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Aug 31, 2023
RPM Q1 2024 Earnings Report
RPM achieved record first-quarter results driven by strong execution and MAP 2025 initiatives.
Key Takeaways
RPM International Inc. reported record first-quarter net sales of $2.01 billion, a 4.1% increase over the prior year. Record net income was $201.1 million, with diluted EPS at $1.56. Adjusted diluted EPS increased 11.6% to $1.64, and adjusted EBIT increased 12.3% to $309.0 million, both all-time records. The company's construction markets were standouts, with the Construction Products Group (CPG) generating record sales and adjusted EBIT.
Record first-quarter net sales of $2.01 billion, a 4.1% increase year-over-year.
Record first-quarter net income of $201.1 million and diluted EPS of $1.56.
Adjusted diluted EPS of $1.64, an 11.6% increase year-over-year, and adjusted EBIT of $309.0 million, a 12.3% increase, both all-time records.
All-time record first-quarter cash provided by operating activities of $359.2 million.
Revenue by Segment
Forward Guidance
The company expects consolidated sales to increase in the low-single-digit percentage range and consolidated adjusted EBIT to increase in the high-single to low-double-digit percentage range for the fiscal year 2024 second quarter. For the full fiscal year 2024, the company expects 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 range.
Positive Outlook
- Positive momentum generated in the first quarter is expected to continue.
- Strategically balanced business model.
- Benefits from MAP 2025 initiatives.
- Focus on repair and maintenance.
- Strong position to serve infrastructure and reshoring demand with engineered solutions.
Challenges Ahead
- Challenging comparisons from record prior-year results.
- Potential impact of economic conditions.
- Uncertainties surrounding global markets.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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