Proactive Investors - RPM International Inc. (NYSE:RPM) shares moved lower after it reported disappointing results for the fiscal second quarter of 2024 which ended in November.
The company - which owns specialty coatings, sealants and building materials businesses including Tremco, Carboline, Universal Sealants, Stonhard, RPM/Belgium, Euco, Day-Glo and Dryvit – posted revenue of $1.79 billion, below Wall Street estimates of $1.83 billion.
Adjusted diluted earnings per share were up 10.9% year-over-year to a record $1.22 but missed forecasts of $1.23.
Adjusted earnings before interest and taxes (EBIT) rose 10.4% to $236.9 million, another record.
For the fiscal third quarter, it projected flat sales and adjusted EBIT growth of 25% to 35%.
“For eight consecutive quarters, we have generated record sales and adjusted EBIT, and we are making good progress toward achieving our MAP 2025 profitability goals by becoming a more efficient and collaborative organization,” RPM CEO Frank Sullivan said in a statement.
“We have made great progress with cash flow, as our $767.8 million cash from operating activities through the first six months of fiscal 2024 has already exceeded our previous 12-month fiscal year record.”
RMP shares traded down 4.3% at US$102.51 before Thursday’s opening bell.