RPM International Inc. (NYSE:RPM) reported upbeat third-quarter FY24 results on Thursday..
Sales rose 0.4% Y/Y to $1.523 billion, slightly beating the consensus of $1.518 billion. Adjusted EPS of 52 cents exceeded the consensus of 46 cents, according to data from Benzinga Pro.
For the fourth quarter of FY24, the company expects sales to be flat Y/Y and adjusted EBIT to increase in the high single digits Y/Y. For FY24, the company expects revenue growth near the midpoint of the previous outlook of an increase in the low-single-digits and adjusted EBIT growth near the midpoint of the prior outlook of up low-double digits to mid-teens.
Frank C. Sullivan, RPM chairman and CEO, said, "By segment, the secular tailwinds of infrastructure and reshoring spending benefitting CPG and PCG are expected to continue, although PCG will face some temporary headwinds in the fourth quarter from the timing of project completions, included those that were pulled forward into the third quarter. SPG business conditions have shown early signs of stabilization, however some end markets remain soft, and the Consumer Group continues to face DIY pressures."
RPM shares fell 5.8% to close at $111.69 on Thursday.
These analysts made changes to their price targets on RPM following earnings announcement.
- Baird raised the price target on RPM from $105 to $120. Baird analyst Ghansham Panjabi maintained a Neutral rating.
- Mizuho boosted the price target on RPM from $128 to $136. Mizuho analyst John Roberts maintained a Buy rating.
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