RPM International Q1 Results Top Estimate; Guides Q2 Sales
(RTTNews) - RPM International, Inc. (RPM) reported Wednesday that net income attributable to RPM for the first quarter grew to $169.01 million or $1.31 per share from $134.58 million or $1.04 per share in the prior-year quarter.
Excluding special items, adjusted earnings for the quarter was $1.47 per share, compared to $1.08 per share in the year-ago quarter.
Net sales for the quarter increased 17.1 percent to $1.93 billion from $1.65 billion in the same quarter last year.
On average, 11 analysts polled by Thomson Reuters expected the company to report earnings of $1.33 per share on net sales of $1.89 billion for the quarter. Analysts' estimates typically exclude special items.
Looking ahead to the second quarter, the company now projects consolidated sales growth of 9 to 12 percent and consolidated adjusted EBIT growth of 30 to 40 percent. The Street is looking for net sales of $1.79 billion for the quarter.
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