Sherwin Williams Q3 Report 2023

Sales increased 1.1% driven by effective pricing and a
LSD contribution from acquisitions, partially offset by a
LSD decline in volumes.

Gross margin expanded 490 basis points to 47.7%,
driven by pricing discipline and moderating raw material
costs.

EBITDA grew 12.6% to $1.3 billion, or 20.7% of sales.

Consolidated net sales increased primarily due to selling price increases in all segments, which impacted sales by a
low-single digit percentage, and modest net benefit from acquisitions and divestitures and favorable currency
translation rate changes. This growth was mostly offset by a low-single digit volume decrease primarily driven by
the Consumer Brands and Performance Coatings Groups.