RPM Reports Record Fiscal 2023 Second-Quarter Results
RPM International Inc. reported financial results for the fiscal second-quarter 2023, which ended November 30, 2022. The company’s second-quarter net sales increased 9.3% to a reported record $1.79 billion. Its 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. Its second-quarter EBIT increased 4.9% to $196.2 million, and adjusted EBIT increased 36.4% to $214.7 million. The company’s 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.”