Sam Boughedda

Investing.com RPM International Inc (NYSE 🙂 shares gained 5% on Wednesday after the company reported record earnings for the third quarter.

Record $1.43B was achieved by the manufacturing firm. Analysts had predicted a 13% rise in sales for the quarter ended September.

The adjusted earnings per shares also beat the forecasts by $0.30 to come in at $0.38. 

This company posted a record EBIT (Earnings Before Interest) of $66.9million and an increase in sales by 2.3% over the previous year. 

Frank C. Sullivan (RPM chairman) said, “We were quick to respond to supply-chain challenges by rapidly scaling up our in-house resin production in the manufacturing plant that we acquired in Texas in September last year,”

He stated that the company’s ongoing investments were resulting in “accelerated growth” in building construction and its coating systems.

The company also expects that it will be affected by supply chain problems and material shortages. RPM predicts that the company’s fourth quarter sales growth will average in the teens compared to last year.