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The Sherwin-Williams Company, a global leader in the paint and coatings industry, was founded in 1866 and has its global headquarters in Cleveland, Ohio. The company engages in the development, manufacture, distribution, and sale of paints, coatings, and related products. It serves professional, industrial, commercial, and retail customers across North and South America, Europe, and Asia. Sherwin-Williams operates through three main segments: Paint Stores Group, Consumer Brands Group, and Performance Coatings Group.
The Paint Stores Group is the largest segment, selling Sherwin-Williams branded architectural paints and coatings, industrial and marine products, and original equipment manufacturer product finishes through over 5,000 company-operated stores. This segment targets professional end-users such as contractors and painting professionals.
The Consumer Brands Group distributes branded products through leading mass merchandisers, home centers, independent paint dealers, hardware stores, automotive retailers, and industrial distributors. Some of its well-known brands include Valspar®, HGTV HOME® by Sherwin-Williams, Dutch Boy®, Krylon®, Minwax®, Thompson's® WaterSeal®, and Cabot®.
The Performance Coatings Group provides a broad range of highly-engineered solutions for the construction, industrial, packaging, and transportation markets across over 120 countries. The segment covers various applications such as automotive refinishing, protective and marine coatings, and general industrial finishes.
Recently, Sherwin-Williams has reported strong financial performance, with significant sales and margin growth across its segments. The company has been actively involved in strategic acquisitions and divestitures to streamline operations and focus on core growth areas. For instance, it has divested a non-core aerosol business in the U.S. and its China architectural business while acquiring German-based SIC Holding GmbH, enhancing its capabilities in the industrial wood and automotive coatings markets.
In its latest financial results, Sherwin-Williams reported record sales and earnings, with consolidated net sales reaching $23.05 billion and adjusted diluted net income per share increasing by 18.6% to $10.35 per share for the full year 2023. The company also generated strong operating cash flow, returning $2.06 billion to shareholders through dividends and share repurchases.
Looking forward, Sherwin-Williams continues to invest in growth initiatives, including new store openings, customer-focused innovation, and digital technologies, ensuring it remains a market leader. The company has a proven strategy and is well-positioned to navigate the variable demand environment across different regions and end-markets, maintaining its focus on creating shareholder value.
The Board of Directors of Sherwin-Williams (SHW) has declared a quarterly dividend of $0.605 per common share. This payment is scheduled for March 10, 2023, to shareholders on record by February 27, 2023. The dividend reflects the company’s ongoing commitment to returning value to its shareholders while continuing to invest in growth opportunities throughout the business.
The Sherwin-Williams Foundation is enhancing its partnership with the Northeast Ohio Hispanic Center for Economic Development (NEOHCED), focusing on economic growth in Northeast Ohio. This collaboration aims to support minority-owned businesses and create job opportunities, aligning with the Foundation's mission to build a skilled workforce. Key initiatives include expanding the Latino Construction Capacity Initiative to assist underrepresented contractors, investing in CentroVilla25 to support Latino business owners, and sponsoring the Construction Opportunities Fair. The Foundation emphasizes its commitment to inclusive economic development and community investment.
The Sherwin-Williams Company (NYSE: SHW) reported strong financial results for 2022, achieving record net sales of $22.15 billion, an 11.1% increase year-over-year. Fourth-quarter net sales rose by 9.8%, with diluted net income per share at $1.48 and adjusted net income per share climbing 41% to $1.89. The company generated $1.92 billion in net operating cash, enabling $883 million in share repurchases and $619 million in dividends. However, challenges remain, including cost inflation and demand pressures in 2023, with full-year diluted net income per share guidance set between $6.79 and $7.59.
The Sherwin-Williams Company (NYSE: SHW) will release its financial results for Q4 and the full year ending December 31, 2022, prior to market opening on January 26, 2023. A conference call is scheduled at 11:00 a.m. EST on the same day to discuss these results and the outlook for 2023. The call will include participation from senior executives, including Chairman and CEO John Morikis. Investors can access the press release and details on the company’s financial performance through its investor relations website.
Ulta Beauty has appointed Heidi G. Petz, current president and COO of The Sherwin-Williams Company, as an independent director on its Board, effective December 16, 2022. Petz brings over 25 years of experience in retail and commercial operations. CEO Dave Kimbell expressed confidence in her contributions, emphasizing the diverse perspectives within the Board. With this appointment, Ulta's Board now comprises 11 members, with 55% being women and 36% racially diverse. This move aligns with Ulta's commitment to diversity and operational excellence.
The Sherwin-Williams Company (NYSE: SHW) has announced the acquisition of German-based SIC Holding, which includes Oskar Nolte GmbH and Klumpp Coatings GmbH. This strategic move aims to enhance Sherwin-Williams' position in the global industrial wood market, capitalizing on SIC Holding's €91.5 million in annual sales and unique offerings such as foil coatings. The transaction is expected to close in early 2023, pending regulatory approvals. Sherwin-Williams continues its commitment to shareholder value, having invested $191 million in capital expenditures and $630 million in acquisitions this year.
The Sherwin-Williams Company (NYSE: SHW) has begun construction on a new 36,000-square-foot manufacturing extension and an 800,000-square-foot distribution center in Statesville, North Carolina. This $300 million investment will add more than 180 full-time jobs and enhance annual manufacturing capacity significantly. The project aims to meet increasing demand for architectural paints and coatings, with completion expected by the end of 2024. Sherwin-Williams will receive $30 million in government incentives, highlighting a strong public-private partnership.
The Sherwin-Williams Company (NYSE: SHW) reported Q3 2022 net sales of $6.05 billion, a 17.5% increase from the previous year. Diluted net income per share rose to $2.62, a 39.4% jump. Adjusted diluted net income per share climbed 35.4% to $2.83. The Americas Group saw a 20.7% increase in same-store sales. Full-year guidance remains positive, with expected diluted EPS between $7.65 and $7.95. Challenges include rising raw material costs and lower sales volume in the Consumer Brands Group, but management remains optimistic about long-term growth opportunities.
The Sherwin-Williams Company (NYSE: SHW) has declared a quarterly dividend of $0.60 per common share. This dividend is payable on December 2, 2022, to shareholders of record as of November 18, 2022. The decision reflects the company’s commitment to returning value to its shareholders while maintaining solid financial performance.
The Sherwin-Williams Company (NYSE: SHW) announced the acquisition of Industria Chimica Adriatica S.p.A. (ICA), an Italian manufacturer of industrial wood coatings, with annual sales exceeding €150 million. ICA operates globally with facilities in Italy and Poland and participation in a joint venture in India. The acquisition is poised to enhance Sherwin-Williams' product offerings in coatings technology, leveraging ICA's innovative products, strong customer relationships, and expert leadership. The deal is expected to close by the end of 2022.
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