01.06.23
RPM International Inc. reported financial results for its fiscal 2023 second quarter ended Nov. 30, 2022.
RPM’s second-quarter 2023 net sales increased 9.3% to a record $1.79 billion.
Second-quarter net income increased 5.2% to a record $131.3 million, income before income taxes was a record $175.1 million, diluted EPS was a record $1.02, and adjusted diluted EPS was a record $1.10.
Second-quarter EBIT increased 4.9% to a record $196.2 million and adjusted EBIT increased 36.4% to a record $214.7 million. Fiscal 2023 third-quarter outlook calls for sales to increase in the low to mid-single-digit percentage range and adjusted EBIT to be between $75 million and $85 million.
“The second quarter was a positive one for RPM with record sales and significant margin expansion resulting in record adjusted EBIT,” said Frank C. Sullivan, RPM chairman and CEO. “We generated these impressive results despite several macroeconomic challenges. We also introduced our MAP 2025 operating improvement program at an investor day during the quarter and are off to a promising start with year-to-date MAP benefits exceeding our targets.”
He added, “All four of our segments achieved record second-quarter sales, which included the impact of significant foreign exchange headwinds, and three of our four segments generated record second-quarter adjusted EBIT, despite continued year-over-year cost inflation.”
RPM’s second-quarter 2023 net sales increased 9.3% to a record $1.79 billion.
Second-quarter net income increased 5.2% to a record $131.3 million, income before income taxes was a record $175.1 million, diluted EPS was a record $1.02, and adjusted diluted EPS was a record $1.10.
Second-quarter EBIT increased 4.9% to a record $196.2 million and adjusted EBIT increased 36.4% to a record $214.7 million. Fiscal 2023 third-quarter outlook calls for sales to increase in the low to mid-single-digit percentage range and adjusted EBIT to be between $75 million and $85 million.
“The second quarter was a positive one for RPM with record sales and significant margin expansion resulting in record adjusted EBIT,” said Frank C. Sullivan, RPM chairman and CEO. “We generated these impressive results despite several macroeconomic challenges. We also introduced our MAP 2025 operating improvement program at an investor day during the quarter and are off to a promising start with year-to-date MAP benefits exceeding our targets.”
He added, “All four of our segments achieved record second-quarter sales, which included the impact of significant foreign exchange headwinds, and three of our four segments generated record second-quarter adjusted EBIT, despite continued year-over-year cost inflation.”