Sees FY23 revenue growth down in mid-single digits to flat, consensus $23.01B. CEO Morikis said, "…we expect to outperform the market in 2023 just as we have in the past. At the same time, we will not be immune from what we expect to be a very challenging demand environment in 2023. Visibility beyond our first half of the year is limited. On the architectural side, U.S. housing will be under significant pressure this year. Slowing existing home sales and continued high inflation also will be headwinds. On the industrial side, we have already seen a slowdown in Europe, and the same is beginning to appear in the U.S. across several sectors. In China, COVID remains a factor and the trajectory of economic recovery is difficult to map…We expect raw material costs to decrease by a low to mid-single digit percentage, while other costs, including wages, are expected to increase by a mid-to-high single digit percentage… Should we see the year playing out differently than our current assumptions, we will adjust expectations and leverage opportunities to drive improved performance. I am highly confident in our leadership team, which is deep and experienced and has been through many previous business cycles. We remain steadfast in our focus on creating shareholder value."
Published first on TheFly
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