Q4 2024 RPM International Inc Earnings Call Transcript
Key Points
- RPM International Inc (RPM) achieved its tenth consecutive quarter of record adjusted EBIT.
- Sales for the year reached a record high, with adjusted EBIT increasing by approximately 12%.
- The company generated record cash flow from operating activities of $1.12 billion, an improvement of over $545 million from fiscal 2023.
- Debt was reduced by approximately $557 million during the year, resulting in lower interest expenses.
- The construction products group led growth during the quarter, with significant strength in roofing and turnkey offerings.
- Performance coatings group experienced a decline in the fourth quarter due to challenging comparisons and project completion delays.
- Specialty products group continued to face challenges with some end markets showing signs of bottoming out.
- European sales declined by 4% due to FX headwinds and divestitures in the performance coatings group.
- SG&A expenses increased during the quarter due to incentives, long-term growth investments, and compensation and benefits.
- The consumer group faced a sales decline due to continued DIY softness, despite achieving market share gains and an upgraded product mix.
Good day, and welcome to the RPM International Fourth Quarter and Fiscal Year 2024 Earnings Conference Call. (Operator Instructions) Please note this event is being recorded.
I would now like to hand the call over to Matt Schlarb. Please go ahead.
Thank you, Andrea, and welcome to RPM International's conference call for the fiscal 2024 fourth quarter and full year. Today's call is being recorded.
Joining today's call are Frank Sullivan, RPM's Chair and CEO; Rusty Gordon, Vice President and Chief Financial Officer; and Mike Laroche, Vice President, Controller and Chief Accounting Officer. This call is also being webcast and can be accessed live, replayed on the RPM website at www.rpminc.com.
Comments made on this call may include forward-looking statements based on current expectations that involve risks and uncertainties, which could cause actual results to be materially different. For more
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