News from RPM regarding its financial results for its fiscal first quarter drew the most reader interest last week (RPM Reports Record Sales in Fiscal 2021 First Quarter): “RPM International Inc. recently reported financial results for its fiscal 2021 first quarter, ended August 31, 2020. The company’s fiscal 2021 first quarter net sales increased 9.1% to a record $1.6 billion, compared to the almost $1.5 billion reported a year ago.
“‘Our strategically balanced business model, the resiliency of our operating companies and our MAP to Growth operating improvement program have enabled RPM to pull through the depths of the economic slowdown created by the Covid-19 pandemic, and we are now pivoting the business towards resumed growth,’ said Frank C. Sullivan, chairman and CEO. ‘During our fiscal 2021 first quarter, select segments of the global economy began to gain momentum as stay-at-home orders were relaxed, which freed pent-up demand from last year’s fourth quarter. This helped drive our record top-line results, which grew 9.1% over the prior-year period. This was in sharp contrast to the Covid-19-related sales decline we reported for the fiscal 2020 fourth quarter.
“‘Our two largest segments, the Construction Products Group and the Consumer Group, posted positive growth in the first quarter, while the other two segments declined. Overall, RPM’s results benefitted from the positive impact of our MAP to Growth operating improvement program and our balanced business model, where strength in one segment offsets weakness in another. In addition, much credit for our strong performance is due to our management philosophy, which keeps customer-centric decision making at the operating level and enables our companies to be very nimble in adapting to disruptions, such as those caused by the pandemic. We continue to benefit from successful implementation of our MAP to Growth operating improvement plan, which enabled us to leverage the first-quarter sales growth into even stronger bottom-line results.’”
Top 5 News that Sticks for October 25-31
- RPM Reports Record Sales in Fiscal 2021 First Quarter
- H.B. Fuller Positioning Adhesive Named HYGIENIX Award Finalist #5 last week
- Pilot Chemical Announces Leadership Transition
- IMCD Opens New U.S. Headquarters in Greater Cleveland Area
- Barentz to Acquire Maroon Group
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.