Sherwin Williams Co. Q1 FY2024 results: revenue $5.4 billion, down 1.4% on the year

Sherwin Williams Co. (SHW) reported revenue of $5.4 billion for Q1 FY2024, the quarter ended 31 March 2024, down 1.4% on the same quarter a year earlier. Net income was $505 million, up 5.8% on the year, and diluted earnings per share $1.97. The figures are the company's own, from the 10-Q it filed with the SEC on 30 April 2024.

Revenue$5.4 billiondown 1.4%

Net income$505 millionup 5.8%

Diluted EPS$1.97

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	5,367	5,252	n/a	n/a
Cost of revenue	2,836	2,704	n/a	n/a
Gross profit	2,531	2,549	n/a	n/a
Gross margin	47.2%	48.5%	n/a
Selling, general and administrative	1,800	1,856	n/a	n/a
Operating income	884	791	n/a	n/a
Operating margin	16.5%	15.1%	n/a
Interest expense	103	94.6	n/a	n/a
Pre-tax income	640	474	n/a	n/a
Income tax	135	118	n/a	n/a
Effective tax rate	21.1%	24.9%	n/a
Net income	505	356	n/a	n/a
Net margin	9.4%	6.8%	n/a
Diluted EPS	$1.97	$1.39	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	-58.9	919	n/a	n/a
Capital expenditure	284	320	n/a	n/a
Free cash flow	-343	599	n/a	n/a
Free cash flow margin	-6.4%	11.4%	n/a
Depreciation and amortisation	153	154	n/a	n/a
Share-based compensation	24.6	43.1	n/a	n/a
Dividends paid	182	155	n/a	n/a
Dividend per share	$0.71	n/a	n/a	n/a
Diluted shares, weighted	256m	258m	n/a	n/a
Shares outstanding at period end	254m	254m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Total assets	23,428	22,954	n/a	n/a
Cash and equivalents	180	277	n/a	n/a
Receivables	2,809	2,468	n/a	n/a
Inventory	2,378	2,330	n/a	n/a
Goodwill	7,621	7,626	n/a	n/a
Total debt, as filed	10,735	9,851	n/a	n/a
Long-term debt	9,479	9,477	n/a	n/a
Operating lease liabilities	1,495	1,510	n/a	n/a
Finance lease liabilities	n/a	0.0	n/a	n/a
Shareholders' equity	3,504	3,716	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	6,117	5,252	5,367	6,272	6,162	5,297	5,306	6,314	6,358	5,596	5,667	6,789
Cost of revenue	3,200	2,704	2,836	3,208	3,135	2,724	2,747	3,196	3,233	2,883	2,886	3,451
Gross profit	2,916	2,549	2,531	3,063	3,028	2,573	2,559	3,118	3,126	2,713	2,780	3,338
Gross margin	48%	49%	47%	49%	49%	49%	48%	49%	49%	48%	49%	49%
SG&A	1,756	1,856	1,800	1,846	1,894	1,883	1,794	2,012	1,953	1,937	1,970	2,104
Operating income	1,299	791	884	1,413	1,321	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Operating margin	21%	15%	16%	23%	21%	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Interest expense	102	94.6	103	111	103	98.5	104	112	117	132	132	136
Pre-tax income	1,009	474	640	1,173	1,023	616	653	986	1,060	639	680	1,112
Tax rate	25%	25%	21%	24%	21%	22%	23%	23%	21%	25%	21%	24%
Net income	762	356	505	890	806	480	504	755	833	477	535	844
Net margin	12%	7%	9%	14%	13%	9%	9%	12%	13%	9%	9%	12%
Diluted EPS	$2.95	$1.39	$1.97	$3.50	$3.18	$1.90	$2.00	$3.00	$3.35	$1.91	$2.15	$3.43
Operating cash flow	1,309	919	-58.9	1,203	1,075	934	-61.1	1,113	1,308	1,092	139	1,348
Capital expenditure	153	320	284	251	235	300	189	182	196	230	138	108
Free cash flow	1,156	599	-343	952	839	634	-250	931	1,111	862	0.8	1,239
Dividends paid	156	155	182	179	182	180	200	198	196	196	197	198
Shares outstanding	256m	254m	254m	252m	252m	251m	251m	249m	248m	248m	247m	243m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 30 April 2024, accession 0000089800-24-000087: the filing on EDGAR. All of Sherwin Williams Co.'s filings: EDGAR company page.

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