Sherwin-Williams / PPG / AkzoNobel 'stopping growth'! Is the 2024 coatings industry 'truly difficult'?

However, compared to 2023, Sherwin-Williams’ record net sales of $23.1 billion last year grew by only 0.2%—a marginal increase effectively negligible. Based on performance data from Sherwin-Williams’ three business segments: its Paint Stores Group (PSG) achieved Q4 2024 net sales of $3.0449 billion, up 3.4%, driving a corresponding increase in segment profit. Meanwhile, the Consumer Brands Group (CBG) saw net sales decline 4.3% year-on-year to $662.2 million, and the Performance Coatings Group (PCG) posted a 1.6% decline in net sales to $1.589 billion. By divesting its silica products business and architectural coatings operations in the U.S. and Canada, PPG achieved a 10% increase in net income to $1.344 billion last year, while strengthening its financial position—including raising its adjusted EBITDA margin to 18.1%—enabling sustainable organic growth. Additionally, emerging markets such as Mexico and India delivered above-expectations contributions; aerospace coatings, protective & marine coatings, packaging coatings, and transportation solutions emerged as new growth engines for PPG, supporting a 6% increase in adjusted earnings per share (EPS). Nonetheless, PPG’s revenue declined 2% year-on-year to $15.845 billion, impacted by slightly lower sales volumes, adverse foreign exchange effects, and the impact of asset divestitures. PPG was the only one among the three industry giants to post a revenue decline last year. Moreover, its global architectural coatings segment recorded Q4 net sales of $881 million—a 7% drop year-on-year—and segment profit fell 10% to $118 million. Its industrial coatings segment reported net sales of $1.586 billion—a 9% decline—and segment profit of $185 million, down 20% year-on-year. Tim Knavish, Chairman and CEO of PPG, commented on the company’s annual and quarterly performance: “Throughout 2024, we demonstrated resilience amid a challenging macroeconomic environment—delivering 6% growth in adjusted EPS, improving total segment margin, and generating $1.4 billion in operating cash flow—to deliver value to shareholders.” Over the past year, AkzoNobel’s net profit rose 22.6% to €542 million (approx. $563 million), though its revenue remained essentially flat at €10.711 billion (approx. $11.126 billion). In Q4 2024, AkzoNobel achieved sales of €2.619 billion, up 4% year-on-year. Due to price increases, organic sales rose 1%. Coatings volume increased—particularly in Asia—but was offset by declines in decorative paints volume across EMEA and China. Price/mix contributed +1%; favorable currency effects added +3%, resulting in overall revenue growth of +4%. Adjusted EBITDA rose 3% to €321 million; operating profit stood at €127 million, down 40.65% year-on-year—primarily due to restructuring costs.

PPG / Sherwin-Williams / Axalta / RPM named to the '2025 Most Responsible Companies in America' list

As a global leader in coatings manufacturing, Sherwin-Williams’ notable progress in sustainability cannot be overlooked. Since its founding, the company has consistently pursued innovation-driven development and embraced environmental protection and green principles, striving to deliver high-quality coating products and professional finishing solutions to customers. Through differentiated solutions, Sherwin-Williams helps customers enhance productivity and profitability. Heidi G. Petz, President and CEO of Sherwin-Williams, stated that even amid persistently challenging macroeconomic conditions, the company will continue outperforming the market through strategic investments in growth and operational efficiency. In recent years, Sherwin-Williams has achieved steady growth via continuous technological innovation, sustainability strategies, and global market expansion—its financial performance continues to climb. Notably, it has excelled particularly amid rising demand for green building and eco-friendly coatings. Financial reports show that Sherwin-Williams achieved net sales of $17.8013 billion in the first three quarters of 2024—essentially flat year-on-year—and net income of $2.2013 billion, up 8.3% year-on-year. Recently, Sherwin-Williams projected full-year 2024 sales to be flat to low single-digit percent versus 2023, with diluted net EPS guidance of $10.30–$10.60. The company also affirmed its ongoing commitment to delivering high-quality products and services while managing internal factors to achieve sustainable growth. Axalta ranked 404th overall and 31st within the Materials & Chemicals industry category. With the continuous advancement of the new energy vehicle (NEV) industry, sustainability strategies have raised the bar for insulating materials used in NEV motors. As one of the earliest industry players to enter the NEV sector, Axalta closely follows key sustainability trends—including electric vehicles and renewable energy—and its energy solutions have grown in tandem with the industry. Targeting the booming NEV market, Axalta has developed a suite of sustainable products—including the Voltatex® electrical insulation solution—designed to extend the service life and improve the efficiency of variable-frequency motors, while meeting higher environmental standards and minimizing ecological impact. At Axalta, sustainability permeates all aspects of the business and is evaluated holistically through Environmental, Social, and Governance (ESG) criteria: reducing operational environmental impact; leveraging product advantages to help customers lower energy consumption and emissions during operations; maintaining safe operations; providing employees with career development opportunities; supporting local communities; acting ethically where the company operates; and complying fully with all applicable laws and regulations. RPM ranked 419th overall and 37th within the Materials & Chemicals industry category. Notably, RPM received the highest score among the four companies in the ‘Environmental Issues’ category. Under the continued implementation of its MAP 2025 initiative, RPM achieved a record-setting adjusted EBIT for the 11th consecutive quarter in fiscal Q1 2025 (ended August 31, 2024). That quarter generated net sales of $1.97 billion, down 2.1% year-on-year.

Sherwin-Williams Posts Q1 Adjusted EPS of $2.35, Beating Estimates

Apr 28, 2026

Sherwin-Williams reported Q1 adjusted EPS of $2.35, beating FactSet estimates of $2.27. The April 28, 2026 announcement reflects solid financial performance for the global coatings manufacturer.

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Sherwin-Williams Posts Q1 Adjusted EPS of $2.35, Beating Estimates

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Sherwin-Williams (SHW) Q1 2026 Earnings Transcript