Sherwin-Williams's Q4 Earnings Call: Our Top 5 Analyst Questions

Sherwin-Williams posted fourth-quarter results that met Wall Street’s revenue expectations, with modest growth in core segments and a meaningful contribution from the Suvenil acquisition. Management attributed performance to disciplined cost control, continued investment in new stores and sales territories, and strength in protective and marine coatings, despite ongoing softness in do-it-yourself and new residential demand. CEO Heidi Petz emphasized, “Our team continued to execute our playbook while finding new ways to help our customers become more productive and more profitable,” underscoring the company’s resilience in a difficult operating environment.

Is now the time to buy SHW? Find out in our full research report (it’s free for active Edge members).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Sherwin-Williams’s Q4 Earnings Call

• Ghansham Panjabi (Baird) asked about margin outperformance in performance coatings. CEO Heidi Petz and CFO Ben Meisenzoll cited strict SG&A controls and new business wins as key drivers, highlighting ongoing efforts to simplify operations.
• John Roberts (Mizuho) inquired about SG&A growth and the impact of reinstating the 401(k) match. Meisenzoll explained that the company expects low single-digit SG&A growth, with continued cost control and no major impact from the 401(k) reinstatement.
• Greg Melich (Evercore ISI) asked about price realization following the 7% price increase. Petz emphasized a balanced approach to pricing and volume, with the expectation that price realization will be in the low single-digit range for the year.
• Vincent Andrews (Morgan Stanley) sought clarity on Consumer Brands Group growth and Suvenil’s impact. Meisenzoll outlined that Suvenil’s contribution will be most visible until the third quarter, with FX headwinds expected in Latin America later in the year.
• Patrick Cunningham (Citi) questioned strategic opportunities amid industry disruption. Petz stated that Sherwin-Williams will remain aggressive in pursuing new business and leveraging its stable strategy, especially within industrial-facing divisions.

Catalysts in Upcoming Quarters

In the coming quarters, our team will closely monitor (1) the pace of share gains and new account wins in residential repaint and protective coatings, (2) the company’s ability to pass through incremental pricing without sacrificing volume in a highly competitive market, and (3) progress on Suvenil integration and its contribution to international growth. Ongoing cost control measures and the effectiveness of store expansions will also be important indicators of execution.

Sherwin-Williams currently trades at $365.21, up from $349.60 just before the earnings. At this price, is it a buy or sell? The answer lies in our full research report (it’s free).

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