RPM Achieves Record Sales in Its 2022 Fiscal First Quarter
RPM reported that net sales in the fiscal 2022 first quarter increased 2.7% to a record $1.65 billion.
RPM International Inc. recently reported financial results for its fiscal 2022 first quarter ended August 31, 2021. Net sales in the fiscal 2022 first quarter increased 2.7% to a record $1.65 billion, compared to the $1.61 billion reported a year ago.
“Our Construction Products Group, Performance Coatings Group and Specialty Products Group generated solid sales and adjusted EBIT growth for the fiscal 2022 first quarter,” said Frank C. Sullivan, chairman and CEO. “Their performance was particularly impressive given the raw material shortages, supply chain disruptions and inflation all of our segments have experienced and which have resulted in a negative impact on first-quarter sales of approximately $200 million. Sales and earnings for our Consumer Group decreased during the quarter as a result of these factors, as well as a difficult comparison to the prior-year period. All indicators suggest that the underlying demand for our consumer products is still strong and that the supply and material disruptions the segment is currently experiencing are temporary.