RPM International rises on strong Q2 sales forecast

RPM International

05/10/2022 13:47

** Shares of specialty paints and coatings maker RPM
International Inc  RPM.N  up ~3% at $92.51 in premarket trading
    ** Company expects Q2 consolidated sales growth of 9% to
12%, compared to analysts' expectation of a 9.4% rise, per
Refinitiv IBES data
    ** RPM also beat Q1 sales and profit estimates, helped by
higher prices and strong demand in the United States and
emerging markets
    ** Q1 sales rose 17.1% to $1.93 bln, topping analysts'
expectations of $1.89 bln
    ** RPM says demand in European region was weak because of
rising inflation and other macroeconomic headwinds
    ** Credit Suisse raises price target on RPM to $106 from
$100
    ** Up to Tuesday's close, stock had fallen ~11% this year
 (Reporting by Ananya Mariam Rajesh in Bengaluru)
 ((AnanyaMariam.Rajesh@thomsonreuters.com ; Twitter: https://twitter.com/AnanyaMariam))