The Sherwin-Williams Company's (SHW) CEO John Morikis on Q1 2022 Results - Earnings Call Transcript
The Sherwin-Williams Company (NYSE:SHW) Q1 2022 Earnings Conference Call April 26, 2022 11:00 AM ET
Company Participants
John Morikis - Chairman and CEO
Al Mistysyn - Chief Financial Officer
Jane Cronin - Senior Vice President, Corporate Controller
Jim Jaye - Senior Vice President, Investor Relations and Communications
Conference Call Participants
Vincent Andrews - Morgan Stanley
Jeff Zekauskas - JPMorgan
Josh Spector - UBS
Chris Parkinson - Mizuho
Ghansham Panjabi - Baird
Greg Melich - Evercore ISI
John McNulty - BMO
Steve Byrne - Bank of America
P.J. Juvekar - Citi
Mike Leithead - Barclays
David Begleiter - Deutsche Bank
Kevin McCarthy - Vertical Research
Arun Viswanathan - RBC Capital Markets
Garik Shmois - Loop Capital
Adam Baumgarten - Zelman
Eric Bosshard - Cleveland Research Company
Jaideep Pandya - On Field Research
Operator
Good morning. And thank you for joining The Sherwin-Williams Company’s review of the First Quarter 2021 Results and our outlook for the Second Quarter and Full Year of 2022.
With us on today’s call are John Morikis, Chairman and CEO; Al Mistysyn, CFO; Jane Cronin, Senior Vice President, Corporate Controller; and Jim Jaye, Senior Vice President, Investor Relations and Communications.
This conference call is being webcast simultaneously in listen-only mode by Issuer Direct via the Internet at www.sherwin.com. An archived replay of this webcast will be available at www.sherwin.com beginning approximately two hours after this conference call concludes.
This conference call will include certain forward-looking statements as defined under U.S. federal securities laws with respect to sales, earnings and other matters. Any forward-looking statement speaks only as of the date on which such statement is made and the company undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information future events or otherwise. A full declaration regarding forward-looking statements is provided in the company’s earnings release transmitted earlier this morning. After the company’s prepared remarks, we will open the session to questions.
I will now turn the call over to Jim Jaye.
Jim Jaye
Thank you, and good morning, everyone. Sherwin-Williams delivered first quarter results in line with our expectations in an environment characterized by strong demand, ongoing cost inflation and choppy raw material availability, which began improving meaningfully in the final weeks of the quarter.
Sales in the quarter grew by a high single-digit percentage against a double-digit comparison a year ago, and we delivered sequential improvement and consolidated gross margin and segment margins in all of our businesses.