RPM Expects Q4 Sales to be in the Range of Previous Guidance
After the bell, RPM International (RPM) released a statement saying that sales for their fiscal Q4, which ends at the end of this month, should be within the range they previously gave us.
This is from the press release:
RPM International Inc. today announced that it expects its sales for its fiscal fourth quarter ending May 31, 2020 to be within the range of its guidance the company provided on April 8, 2020.
At that time, the company said that it anticipated sales for the fiscal fourth quarter to be down 10% to 15%. The company noted today that the positive momentum of consumer take away with the start of the spring season should result in sales for its Consumer Group being flat to slightly up, while the company’s more internationally exposed Construction Products and Performance Coatings Groups expect double-digit sales declines in the fourth quarter principally due to the impact of the COVID-19 outbreak which resulted in jurisdictional shutdowns, factory closures and workers remaining offsite due to stay-at-home orders. The company’s Specialty Products Group will also see a decline in sales partially offset by incremental demand for its cleaning and sanitizing products.
“RPM’s top priorities include protecting the health and well-being of our associates and their family members, supporting our local communities to control the spread of the virus, and maintaining the continuity and success of our business operations,” said Frank C. Sullivan, RPM chairman and chief executive officer. “While the COVID-19 outbreak continues globally, our supply chain and business operations remain strong, our March operating results are solid, and we continue to meet the changing needs of our customers in a timely manner during this unprecedented period,” stated Sullivan. “I want to thank all of our associates for their hard work and dedication as they provide superior service to our customers as we navigate through these challenging times together.”
The Q4 report will probably come out in mid-July. The shares are up 55% from their March low.
Posted by Eddy Elfenbein on May 5th, 2020 at 5:28 pm
The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.
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