The company said consolidated net sales for 2023 rose 4.1% to a record $23.052 billion, and adjusted EBITDA rose 17.5% to $4.239 billion, or 18.4% of net sales.

1. 01

   The company said consolidated net sales for 2023 rose 4.1% to a record $23.052 billion, and adjusted EBITDA rose 17.5% to $4.239 billion, or 18.4% of net sales.

2. 02

   Sherwin-Williams said its consolidated gross margin for 2023 rose from 42.1% to 46.7%, and diluted net income per share increased from $7.72 to $9.25. The company cited selling price increases and moderating raw material costs as factors behind the higher gross profit.

3. 03

   The company said net operating cash in 2023 was $3.522 billion, or 15.3% of net sales, and that it spent $1.011 billion on capital expenditures, about $265 million on the SIC Holding acquisition, $718.8 million to reduce short-term borrowings and long-term debt, and $2.056 billion on dividends and share repurchases.

4. 04

   The company said long-term debt maturing in 2024 totals $1.100 billion and is expected to be refinanced at higher interest rates. It also said it plans to open 80 to 100 new stores in the United States and Canada in 2024.

Key figures

Fiscal year ended December 31, 2023

Revenue

$23.1B

Operating income

$4.2B

Net income

$2.4B

EPS

$9.25

Gross profit

$10.8B

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.