RPM International stock falls premarket as soft guidance offsets earnings beat | RPM Message Board Posts


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Msg  12 of 17  at  4/7/2023 11:45:18 AM  by

jerrykrause


RPM International stock falls premarket as soft guidance offsets earnings beat

MarketWatch
 
 
 RPM International stock falls premarket as soft guidance offsets earnings beat
 
Ciara Linnane
MarketWatch 
 
 
RpM International Inc.'s stock (RPM) slid 5% in premarket trade Thursday after the paint and building materials company's below-consensus guidance offset a fiscal third-quarter earnings beat.
 
Medina, Ohio-based RPM posted net income of $26.9 million, or 21 cents a share, for the quarter to Feb. 28, down from $33.0 million, or 25 cents a share, in the year-earlier period.
 
Adjusted per-share earnings came to 37 cents, ahead of the 31 cent FactSet consensus. Sales rose 5.7% to $1.516 billion from $1.434 billion a year ago, also ahead of the $1.470 billion FactSet consensus.
 
Sales were boosted by higher spending on infrastructure and reshoring projects, CEO Frank C. Sullivan said in a statement. by geography, sales were strongest in the U.S. and Latin America, up 8% and 7.3% respectively. They were weakest in Europe where they fell 3.6%.
 
The company is now expecting fiscal fourth-quarter sales to be flat from a year ago and for adjusted EBIT to be flat to lower in a high single-digit range.
 
The FactSet consensus is for EPS to be 3 cents higher than in the year-earlier quarter and for sales to rise 2%.
 
The stock has gained 3% in the last 12 months, while the S&P 500 has fallen 9%.
 


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