Improved Pricing Helps RPM Sales

RPM International Inc. had net sales of $1.79 billion for the second quarter of its 2023 fiscal year, an increase of 9.3 per cent compared to net sales of $1.64 billion in the second quarter of 2022. Increased sales were driven by improved pricing in response to continued inflation and larger volume from reshoring and infrastructure spending. The company had net income of $131.3 million for the quarter, an increase of 5.2 per cent compared to net income of $124.9 million in the year-ago period. Adjusted earnings before interest and tax were up 36.4 per cent to $214.7 million from $157.3 million. The construction products group segment had net sales of $634.1 million, up 3.2 per cent year-over year; performance coatings group net sales were $335.2 million, up 10.8 per cent; specialty products group net sales were $212.1 million, up 9.5 per cent; and consumer group net sales were $610.4 million, up 15.3 per cent.