Why Paint And Coating Manufacturing Company RPM's Shares Are Seeing Blue Skies Today?
Portfolio Pulse from Lekha Gupta
RPM International Inc's shares are trading higher after the company reported better-than-expected Q1 FY24 results and issued guidance. Q1 sales grew 4.1% Y/Y to $2.01 billion, exceeding the consensus of $1.97 billion. Adjusted EBIT was up 12.3% Y/Y to $309.0 million, aided by higher sales and MAP 2025 benefits. The company returned $66.6 million to stockholders through cash dividends and share repurchases. For FY24, the company reiterated the outlook for sales to increase in the mid-single-digit percentage range and adjusted EBIT to grow in the low-double-digit to mid-teen percentage range.
October 04, 2023 | 1:55 pm
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RPM International Inc reported better-than-expected Q1 FY24 results, leading to a rise in its stock price. The company's sales and adjusted EBIT growth, along with its positive outlook for FY24, could continue to support its stock performance.
RPM International Inc's better-than-expected Q1 FY24 results and positive outlook for FY24 have led to an increase in its stock price. The company's sales growth and return of capital to shareholders through dividends and share repurchases also indicate a strong financial position, which could continue to support its stock performance.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100