Sees FY24 revenue growth up in low to mid-single digits, consensus $23.57B. CEO Petz said, “While the macro environment feels more encouraging than it did a year ago, uncertainties remain. We expect to see some recovery in new residential construction, moderation in commercial construction, choppiness in repair and remodel and few catalysts in DIY. We expect Auto Refinish and Protective & Marine demand to remain strong and gradual improvement in Industrial Wood and Packaging, with less clarity in General Industrial. As we look at our entire cost basket, we see modest raw material deflation…We expect gross margin expansion, and strong cash generation will enable us to remain committed to our disciplined capital allocation approach. Against this backdrop, we expect first quarter 2024 consolidated net sales will be up or down a low-single digit percentage compared to 1Q23. For the full year 2024, based on the indicators we see at this time, we expect consolidated net sales to be up a low to mid single digit percentage. With annual sales at this level, we are introducing adjusted diluted net income per share guidance of $10.85 to $11.35 per share, which represents 7% growth from 2023 at the mid-point. We remain steadfast in our focus on maximizing shareholder value.”
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