RPM International falls as rising interest rates hurt Q2 sales

RPM International

05/01/2023 15:56

** Shares of specialty paints and coatings maker RPM
International Inc  RPM.N  down 11.5% at $86.24
    ** Reports Q2 sales of $1.79 bln vs est $1.81 bln -
Refinitiv data
    ** Higher interest rates have hurt construction activity,
existing home sales and overall economic activity - company
    ** "Certain RPM businesses have experienced reduced customer
demand, a trend that is expected to continue throughout Q3"
    ** Company also expects Q3 sales to increase in low single
digit to mid-single digit percentage range vs prior-year results
    ** RPM stock fell 3.5% in 2022
 (Reporting by Vedant Vinayak Vichare)
 ((Vedant.VinayakVichare@thomsonreuters.com))