Earnings

Sherwin-Williams Sees Flat 2Q Sales, but Profit Jumps

Sales within the company's Performance Coatings Group increased 0.3% during the quarter.

By Mark Powell

July 25, 2023

On July 25, paint and coating manufacturer Sherwin-Williams Company announced its 2023 second-quarter earnings, which included a modest 0.3% increase in sales for its Performance Coatings Group.

The group includes divisions of Auto Refinish, Coil, General Industrial, Industrial Wood and Packaging. Sales for the group were nearly $1.795 billion, up slightly from the roughly $1.79 billion reported in 2Q 2022.

Adjusted segment profit for the Performance Coatings Group was $322.3 million, a 30.4% increase over the same quarter in 2022. Adjusted segment margin was 18.0%, an increase of 420 basis points.

For the company as a whole during 2Q, net sales increased 6.3% to $6.24 billion. Gross profit for the quarter was $2.872 billion, a 17% increase over 2Q 2022.

Mark Powell

Mark Powell is MDM's Associate Editor. He is a former mainstream news reporter and editor and has worked in the online, print, radio and TV news industries. Mark earned a bachelor's degree from San Jose State University and a master's degree from California State University, Bakersfield. He has lived and worked in various cities across California, Colorado and Kansas and currently lives in Shafter, California.

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