Sherwin-Williams announced its financial results for the first quarter of 2023. Consolidated net sales for Sherwin-Willams 2023 Q1 increased 8.9% to $5.44 billion and net sales from stores in the U.S. and Canada open more than twelve calendar months increased 14.2%. Diluted net income per share increased 30.5%, moving from $1.41 per share in the first quarter 2022 to $1.84 per share in Q1 2023. Adjusted diluted net income per share increased 26.7% to $2.04 per share from $1.61 per share in the first quarter 2022. Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) increased 26.7% to $878.2 million.
Additionally, Sherwin-Williams changed its organizational structure to manage and report the Latin America architectural paint business within the Consumer Brands Group to more closely align demand and service model trends with its current business strategy. The Latin America business was formerly part of The Americas Group, which has become the Paint Stores Group concurrent with this change.
“We delivered strong results in the first quarter with higher than expected consolidated net sales, sequential and year-over-year expansion in gross margin and double-digit percentage growth in diluted net income per share and EBITDA,” says chairman and chief executive officer, John G. Morikis. “Segment margin expanded sequentially and year-over-year in all three of our reportable segments. We also continued to invest in growth initiatives across the business during the quarter while returning cash to our shareholders through an increase in our quarterly dividend and an investment of $301.7 million to repurchase 1.3 million shares.”