Jan. 25, 2024 / The Sherwin-Williams Company (NYSE: SHW) announced its financial results for the year and fourth quarter ended December 31, 2023. All comparisons are to the full year and fourth quarter of the prior year, unless otherwise noted.Consolidated net sales increased 4.1% in the year to a record $23.05 billion.

According to the financial report, Sherwin-Williams' net sales in the fourth quarter of 2023 reached US$5.252 billion, a year-on-year increase of 0.4%; Income before income tax was $474 million, down 4.2% year-over-year. Diluted net income per share decreased 6.1% to $1.39 per share and adjusted diluted net income per share decreased 4.2% to $1.81 per share.

"Sherwin-Williams delivered solid fourth quarter results, with positive sales growth and significant year-over-year gross margin improvement," said President and Chief Executive Officer, Heidi G. Petz. "We continued our accelerated growth investments in the quarter, which we are confident will continue to drive profitable above-market growth in future periods. Sales in all three reportable segments were within or better than our guidance. In our architectural businesses, commercial and residential repaint were the strongest performers, while DIY remained challenging. In our industrial businesses, growth varied by division and region, reflecting ongoing choppiness in the market. Paint Stores Group and Performance Coatings Group segment margins expanded year over year.