AI English summary of an SEC filing — figures as filed
Sherwin-Williams SHWThe company said consolidated Net sales for Q1 2024 fell 1.4%. It cited lower sales volumes at the Consumer Brands Group and at the Performance Coatings Group in North America as the main factors, and said Paint Stores Group sales rose 0.5%.
Key points
AI summaryThe company said consolidated Net sales for Q1 2024 fell 1.4%. It cited lower sales volumes at the Consumer Brands Group and at the Performance Coatings Group in North America as the main factors, and said Paint Stores Group sales rose 0.5%.
The company said consolidated gross profit for Q1 2024 rose $110.1 million, and gross margin rose to 47.2% from 44.5% a year earlier. It cited moderating raw material costs as a factor, and said SG&A increased $106.8 million, raising it to 240 basis points higher as a percentage of Net sales.
The company said diluted net income per share for Q1 2024 increased 7.1% to $1.97. EBITDA for the same quarter rose 2.0% to $896.2 million, or 16.7% of Net sales, and the effective tax rate was 21.1% compared with 22.3% a year earlier.
The company said it used $58.9 million of Net operating cash in Q1 2024, citing seasonal increases in working capital as the main reason. It said it returned $728.0 million to shareholders through dividends and share repurchases over the same period, and total debt as of March 31, 2024 was $10.735 billion.
Key figures
Quarter ended March 31, 2024
- Revenue
- $5.4B
- Operating income
- $884M
- Net income
- $505M
- EPS
- $1.97
- Gross profit
- $2.5B
- Operating cash flow
- −$59M
From the XBRL financial data filed with the SEC · not processed by AI.
Summary
AI-writtenAnalysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.
Q1 2024 Net Sales Down 1.4% With Segment Trends
The company said consolidated Net sales for Q1 2024 fell 1.4%. It cited lower sales volumes at the Consumer Brands Group and at the Performance Coatings Group in North America as the main factors, and said Paint Stores Group sales rose 0.5%.
Source · Based on the MD&A text of the filing
Gross Margin at 47.2%, SG&A Up 240 basis points
The company said consolidated gross profit for Q1 2024 rose $110.1 million, and gross margin rose to 47.2% from 44.5% a year earlier. It cited moderating raw material costs as a factor, and said SG&A increased $106.8 million, raising it to 240 basis points higher as a percentage of Net sales.
Source · Based on the MD&A text of the filing
Diluted EPS at $1.97, EBITDA at $896.2 million
The company said diluted net income per share for Q1 2024 increased 7.1% to $1.97. EBITDA for the same quarter rose 2.0% to $896.2 million, or 16.7% of Net sales, and the effective tax rate was 21.1% compared with 22.3% a year earlier.
Source · Based on the MD&A text of the filing
Operating Cash Used $58.9 million, Shareholder Returns $728.0 million
The company said it used $58.9 million of Net operating cash in Q1 2024, citing seasonal increases in working capital as the main reason. It said it returned $728.0 million to shareholders through dividends and share repurchases over the same period, and total debt as of March 31, 2024 was $10.735 billion.
Source · Based on the MD&A text of the filing
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.
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