RPM Reports Record Net Sales in First 2020 Fiscal Quarter
RPM’s net sales in the fiscal 2020 first quarter were a record $1.47 billion, compared to $1.46 billion reported a year ago.
RPM International Inc. recently reported financial results for its fiscal 2020 first quarter ended August 31, 2019. Net sales in the fiscal 2020 first quarter were a record $1.47 billion, compared to $1.46 billion reported a year ago.
“We continued to experience the benefits of the plant rationalization, manufacturing improvements and center-led procurement initiatives of our 2020 MAP to Growth operating improvement plan during the quarter,” said Frank C. Sullivan, chairman and CEO. “These actions resulted in adjusted EBIT and EPS performance that met our projections despite modest top-line sales growth. As we anticipated in July, sales growth was modest as a result of an extremely wet June that slowed painting and construction activity in North America and unfavorable foreign exchange. We were encouraged to see our restructuring program drive significant EBIT margin improvement across all of our segments. On a consolidated basis, our adjusted EBIT margin improved 260 basis points.