Refinish Business Review
Q4 2022 Key Messages
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Earnings near top of guidance range driven by pricing momentum and volume growth with
notable margin recovery from Mobility Coatings
2% volume growth YoY as market recovery in Mobility Coatings more than offset pockets of
softer Industrial demand and slower China recovery in Performance Coatings
12% price-mix growth YoY; 3% sequential price-mix growth reflects continued focus on margin
recovery across every end-market
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Adjusted EBIT margins improved 130 basis points YoY as pricing more than covered
elevated, but stabilizing, raws and logistics environment
Delivered $206 million of Free Cash Flow; net leverage sequentially lower to 3.8x
Driving Improved Profitability Through Execution On Key Priorities
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