RPM International Inc. (NYSE:RPM) noticed its shares travel higher Wednesday morning, on the release of its latest financial figures.
Fiscal 2021 first-quarter net sales increased 9.1% to a record $1.61 billion compared to the $1.47 billion reported a year ago. First-quarter net income was $180.6 million, up 70.1% over the $106.2 million reported in the year-ago period, and diluted earnings per share (EPS) were $1.39, up 69.5% compared to $0.82 in the year-ago quarter.
Income before income taxes was up 69.0% to $241.4 million compared to $142.8 million reported in the fiscal 2020 first quarter. RPM’s consolidated earnings before interest and taxes (EBIT) increased 51.0% to $250.4 million compared to $165.8 million reported in the fiscal 2020 first quarter.
The first quarter included restructuring-related and other expenses of $18.9 million during fiscal 2021 and $26.8 million in fiscal 2020. Excluding these charges, RPM’s adjusted EBIT was up 39.8% to $269.2 million compared to $192.6 million during the year-ago period.
Excluding the restructuring and other charges, as well as investment gains, adjusted diluted EPS increased 51.6% to $1.44 compared to $0.95 in the fiscal 2020 first quarter.
Said CEO Frank Sullivan, "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.
"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."
Shares took on 63 cents to $84.95.
