RPM International Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended November 30, 2017; Revises Earnings Guidance for the Fiscal Year 2018
January 04, 2018 at 12:10 pm
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RPM International Inc. reported unaudited consolidated earnings results for the second quarter and six months ended November 30, 2017. For the quarter, the company reported net sales of USD 1,315,416,000 compared to USD 1,190,770,000 a year ago. Profit before income taxes was USD 109,181,000 compared to loss before income taxes of USD 106,857,000 a year ago. Net income attributable to the company's stockholders was USD 95,463,000 compared to net loss attributable to the company's stockholders of USD 70,926,000 a year ago. Diluted earnings per share were USD 0.70 compared to diluted loss per share of USD 0.54 a year ago. Adjusted EBIT was USD 131,838,000 against USD 114,205,000 a year ago.
For the six months, the company reported net sales of USD 2,660,810,000 compared to USD 2,442,833,000 a year ago. Income before income taxes was USD 264,465,000 compared to USD 41,618,000 a year ago. Net income attributable to the company's stockholders was USD 211,879,000 compared to USD 41,843,000 a year ago. Diluted earnings per share were USD 1.56 compared to USD 0.32 a year ago. Adjusted EBIT was USD 309,442,000 against USD 281,620,000 a year ago. Cash provided by operating activities was USD 115,186,000 compared to USD 158,732,000 a year ago. The decrease was principally attributable to an increase in accounts receivables resulting from substantially higher sales, the timing of receivable collections this year versus last year and the timing of payments to suppliers. Capital expenditures were USD 45,295,000 compared to USD 48,049,000 a year ago.
The company revised earnings guidance for the fiscal year 2018. The company expected EPS in the range of range of USD 3.00 to USD 3.10 per share. The year-to-date effective tax rate of 19.6% is better than expected. So even if there was no tax reform in the U.S., fiscal 2018 effective tax rate would turn out to be better than originally expected. Now moving forward with the new tax law enacted in December, the company is going to see a reduction in federal statutory rate from 35% to 21%, which is effective for the last 5 months of RPM's fiscal year, and that blends to a rate of 29.2% for RPM in fiscal 2018.
RPM International Inc., through its subsidiaries, manufacture, market and sell various specialty chemical product lines, including specialty paints, infrastructure rehab and repair products, protective coatings, roofing systems, sealants and adhesives, focusing on the maintenance and improvement needs of the industrial, specialty and consumer markets. It operates through four segments: Construction Products Group (CPG), Performance Coatings Group (PCG), Consumer Group (Consumer) and Specialty Products Group (SPG). Its CPG segment includes construction sealants and adhesives, coatings and chemicals, roofing systems, concrete admixture and repair products, building envelope solutions, insulated cladding, flooring systems, and weatherproofing solutions. Its PCG segment includes flooring solutions, corrosion control and fireproofing coatings, infrastructure repair systems, fiberglass reinforced plastic gratings, drainage systems, and raised-flooring systems for outdoor environments.
RPM International Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended November 30, 2017; Revises Earnings Guidance for the Fiscal Year 2018
RPM INTERNATIONAL INC. 
