American City Business Journals
Sherwin-Williams foresees a ‘meaningful’ drop in paint demand in 2023
Sherwin-Williams Co. is expecting “a very challenging demand environment in 2023,” CEO John Morikis told securities analysts on Thursday. The Cleveland-based paint maker reported record sales of $22.1 billion in 2022, up 11% from 2021, and net income of $2 billion, or $7.72 a diluted share, up more than 8% from the prior year on Thursday. “Our fourth quarter completed a strong year for Sherwin-Williams,” Morikis said during a conference call.