RPM Announces Record Results for Fiscal Third Quarter
MEDINA, OH – RPM International Inc. recently reported financial results for its fiscal 2022 third quarter ended Feb. 28, 2022. The company reported fiscal 2022 third-quarter net sales of $1.43 billion, an increase of 13.0% over the $1.27 billion reported a year ago. Third-quarter net income was $33.0 million, a 13.7% decrease compared to $38.2 million reported in the year-ago period. RPM’s consolidated earnings before interest and taxes (EBIT) were a third-quarter record, up 2.3% to $66.9 million compared to $65.4 million reported in the fiscal 2021 third quarter.
“RPM’s associates persevered through unprecedented supply chain challenges, Omicron-related disruptions and inflation to generate record EBIT and record sales during the third quarter despite a difficult comparison to the prior year,” said Frank C. Sullivan, RPM Chairman and CEO. “Adjusted EBIT growth was driven by three of our four segments, which leveraged selling price adjustments and operational improvements to the bottom line.