Sherwin-Williams (NYSE: SHW) posted slightly better-than-expected earnings for the fourth quarter, but the company's outlook for 2023 was well short of what investors had expected. The market is forward-looking, and shares of Sherwin-Williams traded down as much as 11% on Thursday morning following the results.

Sherwin-Williams paints and coatings are used in a wide range of industries, from aerospace to manufacturing to housing. The company earned $1.89 per share in the fourth quarter, beating expectations by $0.03, thanks to strong pricing power in its industrial coatings division. The consumer division, meanwhile, saw net sales fall primarily due to lower volumes.

For the year, Sherwin-Williams generated $22.15 billion in revenue, up 11.1% from 2021. Net sales from stores in the U.S. and Canada increased by 11.7% in the year. Consumer operations in Europe and Asia struggled, but the company was able to extract margin improvements from its industrials arm.

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Source Fool.com