RPM International Inc. Files 10-Q for Period Ending February 29, 2024

TL;DR

<b>RPM International Inc. filed its Q3 2024 10-Q report, detailing financial performance and operations.</b>

AI Summary

RPM INTERNATIONAL INC/DE/ (RPM) filed a Quarterly Report (10-Q) with the SEC on April 4, 2024. RPM International Inc. filed a 10-Q report for the period ending February 29, 2024. The filing covers the third quarter of the fiscal year. The company is incorporated in Delaware (DE). Its principal business address is in Medina, Ohio (OH). The Standard Industrial Classification code is 2851 for Paints, Varnishes, Lacquers, Enamels & Allied Products.

Why It Matters

For investors and stakeholders tracking RPM INTERNATIONAL INC/DE/, this filing contains several important signals. This 10-Q filing provides crucial insights into RPM International's financial health and operational performance for the third quarter of fiscal year 2024. Investors and analysts can use this report to assess the company's revenue streams, expenses, and overall financial position, informing investment decisions.

Risk Assessment

Risk Level: medium — RPM INTERNATIONAL INC/DE/ shows moderate risk based on this filing. The filing is a standard 10-Q, which provides a snapshot of financial performance but lacks forward-looking statements or significant strategic shifts that would indicate higher risk.

Analyst Insight

Monitor future filings for detailed segment performance and any changes in restructuring charges or employee severance costs.

Key Numbers

• 20240229 — Period of Report (10-Q filing)
• 20240404 — Filing Date (10-Q filing)
• 0531 — Fiscal Year End (Company fiscal year)
• 2851 — SIC Code (Paints, Varnishes, Lacquers, Enamels & Allied Products)
• DE — State of Incorporation (RPM International Inc.)
• OH — Business State (RPM International Inc.)
• 3302735090 — Business Phone (RPM International Inc.)
• 001-14187 — SEC File Number (RPM International Inc.)

Key Players & Entities

• RPM INTERNATIONAL INC/DE/ (company) — Filer name
• 0000110621 (company) — Central Index Key
• 2851 (dollar_amount) — Standard Industrial Classification
• MEDINA (company) — City
• OH (company) — State
• DE (company) — State of Incorporation
• 20240229 (dollar_amount) — Period of Report
• 20240404 (dollar_amount) — Filing Date

FAQ

Key Dates

• 2024-02-29T00:00:00.000Z: Fiscal Period End — End of the third quarter for the 10-Q filing.
• 2024-04-04T00:00:00.000Z: Filing Date — Date the 10-Q report was officially filed with the SEC.

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 RPM New York Stock Exchange Indic

Filing Documents

• rpm-20240229.htm (10-Q) — 3409KB
• rpm-ex31_1.htm (EX-31.1) — 10KB
• rpm-ex31_2.htm (EX-31.2) — 10KB
• rpm-ex32_1.htm (EX-32.1) — 5KB
• rpm-ex32_2.htm (EX-32.2) — 5KB
• 0000950170-24-041744.txt (&nbsp;) — 14257KB
• rpm-20240229.xsd (EX-101.SCH) — 1281KB
• rpm-20240229_htm.xml (XML) — 3743KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements: 3 Consolidated Balance Sheets 3 Consolidated Statements of Income 4 Consolidated Statements of Comprehensive Income 5 Consolidated Statements of Cash Flows 6 Consolidated Statements of Stockholders' Equity 7

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 37 Item 4.

Controls and Procedures

Controls and Procedures 37

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 38 Item 1A.

Risk Factors

Risk Factors 38 Item 2. Unregistered Sale of Equity Securities and Use of Proceeds 38 Item 6. Exhibits 39

Signatures

Signatures 40 * As used herein, the terms "RPM" and the "Company" refer to RPM International Inc. and its subsidiaries, unless the context indicates otherwise. 2

– FINANC IAL INFORMATION

PART I. – FINANC IAL INFORMATION

FINANCI AL STATEMENTS

ITEM 1. FINANCI AL STATEMENTS RPM INTERNATIONAL INC. AND SUBSIDIARIES CONSOLIDATED B ALANCE SHEETS (Unaudited) (In thousands, except per share amounts) February 29, 2024 May 31, 2023 Assets Current Assets Cash and cash equivalents $ 248,905 $ 215,787 Trade accounts receivable (less allowances of $ 58,377 and $ 49,482 , respectively) 1,072,032 1,503,040 Inventories 1,080,698 1,135,496 Prepaid expenses and other current assets 344,948 329,845 Total current assets 2,746,583 3,184,168 Property, Plant and Equipment, at Cost 2,459,045 2,332,916 Allowance for depreciation ( 1,172,164 ) ( 1,093,440 ) Property, plant and equipment, net 1,286,881 1,239,476 Other Assets Goodwill 1,309,744 1,293,588 Other intangible assets, net of amortization 523,677 554,991 Operating lease right-of-use assets 326,998 329,582 Deferred income taxes 17,517 15,470 Other 171,004 164,729 Total other assets 2,348,940 2,358,360 Total Assets $ 6,382,404 $ 6,782,004 Liabilities and Stockholders' Equity Current Liabilities Accounts payable $ 577,861 $ 680,938 Current portion of long-term debt 6,225 178,588 Accrued compensation and benefits 237,951 257,328 Accrued losses 30,897 26,470 Other accrued liabilities 349,015 347,477 Total current liabilities 1,201,949 1,490,801 Long-Term Liabilities Long-term debt, less current maturities 2,187,140 2,505,221 Operating lease liabilities 278,009 285,524 Other long-term liabilities 268,940 267,111 Deferred income taxes 98,153 90,347 Total long-term liabilities 2,832,242 3,148,203 Contingencies and Accrued Losses (Note 16) Stockholders' Equity Preferred stock, par value $ 0.01 ; authorized 50,000 shares; no ne issued — — Common stock, par value $ 0.01 ; authorized 300,000 shares; issued 145,729 and outstanding 128,763 as of February 29, 2024; issued 145,124 a

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 1 — CONSOLIDATION, NONCONTROLLING INTERESTS AND BASIS OF PRESENTATION The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with Generally Accepted Accounting Principles in the U.S. ("GAAP") for interim financial information and the instructions to Form 10-Q. In our opinion, all adjustments (consisting of normal, recurring accruals) considered necessary for a fair presentation have been included for the three- and nine-month periods ended February 29, 2024, and February 28, 2023. For further information, refer to the Consolidated Financial Statements and Notes included in our Annual Report on Form 10-K for the year ended May 31, 2023. Our financial statements include all of our majority-owned subsidiaries. We account for our investments in less-than-majority-owned joint ventures, for which we have the ability to exercise significant influence, under the equity method. Effects of transactions between related companies are eliminated in consolidation. Noncontrolling interests are presented in our Consolidated Financial Statements as if parent company investors (controlling interests) and other minority investors (noncontrolling interests) in partially-owned subsidiaries have similar economic interests in a single entity. As a result, investments in noncontrolling interests are reported as equity in our Consolidated Financial Statements. Additionally, our Consolidated Financial Statements include 100 % of a controlled subsidiary's earnings, rather than only our share. Transactions between the parent company and noncontrolling interests are reported in equity as transactions between stockholders, provided that these transactions do not create a change in control. Our business is dependent on external weather factors. Historically, we have experienced strong sales and net income in our first, second and fourth fiscal quarters comprising the three-month periods ending August

View Full Filing

View this 10-Q filing on SEC EDGAR