RPM Stock Surges as Building Materials Company Offers Strong Sales Outlook | RPM Message Board Posts


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Msg  10 of 17  at  10/5/2022 8:12:20 PM  by

jerrykrause


RPM Stock Surges as Building Materials Company Offers Strong Sales Outlook

RPM Stock Surges as Building Materials Company Offers Strong Sales Outlook
 

RPM International stock rose on Wednesday after the supplier of coatings and paints delivered record sales for its first fiscal quarter and forecast higher sales than expected for the second.

The company's (ticker: RPM) report comes a few weeks after the home-building firms Lennar (LEN) and KB Home (KBH) reported higher earnings than expected and gains in sales relative to a year earlier. Orders at both firms have slowed as the housing market slows down compared with early in the pandemic , but a shortage of homes remains.

RPM reported adjusted earnings of $1.47 per share for the three months ended August, more than the $1.33 per share consensus among analysts tracked by FactSet. Sales hit a record of $1.93 billion, comfortably surpassing the $1.89 billion estimated by Wall Street analysts.

The company serves distributors and contractors in the U.S. and overseas, supplying roofing systems, repair products, protective coatings, and other building materials. Demand in Europe was weak in the quarter as economic trouble, including increasing inflation, hit the region, the company said.

For the current quarter of fiscal 2023, RPM called for sales growth of 9% to 12% from a year ago, an uptick mainly driven by its consumer group, which has benefited from rising prices and easing of supply-chain problems. That growth implies sales in the range of $1.79 billion to $1.84 billion, while the consensus call among analysts was for $1.79 billion.

RPM's stock was up 4% to $93.63 on Wednesday after markets opened, while the S&P 500 was 1.2% lower. The building materials stock has fallen 11% this year.

 


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