The paint and coating manufacturer Sherwin-Williams released preliminary yearly results and fourth quarter results Friday.
Paint maker and retailer Sherwin-Williams said 2021 sales were hurt by rising raw material costs and labor shortages among contractors.CLEVELAND, Ohio — Sherwin-Williams sales were hurt by rising raw material costs and labor shortages among contractors in 2021, but the company said in reporting fourth-quarter results Friday that it has momentum going into 2022.
“Our lower than expected earnings relative to our prior guidance is related to a shortfall in the Americas Group, where sales were below our guidance due to slower than expected improvement in raw material availability and COVID-related labor headwinds in December.” The company said the price of raw materials kept rising in 2021. To keep up with rising costs, the company said it was raising prices in all three of its markets, which includes the products it sells in Sherwin-Williams stores, and the consumer and contractor products it sells at other retailers.The company said many of the contractors it sells to are dealing with labor shortages, reducing the amount of work they can do — and how much paint they’ll buy.