RPM International (NYSE: RPM) reported first-quarter earnings of 95 cents per share, which beat the analyst consensus estimate of 92 cents by 3.26%. This is a 25% increase over earnings of 76 cents per share from the same period last year.
The company reported quarterly sales of $1.47 billion, which missed the analyst consensus estimate of $1.5 billion by 2%. This is a 0.68% increase over sales of $1.46 billion the same period last year.
"We continued to experience the benefits of the plant rationalization, manufacturing improvements and center-led procurement initiatives of our 2020 MAP to Growth operating improvement plan during the quarter,” said RPM CEO Frank Sullivan.
“As we anticipated in July, sales growth was modest as a result of an extremely wet June that slowed painting and construction activity in North America and unfavorable foreign exchange. We were encouraged to see our restructuring program drive significant EBIT margin improvement across all of our segments. On a consolidated basis, our adjusted EBIT margin improved 260 basis points."
RPM International shares were trading up 1.24% at $68 in Wednesday's pre-market session. The stock has a 52-week range between $70.49 and $51.95.
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