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    Breaking News

    RPM Reports Fiscal 2021 2Q Results

    Sales increased 6% to $1.49 billion, RPM reported.

    RPM Reports Fiscal 2021 2Q Results
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    Coatings World staff01.06.21

    RPM International Inc. reported record sales, earnings and cash from operations for its fiscal 2021 second quarter ended Nov. 30, 2020.

     

    Second-Quarter Consolidated Results

    Fiscal 2021 second-quarter net sales were a record $1.49 billion, up 6% over the $1.40 billion reported a year ago. Net income was up 65.7% to $127.7 million versus $77 million in the year-ago period. 

     

    Diluted earnings per share (EPS) were $0.98, an increase of 66.1% over the $0.59 reported in the year-ago quarter. Income before income taxes (IBT) was $167 million, up 64.1% compared to $101.8 million reported in the prior year’s second quarter. RPM’s consolidated earnings before interest and taxes (EBIT) were up 49.8% to $178.7 million compared to $119.3 million reported in the year-ago period.

     

    The fiscal 2021 second quarter included $18.6 million in charges for restructuring related to the company’s MAP to Growth operating improvement plan and other charges, as well as a $2 million charge for the resolution of a legacy investigation by the Securities and Exchange Commission (SEC). 

     

    The same period of fiscal 2020 included charges of $34.4 million for restructuring and acquisition-related costs. Excluding these charges, RPM’s adjusted EBIT was up 29.7% to $199.3 million compared to $153.7 million during the year-ago period. 

     

    The company has excluded the impact of gains and losses from marketable securities from adjusted EPS, as their inherent volatility is outside of management’s control and cannot be predicted with any level of certainty. 

     

    These investments resulted in a net pre-tax gain of $7.5 million for the second quarter of fiscal 2021 and $5.9 million during the same quarter last year. Excluding the restructuring and other charges, as well as investment gains and losses, adjusted diluted EPS increased by 39.5% to $1.06 compared to $0.76 in fiscal 2020.

     

    “Thanks to the efforts of our associates to grow the top line during challenging economic conditions worldwide, coupled with operational improvements, we achieved record second-quarter sales, earnings and cash flow,” said Frank C. Sullivan, RPM chairman and CEO.

     

    “Once again, our MAP to Growth program generated strong leverage to the bottom line, despite moderate sales growth. Organic sales grew by 3.5% during the second quarter. Acquisitions contributed 2.3% and included the recent addition of Ali Industries, which positively impacted both sales and earnings while also demonstrating our renewed focus on growth. Foreign currency translation added 0.2% to sales as international markets, particularly those in Europe, continued to improve.

     

    “On an adjusted basis, our consolidated EBIT margin increased 240 basis points to 13.4% during the quarter, driven by three of our four segments registering substantial EBIT margin improvements. This was even more impressive given a tough comparison to last year when adjusted EBIT increased by 22%,” said Sullivan. 

     

    Second-Quarter Segment Sales and Earnings 

     

    During the fiscal 2021 second quarter, Construction Products Group net sales increased 0.8% to $503.5 million from $499.5 million a year ago, reflecting organic growth of 1.2%, which was somewhat offset by foreign currency translation headwinds of 0.4%. 

     

    Segment IBT was $71.8 million compared with $57.1 million a year ago. EBIT increased 25% to $74 million compared to $59.2 million in the fiscal 2020 second quarter. The segment incurred restructuring-related expenses and other costs of $4.5 million during the second quarter of fiscal 2021 and $2.7 million during the same period of fiscal 2020. 

     

    Excluding these charges, fiscal 2021 second-quarter adjusted EBIT increased 26.8% to $78.5 million from adjusted EBIT of $61.9 million reported during the year-ago period.

     

    “Our Construction Products Group was able to leverage modest sales growth into outstanding results on the bottom line, due in large part to our MAP to Growth program, aggressive discretionary cost cuts and proactive management to improve its product mix,” said Sullivan. “This was achieved despite commercial and institutional construction markets that continue to be soft in North America and Europe. The segment was able to maintain its top line by focusing on renovation and restoration projects, expanding its position as a single-source provider of building envelope systems and continuing to take market share with industry-leading construction technologies, including its Nudura insulated concrete forms.”

     

    Fiscal 2021 second-quarter Performance Coatings Group net sales decreased 11.6% to $258.8 million from $292.7 million a year ago, reflecting an organic decline of 12.2%, offset somewhat by foreign currency translation of 0.4% and acquisitions of 0.2%. 

     

    Segment IBT and EBIT were $24 million compared with $33.3 million a year ago, a decrease of 27.8% compared to the year-ago period. The segment reported second-quarter restructuring and other charges related to the company’s MAP to Growth program of $4 million in fiscal 2021 and $3.7 million during the same period of fiscal 2020. 

     

    Adjusted EBIT, which excludes these charges, decreased 24.2% to $28 million during the second quarter of fiscal 2021 from adjusted EBIT of $37 million during the year-ago period.

     

    “Similar to last quarter, the Performance Coatings Group’s sales continued to be impacted by COVID-19 restrictions that limited access to construction sites and weak energy markets that have caused deferred industrial maintenance spending. Conditions in emerging markets were particularly challenging. In addition, its Carboline business was temporarily disrupted by a series of hurricanes in the Gulf region of the U.S.,” said Sullivan. “The segment’s earnings were impacted by declining sales, partially offset by MAP to Growth savings and discretionary cost reductions. Out of all our segments, the Performance Coatings Group has been unfavorably affected the most by the pandemic. However, it also stands to benefit significantly from the pandemic’s end, as its customers catch up on deferred maintenance and construction projects.”

     

    The Consumer Group generated a 21.4% increase in sales, which grew to $547.5 million from $450.9 million in the fiscal 2020 second quarter. Organic sales increased 15.2%, while acquisition growth contributed 5.8% and foreign currency translation increased sales by 0.4%. 

     

    The top line benefitted from the current-quarter acquisition of Ali Industries, which is the largest acquisition that RPM has executed since fiscal 2013. Consumer Group IBT and EBIT were $88.4 million compared with $34.5 million in the prior-year period, an increase of 156.2%. 

     

    The segment incurred restructuring and other charges related to the company’s MAP to Growth program and acquisition costs totaling $2.2 million during the second quarter of fiscal 2021 and $20.2 million of restructuring-related costs during the same period of fiscal 2020. 

     

    Excluding these expenses, adjusted EBIT was up 65.8% to $90.7 million for the fiscal 2021 second quarter versus adjusted EBIT of $54.7 million for the year-ago period.

     

    “The Consumer Group’s outstanding performance was driven by our broad distribution and market-leading position as consumers tackled significantly more projects while homebound because of the pandemic. We are investing in paint-making and aerosol filling capacity to help meet this demand. The top line also benefited from brisk cleaning product sales, favorable translational foreign exchange and the recent acquisition of Ali Industries, provider of Gator brand sandpaper and other abrasive products,” said Sullivan. “Raw material costs were stable overall during the second quarter, but are currently rising. High sales volumes and MAP to Growth savings were leveraged to the segment’s strong bottom line.”

     

    During the second quarter of fiscal 2021, the Specialty Products Group reported sales of $176.1 million, an increase of 11.3% compared to $158.2 million in the year-ago period. Organic sales increased 6.6%, a recent acquisition added 3.8% and foreign currency translation increased sales by 0.9%. 

     

    Specialty Products Group IBT was $28.4 million compared with $18.8 million in the prior-year period. EBIT was $28.5 million, an increase of 51.7% compared to $18.8 million in the fiscal 2020 second quarter. 

     

    The segment reported second-quarter restructuring and other charges related to the company’s MAP to Growth of $1.1 million in fiscal 2021 and $4.4 million during the same period of fiscal 2020. 

     

    Adjusted EBIT, which excludes restructuring-related expenses, was $29.6 million in the fiscal 2021 second quarter, an increase of 27.7% compared to $23.2 million in the year-ago period.

     

    “Recent management changes at the Specialty Products Group have helped to turn around results at the segment this quarter. Sales were boosted by increased hurricane and wildfire activity, which drove demand for our water restoration equipment, as well as fluorescent pigments, which are used in fire retardant tracer dyes. Additionally, we continued to experience strong demand for our expanding lineup of disinfectants, air purification equipment and HEPA filters. A few of this segment’s end markets have improved. For example, sales of its industrial wood protection products increased as a result of a stronger residential market that has driven demand for lumber, furniture and cabinets in the U.S. We also expanded sales in our forestry chemicals business in Australia and New Zealand,” said Sullivan. “The segment’s bottom line increased due to higher sales volumes, operational improvements and MAP to Growth savings.”

     

    First-Half Consolidated Sales and Earnings

     

    Fiscal 2021 first-half net sales increased 7.6% to $3.09 billion from $2.87 billion during the first six months of fiscal 2020. Organic growth was 6.5%, with acquisitions adding 1.4%. Foreign currency translation headwinds reduced sales slightly by 0.3%. 

     

    Net income was $308.3 million, an increase of 68.2% compared to $183.2 million in the fiscal 2020 first half. Diluted EPS increased by 68.1% to $2.37 versus $1.41 a year ago. IBT was up 66.9% to $408.3 million compared to $244.6 million reported in the fiscal 2020 first half. EBIT was $429.1 million, an increase of 50.5% versus the $285.1 million reported last year.

     

    The fiscal 2021 first half included restructuring and other charges of $37.4 million, as well as the $2 million charge for the resolution of the legacy SEC investigation. The same period during fiscal 2020 included the impact of charges of $61.2 million primarily for restructuring and acquisitions. 

     

    Excluding these charges, RPM’s first-half adjusted EBIT was up 35.3% to $468.5 million compared to adjusted EBIT of $346.2 million during the year-ago period. 

     

    Investments resulted in a net pre-tax gain of $18.1 million for the first half of fiscal 2021 and $8.7 million during the same period last year. 

     

    Excluding the restructuring and other charges, as well as investment gains and losses, adjusted diluted EPS increased by 46.2% to $2.50 compared to $1.71 in fiscal 2020.

     

    First-Half Segment Sales and Earnings 

     

    Fiscal 2021 first-half sales in the Construction Products Group were up 1.5% to $1.05 billion from $1.04 billion in the fiscal 2020 first half. Organic sales increased by 2.4% and were somewhat offset by foreign currency translation headwinds of 0.9%. 

     

    IBT for the segment was $170.2 million compared to $139.8 million in fiscal 2020. EBIT of $174.4 million was up 21.2% compared to $143.9 million in the first half of last year. 

     

    The segment incurred restructuring and other expenses of $6.4 million during the first half of fiscal 2021 and restructuring and acquisitions costs of $4.9 million during the same period of fiscal 2020. Excluding these charges, Construction Products Group adjusted EBIT increased 21.5% to $180.8 million from an adjusted EBIT of $148.8 million a year ago.

     

    Performance Coatings Group's first-half sales for fiscal 2021 were $518.6 million, a decrease of 12.1% from $590 million in the fiscal 2020 first half. Organic sales declined 12.2%, while foreign currency translation reduced sales by 0.1%. Acquisition growth added 0.2%. 

     

    Segment IBT was $52.6 million versus the $61.4 million reported in fiscal 2020. EBIT decreased by 14.5% to $52.6 million compared to $61.5 million in the first half of last year. The segment reported restructuring-related charges of $6.3 million during the fiscal 2021 first half and restructuring and acquisition charges of $12.4 million for the same period of fiscal 2020. 

     

    Performance Coatings Group adjusted EBIT, which excludes these charges, was $58.9 million, a decrease of 20.3% from adjusted EBIT of $73.9 million a year ago.

     

    First-half sales for the Consumer Group grew 27.8% to $1.19 billion from $930.2 million a year ago. Organic sales growth was 24.9%, acquisitions added 2.8%, while foreign currency translation increased sales by 0.1%. 

     

    The Consumer Group reported IBT of $221.1 million versus $93.6 million during the prior-year first half. EBIT of $221.2 million for the first six months of fiscal 2021 increased 135.9% compared to $93.8 million in the prior-year period. 

     

    The segment incurred restructuring and acquisition expenses of $6.2 million during the first half of fiscal 2021 and restructuring-related charges of $22.6 million during the first six months of fiscal 2020.

     

    Excluding these charges, fiscal 2021 first-half Consumer Group adjusted EBIT was up 95.4% to $227.4 million from adjusted EBIT of $116.4 million in the year-ago period.  

     

    Specialty Products Group sales were $334.1 million, an increase of 5% compared to $318.3 million in the 2020 first half. 

     

    Acquisitions contributed 4%, foreign currency translation increased sales by 0.6% and organic sales added 0.4%. 

     

    IBT for the segment was $48.9 million compared to $42.1 million in fiscal 2020. For the first half of fiscal 2021, segment EBIT was $49 million, an increase of 16.5% compared to $42.1 million a year ago. 

     

    The segment reported restructuring-related charges of $4.7 million for the first six months of fiscal 2021 and $9.7 million for the same period of fiscal 2020. 

     

    Specialty Products Group adjusted EBIT, which excludes these charges, was $53.7 million, an increase of 3.6% versus adjusted EBIT of $51.8 million during the first six months of fiscal 2020.  

     

    Record Cash Flow and Financial Position

     

    For the first half of fiscal 2021, cash from operations grew by 93.1% to a record $579.5 million compared to $300.2 million a year ago. This increase of $279.3 million was due to initiatives to improve working capital metrics and profit margins. 

     

    Capital expenditures of $70.9 million compared to $71.4 million during the first half of last year. Total debt at Nov. 30, 2020, was $2.30 billion, compared to $2.52 billion at Nov. 30, 2019, and $2.54 billion at May 31, 2020. 

     

    At Nov. 30, 2020, total liquidity was $1.56 billion and included cash of $272.9 million and $1.29 billion in committed available credit. 

     

    “Our balance sheet is stronger than it has ever been. We have been strategic in managing our record cash flow, using it to pay down debt, make acquisitions and increase our cash reserves,” said Sullivan.

     

    Business Outlook

     

    “Looking ahead to the fiscal 2021 third quarter, we anticipate consolidated sales to grow in the mid-single-digit range with strong leverage to the bottom line for adjusted EBIT growth of 30% or more. Our third quarter typically provides modest sales activity each year because it falls during the winter months when painting and construction activity slow. This seasonal reduction of activity will benefit our Consumer Segment by allowing it to replenish retail inventories after working to meet the unprecedented demand over the last six months,” said Sullivan.

     

    “On a segment basis, we expect fiscal 2021 third-quarter sales to be flat to negative in the Construction Products Group as it focuses on building restoration, renovation and innovation to outperform its peers in a challenging construction market. We anticipate that negative sales growth will continue in the Performance Coatings Group, which serves our most challenged end markets. The Consumer Group is expected to continue its double-digit sales growth and will benefit on both the top and bottom line from the recent acquisition of Ali Industries, which is performing better than projected. We anticipate positive sales growth from the Specialty Products Group to continue into the third quarter, driven by new management, improved business development initiatives and a recovering OEM customer base,” said Sullivan. “Sales in all four segments should be up in the fiscal 2021 fourth quarter due to an easier comparison to last year’s fourth quarter, which is when the economic interruption caused by the pandemic was most severe.”

     

    “Our MAP to Growth program continues to have tremendous momentum. As previously announced, the disruption caused by the outbreak of COVID-19 has delayed the finalization of MAP to Growth past the original target completion date of Dec. 31, 2020. We expect that we will reach the planned run rate of $290 million in annualized savings by the conclusion of our fiscal year ending May 31, 2021,” said Sullivan. “That said, through our culture of continuous improvement, we continue to add to our robust pipeline of cost-saving initiatives and operational improvements that will carry into fiscal 2022 and beyond after the formal MAP to Growth program has ended.”

     

     

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