MEDINA, Ohio, May 5, 2020 /PRNewswire/ -- RPM
International Inc. (NYSE: RPM) 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."
About RPM
RPM International Inc. owns subsidiaries
that are world leaders in specialty coatings, sealants, building
materials and related services. The company operates across four
reportable segments: consumer, construction products, performance
coatings and specialty products. RPM has a diverse portfolio with
hundreds of market-leading brands, including Rust-Oleum, DAP,
Zinsser, Varathane, Day-Glo, Legend Brands, Stonhard, Carboline,
Tremco and Dryvit. From homes and workplaces, to infrastructure and
precious landmarks, RPM's brands are trusted by consumers and
professionals alike to help build a better world. The company
employs approximately 15,000 individuals worldwide. Visit
www.RPMinc.com to learn more.
For more information, contact Russell L.
Gordon, vice president and chief financial officer, at
330-273-5090 or rgordon@rpminc.com.
Forward-Looking Statements
This press release contains "forward-looking statements" relating
to our business. These forward-looking statements, or other
statements made by us, are made based on our expectations and
beliefs concerning future events impacting us and are subject to
uncertainties and factors (including those specified below) which
are difficult to predict and, in many instances, are beyond our
control. As a result, our actual results could differ materially
from those expressed in or implied by any such forward-looking
statements. These uncertainties and factors include (a) global
markets and general economic conditions, including uncertainties
surrounding the volatility in financial markets, the availability
of capital and the effect of changes in interest rates, and the
viability of banks and other financial institutions; (b) the
prices, supply and capacity of raw materials, including assorted
pigments, resins, solvents and other natural gas- and oil-based
materials; packaging, including plastic containers; and
transportation services, including fuel surcharges; (c) continued
growth in demand for our products; (d) legal, environmental and
litigation risks inherent in our construction and chemicals
businesses and risks related to the adequacy of our insurance
coverage for such matters; (e) the effect of changes in interest
rates; (f) the effect of fluctuations in currency exchange rates
upon our foreign operations; (g) the effect of non-currency risks
of investing in and conducting operations in foreign countries,
including those relating to domestic and international political,
social, economic and regulatory factors; (h) risks and
uncertainties associated with our ongoing acquisition and
divestiture activities; (i) the timing of and the realization of
anticipated cost savings from restructuring initiatives and the
ability to identify additional cost savings opportunities; (j)
risks related to the adequacy of our contingent liability
reserves; (k) risks relating to the recent outbreak of the
coronavirus (COVID-19); and (l) other risks detailed in our filings
with the Securities and Exchange Commission, including the risk
factors set forth in our Annual Report on Form 10-K for the year
ended May 31, 2019, as the same may be updated from time to time.
We do not undertake any obligation to publicly update or revise any
forward-looking statements to reflect future events, information or
circumstances that arise after the date of this release.
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SOURCE RPM International Inc.