The company said operating income for 2023 was $4.0 billion, up 6.6% from the prior year, and operating margin rose 130 basis points to 25.1%. It cited price/cost of 210 basis points, enterprise initiatives of 130 basis points and operating leverage of 40 basis points as factors.

1. 01

   The company said operating income for 2023 was $4.0 billion, up 6.6% from the prior year, and operating margin rose 130 basis points to 25.1%. It cited price/cost of 210 basis points, enterprise initiatives of 130 basis points and operating leverage of 40 basis points as factors.

2. 02

   The company said organic revenue for 2023 rose 2.0%, as growth in 5 segments partially offset declines in the Specialty Products and Construction Products segments. By region, North American organic revenue fell 0.3%, while Europe, Middle East and Africa organic revenue rose 3.9% and Asia Pacific organic revenue rose 6.9%.

3. 03

   The company said its diluted earnings per share (EPS) for 2023 decreased 0.3% to $9.74. Excluding the impact of 2022 divestiture gains of $0.60 per share, EPS increased 6.2%. In 2023, it repurchased approximately 6.4 million shares for about $1.5 billion and paid approximately $1.6 billion in cash dividends.

4. 04

   The company said it held $1.1 billion in cash and cash equivalents as of December 31, 2023 and had no outstanding borrowings under its $3.0 billion revolving credit facility. The remaining authorization under the $5.0 billion program announced in August 2023 is about $5.0 billion.

Key figures

Fiscal year ended December 31, 2023

Revenue

$16.1B

Operating income

$4.0B

Net income

$3.0B

EPS

$9.74

Operating cash flow

$3.5B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.