset by
lower sales volume in the Performance Coatings Group, increased investments in long-term growth initiatives, and
higher employee-related costs.