Despite political and economic uncertainty persisting globally, the company remains steadfast in its focus on controlling costs, cash conversion, and driving growth. The company expects to return to organic growth during 2024, although the timing of the recovery remains uncertain.

Although sales are still down since the previous year, the good start into the year gives the company confidence that it can achieve its targets for the fiscal year.

The coatings manufacturer reported record earnings per diluted share, while organic sales declined versus the prior year. 

The company recorded third-quarter net sales that were up 0.4% from the prior year. The company expects the next quarter consolidated sales to be approximately flat compared to prior-year record results.

The company saw a decline in sales, however strengthened business through various acquisitions and investments. 

In a year that surpassed expectations, Hempel achieved historic-high organic revenue growth. 

The loan from the European Investment Bank will be used to finance research and development activities at the company, which firmly integrated sustainability into all elements of its corporate strategy in 2022.

The results show a solid year, and Q4 confirms positive momentum in margin expansion and deleveraging efforts that are expected to continue in 2024. 

"We delivered significant year-over-year cash flow improvement in 2023, including a strong fourth quarter finish, which underscores our ongoing prioritization of working capital management," said Ed Breen, DuPont Executive Chairman and Chief Executive Officer. 

Highlights of the report include a 12% volume growth and 5.5% value growth in the company's Decorative Business segment in addition to showing a consistent double-digit volume growth trend on a four-year CGR basis.