RPM International (NYSE: RPM) reported strong Q1-FY23 results today, with revenues of $1.93 billion, up by 17.1% year-over-year and beating analysts’ estimates by $50 million.
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The specialty coatings, sealants, and building materials manufacturing company saw adjusted diluted earnings in Q1 come in at $1.47 per share, up 36.1% year-over-year and surpassing Street estimates of $1.33 per share.
RPM Chairman and CEO Frank C. Sullivan commented, “All four of our segments achieved double-digit sales growth driven by our procurement and technical teams’ ability to increase material supply through insourcing and qualifying new suppliers. Additionally, pricing was managed by implementing increases to catch up with persistent cost inflation.”
In Q2 of FY23, RPM anticipates its sales to grow in the range of 9% to 12%, while adjusted EBIT is expected to increase between 30% and 40%.
Is RPM International Stock a Buy?
Wall Street analysts are cautiously optimistic about RPM, with a Moderate Buy consensus rating based on three Buys, three Holds, and one Sell.
The average price forecast for RPM stock is $95.14, implying upside potential of 5.8% at current levels.
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