RPM International’s fiscal third quarter financial report and response to COVID-19 drew the most reader interest last week (RPM Reports Results for Fiscal 2020 Third Quarter and First Nine Months, Addresses Uncertainties Related to COVID-19): “RPM International Inc. recently reported financial results for its fiscal 2020 third quarter ended February 29, 2020. Fiscal 2020 third quarter net sales reached $1.17 billion, an increase of 2.9% over the $1.14 billion reported a year ago.
“‘Our financial performance was strong during the third quarter and was achieved prior to the global COVID-19 pandemic, when underlying market conditions were robust,’ said Frank C. Sullivan, chairman and CEO. ‘We are doing our part to control the spread of the virus, with our priorities being to protect the health and well-being of our associates and their family members, support our local communities to control the spread of the virus, and serve our customers by maintaining the continuity and success of our business operations. We are taking actions to adjust our business activities during this period of uncertainty and are well-positioned with a strong balance sheet and $1.14 billion in liquidity.’
“Construction Products Group net sales increased 4.7%, to $372.1 million during the fiscal 2020 third quarter, compared to fiscal 2019 third quarter net sales of $355.3 million, reflecting organic growth of 5.1% and acquisitions contributing an additional 1%. Foreign currency translation reduced sales by 1.4%.
“‘In the Construction Products Group, we registered strong sales growth from market share gains and the introduction of innovative new products, with the fastest growth being generated in our roofing, below-grade waterproofing and concrete admixtures businesses,’ said Sullivan. ‘Driving earnings growth were pricing, moderating raw material costs, MAP to Growth savings and the favorable leverage impact of higher sales volume.’”
How is the pandemic affecting your business? Please contact me at suttons@bnpmedia.com to share your story.
Top 5 News that Sticks for April 19-25
- RPM Reports Results for Fiscal 2020 Third Quarter and First Nine Months, Addresses Uncertainties Related to COVID-19
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Arkema Realigns Organization to Focus on Specialty Materials with Three Business Segments
#1 last week - Kisling Structural Adhesives Receive Fire-Related Certifications for Rail Transport
- Despite Slowed Growth in March Due to Pandemic, Sika Breaks Sales Record in 2020 First Quarter
- Covestro Adjusts 2020 Fiscal Year Financial Guidance Due to Effects of Coronavirus Pandemic
This weekly roundup highlights the adhesives, sealants, and coatings-related news stories that garnered the most attention during the previous week on our website, as well as our eNewsletters and social media platforms.
