RPM Has Good Quarter Despite Challenges

RPM International Inc. had net sales of $1.65 billion for the first quarter of fiscal 2022, an increase of 2.7 per cent compared to net sales of $1.61 billion in the first quarter of fiscal 2021. First quarter net income was $134.6 million, a decrease of 25.5 per cent compared to the $180.6 million in the year-ago period, and income before income taxes (IBT) was $181.5 million compared to $241.4 million. Consolidated earnings before interest and taxes (EBIT) decreased 21.4 per cent to $196.8 million compared to $250.4 million in the fiscal 2021 first quarter. The construction products group (+17.7 per cent), performance coatings group (+9.9 per cent), and specialty products group (+15.2 per cent) generated solid sales and adjusted EBIT growth year-over-year despite challenges due to raw material shortages, supply chain disruptions, and inflation. Consumer group sales decreased 16 per cent year-over-year.