RPM International Q1 Profit Climbs, Tops Estimates; Sees Growth In Q2, Backs FY24 View

(RTTNews) - RPM International Inc (RPM), a specialty coatings, sealants and building materials company, reported Wednesday that its first-quarter net income attributable to the company grew 19 percent to $201.08 million from last year's $169.01 million.

Earnings per share were $1.56, up 19.1 percent from $1.31 a year ago. Adjusted earnings per share were $1.64, compared to last year's $1.47.

On average, 13 analysts polled by Thomson Reuters expected earnings of $1.55 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales grew 4.1 percent to $2.01 billion from last year's $1.93 billion. The Street was looking for sales of $1.97 billion for the quarter. Consolidated volumes increased modestly.

Looking ahead for the second quarter, the company expects consolidated sales to increase in the low-single-digit percentage range compared to prior-year results.

Consolidated adjusted EBIT is projected to rise in the high-single to low-double-digit percentage range.

For fiscal 2024, RPM continues to expect consolidated sales to increase in the mid-single-digit percentage range, and consolidated adjusted EBIT to increase in the low-double-digit to mid-teen percentage.

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