RPM International reports record first quarter

Medina, OH — Ohio-based RPM International Inc. reported record sales and earnings for its fiscal first quarter, prompting the company to raise its outlook for the year.

The Medina-headquartered manufacturer of coatings, sealants and building materials reported $2.22 billion in sales for the quarter ended Aug. 31, up 4.8% from a year earlier. Net income increased 12.6% to $256.4 million, or $2.01 per diluted share.

Adjusted EBITDA rose 4.5% to a record $405.5 million.

RPM said organic sales increased 3.1%, led in part by its consumer business. Sales in emerging markets rose more than 20%, driven by demand for products used in buildings and infrastructure.

The company credited its operational improvement efforts with helping increase profitability.

RPM now expects full-year sales and adjusted EBITDA to grow in the mid-single-digit range.

The company employs about 17,500 people worldwide and owns brands including Rust-Oleum, DAP, Zinsser, Tremco and Euclid Chemical. It has been headquartered in Medina since 1971.