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RPM International (RPM), a specialty coatings and sealing agents company, reported weaker results than analysts expected for the third quarter of its fiscal year.
The maker of DayGlo, Rust-Oleum and other paints posted adjusted earnings per shares (EPS) of 0.35 cents on revenue that dropped 3% over the past year to $1.48 Billion. Visible Alpha surveyed analysts and they expected $0.48 per share and $1.5 billion.
"The unfavorable weather conditions we discussed in early January continued and became more widespread as the third quarter progressed," CEO Frank Sullivan said. "Unseasonably cold weather in the southern U.S. and wildfires in the west reduced demand in geographies that typically have more construction and outdoor project activity in winter months."
RPM’s fourth-quarter results are below expectations, with flat sales and EBIT adjusted growth in the single-digit percentage range.
In recent trading, shares fell by more than 4 percent. They’ve lost nearly a fifth since the start the year.
