RPM Reports Strong Results for Fiscal 2021 Third Quarter
Net sales for the fiscal 2021 third quarter were almost $1.3 billion, an increase of 8.1% over the nearly $1.2 billion reported a year ago.
RPM International Inc. recently reported financial results for its fiscal 2021 third quarter, ended February 28, 2021. Fiscal 2021 third quarter net sales were almost $1.3 billion, an increase of 8.1% over the nearly $1.2 billion reported a year ago. Net income in the 2021 quarter increased 222.6% to $38.2 million, compared to $11.9 million reported in the year-ago period.
"In mid-February, severe winter storm Uri disrupted North American transportation, distribution and supply chains," said Frank C. Sullivan, chairman and CEO. "With concern about the potential impact of transportation gridlock and lost shipping days as we closed out the quarter and the desire to maintain transparent communication with our investors, we lowered our third-quarter guidance on February 18. The third quarter is our seasonally low quarter and historically generates only 5% to 10% of our annual earnings, so the magnitude of relatively small variations in earnings becomes magnified. Fortunately, due to the extraordinary efforts of our associates who were able to catch up and execute delivery of customer orders, as well as the fact that plants, distribution centers and transportation networks resumed operation more quickly than anticipated, we exceeded our original third-quarter sales and earnings guidance.