RPM International (RPM) Q1 FY2025 earnings: revenue $2.0 billion, down 2.1% on the year

RPM International Inc. (RPM) reported revenue of $2.0 billion for Q1 FY2025, the quarter ended 31 August 2024, down 2.1% on the same quarter a year earlier. Net income was $228 million, up 13.2% on the year, and diluted earnings per share $1.77. The figures are the company's own, from the 10-Q it filed with the SEC on 2 October 2024.

Revenue$2.0 billiondown 2.1%

Net income$228 millionup 13.2%

Diluted EPS$1.77

QuarterQ1 FY2025ended 31 August 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2025	Q4 FY2024	A year earlier	Change on the year
Revenue	1,969	2,008	n/a	n/a
Cost of revenue	1,132	1,178	n/a	n/a
Gross profit	837	831	n/a	n/a
Gross margin	42.5%	41.4%	n/a
Selling, general and administrative	526	555	n/a	n/a
Interest expense	24.4	27.3	n/a	n/a
Pre-tax income	290	239	n/a	n/a
Income tax	61.9	58.4	n/a	n/a
Effective tax rate	21.3%	24.4%	n/a
Net income	228	181	n/a	n/a
Net margin	11.6%	9.0%	n/a
Diluted EPS	$1.77	$1.40	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2025	Q4 FY2024	A year earlier	Change on the year
Operating cash flow	248	181	n/a	n/a
Capital expenditure	50.7	75.9	n/a	n/a
Free cash flow	197	105	n/a	n/a
Free cash flow margin	10.0%	5.2%	n/a
Cash from investing	-64.1	-52.6	n/a	n/a
Cash from financing	-186	-139	n/a	n/a
Depreciation and amortisation	46.2	44.6	n/a	n/a
Share-based compensation	6.2	6.5	n/a	n/a
Buybacks	17.5	17.5	n/a	n/a
Dividends paid	58.9	59.3	n/a	n/a
Diluted shares, weighted	128m	128m	n/a	n/a
Shares outstanding at period end	129m	129m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2025	Q4 FY2024	A year earlier	Change on the year
Shareholders' equity	2,649	2,511	n/a	n/a
Non-controlling interest	2.1	1.3	n/a	n/a
Debt	2,045	1,991	n/a	n/a
Operating lease liabilities	316	281	n/a	n/a
Other liabilities	1,637	1,802	n/a	n/a
Total liabilities and equity	6,650	6,587	n/a	n/a
Fixed assets	1,350	1,331	n/a	n/a
Goodwill	1,316	1,309	n/a	n/a
Intangible assets	505	513	n/a	n/a
Investments	n/a	26.7	n/a	n/a
Cash and equivalents	232	237	n/a	n/a
Receivables	1,344	1,419	n/a	n/a
Inventory	1,003	956	n/a	n/a
Other assets	901	794	n/a	n/a
Total assets	6,650	6,587	n/a	n/a

Quarterly results, the last 12 quarters

	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *	Q1 FY2027
Revenue	1,792	1,523	2,008	1,969	1,845	1,477	2,082	2,114	1,910	1,608	2,232	2,216
Cost of revenue	1,044	916	1,178	1,132	1,081	909	1,200	1,221	1,130	973	1,282	1,302
Gross profit	748	607	831	837	765	567	882	893	780	635	950	914
Gross margin	42%	40%	41%	42%	41%	38%	42%	42%	41%	39%	43%	41%
SG&A	523	505	555	526	530	502	593	574	549	534	635	560
Interest expense	30.3	28.5	27.3	24.4	23.2	23.0	25.9	29.3	28.0	26.9	27.3	25.5
Pre-tax income	196	83.6	239	290	213	41.0	248	298	211	69.3	292	337
Tax rate	26%	26%	24%	21%	14%	-28%	9%	24%	23%	26%	24%	24%
Net income	146	61.2	181	228	183	52.0	226	228	161	51.4	221	256
Net margin	8%	4%	9%	12%	10%	4%	11%	11%	8%	3%	10%	12%
Diluted EPS	$1.13	$0.47	$1.40	$1.77	$1.42	$0.40	$1.76	$1.77	$1.26	$0.40	$1.73	$2.01
Operating cash flow	409	173	181	248	279	91.5	149	238	346	73.5	242	264
Capital expenditure	37.1	48.8	75.9	50.7	50.0	58.2	71.0	62.5	49.3	47.8	63.9	58.5
Free cash flow	371	125	105	197	229	33.3	78.2	175	296	25.6	178	205
Buybacks	12.5	12.5	17.5	17.5	17.5	17.5	17.5	17.5	17.5	17.5	25.0	22.4
Dividends paid	59.3	59.3	59.3	58.9	65.6	65.5	65.5	64.5	69.2	69.1	68.9	68.1
Shares outstanding	129m	129m	129m	129m	129m	128m	128m	128m	128m	128m	128m	128m
Filing	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 August 2024, filed 2 October 2024, accession 0000950170-24-111319: the filing on EDGAR. All of RPM International Inc.'s filings: EDGAR company page.

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