(RTTNews) - Shares of specialty coatings, sealants, and building materials maker RPM International Inc. (RPM) are up more than 5% Monday morning following better-than-expected fourth-quarter results. The stock touched a new high of $86.48 this morning.
The company reported earnings on an adjusted basis for the fourth quarter of $1.13 per share, beating the average estimate of analysts polled by Thomson Reuters at $1.01. This compares with $1.24 per share last year.
Fourth-quarter net sales were $1.46 billion compared to the $1.60 billion reported in the year-ago period. The consensus estimate was for $1.4 billion.
"Our fiscal 2021 first-quarter outlook is for net sales growth in low single digits and adjusted EBIT growth of 20% or more. After bottoming out in April and May, business has been trending better in the first quarter as many markets have re-opened," stated RPM chairman and CEO Frank C. Sullivan.