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Rpm International Inc (RPM) SEC Filing 10-K Annual Report for the fiscal year ending Tuesday, May 31, 2022

Rpm International Inc

CIK: 110621 Ticker: RPM

Exhibit 99.1

 

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RPM Reports Record Results for Fiscal 2022 Fourth Quarter

 

   

Fourth-quarter net sales increased 13.7% to a record $1.98 billion

 

   

Fourth-quarter net income increased 27.4% to a record $199.0 million, income before income taxes was a record $221.7 million, diluted EPS was a record $1.54, and adjusted diluted EPS was a record $1.42

 

   

Fourth-quarter EBIT increased 17.1% to a record $251.7 million and adjusted EBIT increased 11.7% to a record $263.7 million

 

   

Fiscal 2022 full-year sales increased 9.8% to a record $6.71 billion

 

   

Fiscal 2022 full-year net income was $491.5 million, income before income taxes was $606.8 million, diluted EPS was $3.79, and adjusted diluted EPS was $3.66

 

   

Fiscal 2023 first-quarter outlook calls for sales growth in the mid-teens and adjusted EBIT growth of 20% to 25%

MEDINA, OH – July 25, 2022 – RPM International Inc. (NYSE: RPM), a world leader in specialty coatings, sealants and building materials, today reported financial results for its fiscal 2022 fourth quarter and year ended May 31, 2022.

“Our nimble businesses quickly adapted to dynamically shifting supply chain constraints, inflationary challenges and foreign exchange headwinds to steadily generate momentum in the second half of fiscal 2022. Our associates’ efforts culminated in a fourth quarter of consolidated record sales and record adjusted EBIT,” stated RPM Chairman and CEO Frank C. Sullivan.

“This fourth-quarter performance was driven on the top line by all four of our segments, each of which generated record sales. On the bottom line, three of our four segments produced record fourth-quarter adjusted EBIT. In our Consumer Group, which was the outlier, the year-over-year gap in adjusted EBIT results has begun to narrow as price increases have started to catch up with inflation and access to raw materials has improved. Better materials availability was largely due to our well-timed acquisition last fall of a production facility in Texas, which is now making alkyd resins that are critical to many of the segment’s products,” he said.

Fourth-Quarter Consolidated Results

Fiscal 2022 fourth-quarter net sales were a record $1.98 billion, an increase of 13.7% compared to the $1.74 billion reported in the year-ago period. Fourth-quarter net income increased 27.4% to a record $199.0 million compared to net income of $156.1 million in the prior-year period. Diluted earnings per share (EPS) were a record $1.54, an increase of 28.3% compared to diluted EPS of $1.20 in the year-ago quarter. Income before income taxes (IBT) was a record $221.7 million compared to $204.3 million reported in the same period last fiscal year. RPM’s consolidated earnings before interest and taxes (EBIT) increased 17.1% to a record $251.7 million compared to $215.0 million reported in the fiscal 2021 fourth quarter.


The following information was filed by Rpm International Inc (RPM) on Monday, July 25, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Rpm International Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheet
Consolidated Balance Sheet (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity (Parenthetical)
(Gain) On Sales Of Assets, Net
(Gain) On Sales Of Assets, Net - Additional Information (Details)
Accrued Loss Reserves (Detail)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Detail)
Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail)
Accumulated Other Comprehensive Income (Loss) (Tables)
Activity Related To Unrecognized Tax Benefits (Detail)
Activity That Occurred For Level Three Assets (Detail)
Amounts Recognized In Consolidated Balance Sheet, Pension (Detail)
Amounts Recognized In Consolidated Balance Sheets, Postretirement (Detail)
Assets Acquired And Liabilities Assumed On Acquisition (Detail)
Assets Acquired And Liabilities Assumed On Acquisition (Parenthetical) (Detail)
Assets And Liabilities Measured At Fair Value On Recurring Basis And Categorized Using Fair Value Hierarchy (Detail)
Awards And Restricted Stock Units Issued Under 2007 Plan And 2014 Omnibus Plan (Detail)
Borrowings
Borrowings (Tables)
Borrowings - Additional Information (Detail)
Changes In Accrued Warranty Balances (Detail)
Changes In Benefit Obligation (Detail)
Changes In Benefits Obligations And Plan Assets, Pension (Detail)
Changes In Carrying Amount Of Goodwill, By Reportable Segment (Detail)
Changes Recognized In Other Comprehensive Income, Pension (Detail)
Changes Recognized In Other Comprehensive Income, Postretirement Benefits (Detail)
Components Of Net Postretirement Expense (Detail)
Contingencies And Accrued Losses
Contingencies And Accrued Losses (Tables)
Contingencies And Accrued Losses - Additional Information (Detail)
Derivatives And Hedging
Derivatives And Hedging (Tables)
Derivatives And Hedging - Additional Information (Detail)
Derivatives And Hedging - Schedule Of Derivatives Instruments For Gains Or Losses Initially Recognized In Aoci In Consolidated Balance Sheet (Detail)
Derivatives And Hedging - Schedule Of Fair Values Of Qualifying And Non-Qualifying Instruments Used In Hedging Transactions (Detail)
Description Of Long Term Debt (Detail)
Description Of Long Term Debt (Parenthetical) (Detail)
Earnings Per Share
Earnings Per Share (Tables)
Fair Value And Carrying Value Of Financial Instruments And Long-Term Debt (Detail)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Additional Information (Detail)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Additional Information (Detail)
Income Before Income Taxes (Detail)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Detail)
Investment Expense (Income), Net (Detail)
Leases
Leases (Tables)
Leases - Additional Information (Detail)
Major Class Of Inventory (Detail)
Marketable Securities
Marketable Securities (Tables)
Marketable Securities - Additional Information (Detail)
Net Carrying Values Of Debt Securities By Contractual Maturity (Detail)
Net Loss (Gain) On Marketable Securities (Detail)
Net Sales And Long Lived Assets By Regions (Detail)
Other (Income) Expense, Net (Detail)
Other (Income) Expense, Net (Parenthetical) (Detail)
Other Intangible Assets Major Classes (Detail)
Pension Plan Assets Categorized Using Fair Value Hierarchy (Detail)
Pension Plans
Pension Plans (Tables)
Pension Plans - Additional Information (Detail)
Postretirement Benefits
Postretirement Benefits (Tables)
Postretirement Benefits - Additional Information (Detail)
Pretax Net Actuarial (Loss) Gain, Prior Service (Cost) And Transition Assets/(Obligation) Recognized In Accumulated Other Comprehensive Income (Loss) Not Affecting Retained Earnings, Postretirement (Detail)
Pretax Net Actuarial Loss And Prior Service (Cost) Recognized In Accumulated Other Comprehensive Income (Loss) Not Affecting Retained Earnings,Pension (Detail)
Property, Plant And Equipment (Detail)
Provision (Benefit) For Income Tax (Detail)
Reconciliation Of Income Tax Expense (Benefit) Computed By Applying U.S. Statutory Federal Income Tax Rate Against Income (Loss) Before Income Taxes To Provision (Benefit) For Income Taxes (Detail)
Reconciliation Of Numerator And Denominator Of Basic And Diluted Earnings Per Share (Detail)
Reconciliation Of Numerator And Denominator Of Basic And Diluted Earnings Per Share (Parenthetical) (Detail)
Relationship Between Plans Benefit Obligations And Assets (Detail)
Restructuring
Restructuring (Tables)
Restructuring - Additional Information (Detail)
Retirement-Related Benefit Plans' Impact On Income Before Income Taxes (Detail)
Revenue
Revenue (Tables)
Revenue - Additional Information (Detail)
Schedule Of Future Undiscounted Cash Flows And Reconciliation To Lease Liabilities (Detail)
Segment Information
Segment Information (Tables)
Segment Information - Additional Information (Detail)
Share-Based Activity Under 2003 Plan (Detail)
Significant Components Of Deferred Income Tax Assets And Liabilities (Detail)
Stock Repurchase Program
Stock Repurchase Program - Additional Information (Detail)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Additional Information (Detail)
Stock-Based Compensation Expense Included In Consolidated Statements Of Income (Detail)
Summary Of Activity For Allowance For Credit Losses (Detail)
Summary Of Activity For Nonvested Restricted Shares (Detail)
Summary Of Activity In Restructuring Reserves (Detail)
Summary Of Available-For-Sale Debt Securities By Asset Type (Detail)
Summary Of Available-For-Sale Debt Securities In Unrealized Loss Position And Included In Accumulated Other Comprehensive (Loss), Aggregated By Length Of Time Investments (Detail)
Summary Of Charges Recorded In Connection With Restructuring By Reportable Segment (Detail)
Summary Of Charges Recorded In Connection With Restructuring By Reportable Segment (Parenthetical) (Detail)
Summary Of Disaggregation Of Revenues By Geography And Results Of Reportable Segments (Detail)
Summary Of Lease Costs (Details)
Summary Of Option And Share-Based Payment Activity (Detail)
Summary Of Share-Based Performance-Earned Restricted Stock And Performance Stock Units Activity (Detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Additional Information (Detail)
Summary Of Supplemental Cash Flow, Balance Sheet, And Other Required Disclosures (Details)
Summary Of Trade Accounts Receivable Net Of Allowances And Net Contract Assets (Detail)
Summary Of Weighted-Average Assumptions Related To Sars Grants (Detail)
Useful Lives (Detail)
Valuation And Qualifying Accounts And Reserves (Schedule Ii)
Valuation And Qualifying Accounts And Reserves (Schedule Ii) (Detail)
Weighted-Average Actual Target Allocation Of Plan Assets (Detail)
Weighted-Average Assumptions Used To Determine Benefit Obligations And Net Periodic Pension Cost (Detail)
Weighted-Average Assumptions Used To Determine Benefit Obligations And Net Periodic Postretirement Cost (Detail)
Ticker: RPM
CIK: 110621
Form Type: 10-K Annual Report
Accession Number: 0000950170-22-012972
Submitted to the SEC: Mon Jul 25 2022 2:38:40 PM EST
Accepted by the SEC: Mon Jul 25 2022
Period: Tuesday, May 31, 2022
Industry: Paints Varnishes Lacquers Enamels And Allied Prods

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