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RPM International Inc. reports developments tied to its specialty coatings, sealants, building materials and related services businesses. The company operates through consumer, construction products and performance coatings segments, with brands including Rust-Oleum, DAP, Zinsser, Varathane, The Pink Stuff, Stonhard, Carboline, Tremco, Euclid Chemical, Dryvit and Nudura.
Recurring RPM news covers fiscal-quarter and year-end results, segment sales and earnings, MAP operational improvement initiatives, facility and distribution transitions, acquired-business integration, product rationalization, dividends, and governance or leadership changes. Updates also describe demand trends across consumer, construction and industrial end markets and the company’s capital-return practices.
RPM International Inc. announced a quarterly cash dividend of $0.40 per share, marking a 5.3% increase from the previous year. The dividend will be payable on October 29, 2021, to stockholders of record as of October 18, 2021. This increase represents RPM's 48th consecutive year of increased dividends, placing it among less than half of 1 percent of publicly traded U.S. companies. The company has returned approximately $2.8 billion in cash dividends during this period, resulting in a dividend yield of 2.0% at a share price of $81.00.
RPM International reported a record $1.65 billion in consolidated sales for its fiscal 2022 first quarter, a 2.7% increase year-over-year. However, net income fell 25.5% to $134.6 million, with diluted EPS decreasing by 25.2% to $1.04. EBIT also declined 21.4% to $196.8 million, impacted by supply chain issues and inflation. Despite challenges, three of four segments posted growth, with the Construction Products Group achieving a 17.7% sales increase. The outlook anticipates continued inflation and raw material shortages, with expected mid-single-digit sales growth.
RPM International Inc. (NYSE: RPM) will announce its fiscal 2022 first-quarter results for the period ending August 31, 2021, on October 6, 2021, before the market opens. A conference call to discuss the results will occur at 10:00 a.m. EDT the same day, accessible via webcast. A replay will be available from 1:00 p.m. EDT on October 6 until 11:59 p.m. EDT on October 13, 2021. RPM operates in specialty coatings and related services, employing approximately 15,500 worldwide.
RPM International Inc. (NYSE: RPM) will hold its 2021 annual meeting of shareholders virtually on October 7, 2021, at 2:00 p.m. EDT. This decision aims to safeguard the health of investors and employees amid the ongoing Covid-19 pandemic. Shareholders as of August 13, 2021 can participate online, vote, and submit questions during the meeting. Stockholders are encouraged to submit proxies in advance to ensure their votes are counted. The meeting will be available for replay until October 6, 2022.
RPM International Inc. announced that board member Frederick R. Nance has been named to Savoy Magazine's 2021 Most Influential Black Corporate Directors list. Nance has been with RPM since 2007 and chairs its governance committee. Under his leadership, RPM's sales grew by 83% to $6.1 billion, and net income rose 141% to $502.6 million. Nance is the global managing partner at Squire Patton Boggs and has extensive legal and management experience, serving on various boards including the Greater Cleveland Partnership.
RPM International Inc. has acquired a 178,000-square-foot chemical manufacturing facility in Corsicana, Texas, from ChampionX Corporation. This facility will be utilized by RPM's Tremco Construction Products Group to expand production capacity for high-growth product lines and enhance operational efficiencies. The acquisition includes plans to retain over 80 existing employees and potentially hire more in the future. CEO Frank C. Sullivan emphasized the strategic benefits of the purchase, which allows RPM to avoid the costs and environmental impacts associated with constructing a new plant.
RPM International Inc. (NYSE: RPM) announced the promotion of Bill Spaulding to president of the RPM Consumer Group, effective September 1, succeeding retiring Terry Horan. Spaulding has a 22-year history at Rust-Oleum, recently serving as president of North America. Jeff Ackerberg will take over as president of Rust-Oleum, while Mark Heird will lead DAP Products. The leadership changes aim to enhance growth and profitability within the Consumer Group, reflecting the company's commitment to internal talent development. RPM operates in specialty coatings and building materials.
RPM International Inc. announced the acquisition of Pure Air Control Services, a Florida-based provider of indoor air quality solutions, with annual net sales of approximately $10 million. The acquisition aims to enhance RPM's Tremco Construction Products Group by integrating Pure Air's expertise in environmental consulting, building diagnostics, and HVAC system cleaning. The move is expected to strengthen market penetration through synergies and the company's robust operational infrastructure.
RPM International has appointed Mark T. Rankin as vice president of global systems, effective July 22. Rankin, who has been with the company for over 18 years, will oversee system implementations, data analytics, and global software strategies while continuing his role in digital transformation. He previously served as senior director of global systems and vice president of information technology at RPM’s Specialty Products Group. Chairman Frank C. Sullivan emphasized Rankin's leadership as crucial for the company's growth and stakeholder value.
RPM International announced that Michael J. Laroche will take over as vice president, controller, and chief accounting officer effective November 1, succeeding Keith Smiley, who is retiring. Laroche has been with RPM since 2016, serving in various financial roles, including CFO of the Specialty Products Group. During his tenure, he enhanced reporting and analysis capabilities, particularly during the challenges posed by the Covid pandemic. Smiley has been with RPM for nearly 30 years, contributing to significant revenue growth from $550 million to $6.1 billion.