RTTNews | Oct 6, 2021 07:24AM EDT

07:24 Wednesday, October 6, 2021 (RTTNews.com) - RPM International Inc. (RPM), a specialty coatings, sealants and building materials company, reported Wednesday that its first-quarter net income attributable to the stockholders was $134.6 million, a decrease of 25.5 percent from last year's $180.6 million.

Earnings per share were $1.04, down 25.2 percent from $1.39 in the year-ago quarter. Adjusted earnings per share were $1.08, compared to $1.44 a year ago.

On average, 11 analysts polled by Thomson Reuters expected earnings of $1.03 per share for the quarter. Analysts' estimates typically exclude special items.

First-quarter net sales increased 2.7 percent to $1.65 billion compared to the $1.61 billion reported a year ago. Analysts expected sales of $1.64 billion.

Looking ahead to the second quarter, the company expects consolidated sales to increase in the mid-single digits.

The company said, "Accordingly, we expect that the second-quarter results will be directionally similar to the first quarter, with significant year-over-year declines again in our Consumer Group, which is still lapping tough comparisons, and double-digit sales and earnings increases for our other three segments in aggregate. This will result, on a consolidated basis, in a decline of adjusted EBIT of 15 percent to 25 percent versus the second quarter of fiscal 2021."

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