The Sherwin-Williams Company  announced its financial results for the first quarter ended March 31, 2024. Despite a series of market challenges, Sherwin-Williams still achieved solid financial performance, with net sales falling 1.4% to US$5.37 billion (about 38.9 billion yuan) in the first quarter of this year, net profit of US$505 million (about 3.66 billion yuan), a year-on-year increase of 5.8%, and income before income tax of US$640 million, a year-on-year increase of 4.1%.

"In what is a seasonally smaller first quarter and with continued demand choppiness in several end markets, Sherwin-Williams delivered consolidated sales within our guided range, gross margin expansion and diluted earnings per share and EBITDA growth," said President and Chief Executive Officer, Heidi G. Petz. "We also continued to execute our capital allocation strategy by investing $546 million in share repurchases and increasing our dividend 18.2% in the quarter.

"Paint Stores Group sales were up slightly against a strong double-digit comparison, driven by a modest contribution from our February 1 price increase which will reach greater realization in the second quarter. Our recent growth investments helped drive above-market growth in Residential Repaint. Commercial and Protective & Marine sales also grew. New Residential sales were down as anticipated, though we are seeing momentum with our homebuilder customers. Delayed capex projects impacted Property Maintenance sales. In Consumer Brands Group, North America DIY paint demand remained soft, which was partially offset by international growth. Segment margin improved, primarily driven by higher manufacturing and distribution fixed cost absorption, lower raw material costs and improved results in Latin America and Europe. Performance Coatings Group sales were in line with expectations as demand remained variable by business and region. Sales grew in Industrial Wood and Coil. Sales were flat in Auto Refinish against a mid-teens comparison, and Packaging sales were down, as expected. General Industrial demand was soft in all regions. Segment margin improved year-over-year for the fifth consecutive quarter. In all segments, we continued to execute on our priorities which we expect will drive increasing momentum as the year progresses."