Shares of RPM International, Inc. (NYSE: RPM) are trading higher during today’s pre-market session following a strong earnings report.
Sales grew 13.7% from $1.744 billion at the end of fiscal year 2021 to $1.984 billion at fiscal year-end 2022. RPM’s EBIT grew 17.1% as it went from $215 million at fiscal year-end 2021 to $252 million at fiscal year-end 2022.
RPM notes that its 2022 Q4 sales figure is a record high for the company.
It also reported a 27.4% year-over-year net Income growth as it reached $199 million to end fiscal-year 2022.
RPM maintained a promising 2023 quarter-one outlook even amid a possible recession. The company believes its sales figure will “increase in the mid-teens” for the first quarter of the fiscal year. In addition, management believes adjusted EBIT will “increase 20% to 25%” for 2023 quarter-one.
RPM notes that “capitalizing on market opportunities and industry trends” will positively impact its first quarter while “rising interest rates” will hurt financial performance.
RPM is an international construction materials company. It provides users goods such as specialty coatings, sealants, and many more.
Price Action: Shares are up 3.48% at around $89.11 during this morning’s pre-market session, according to Benzinga Pro.
Photo: Courtesy of Troy Mortier on Unsplash
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