Latest news with #Sullivan
NZ Herald
9 hours ago
- Business
- NZ Herald
Synlait Milk and Mainfreight take hit, pulling NZ sharemarket down
Synlait said it expects to report a big lift in its underlying earnings for the current year and for its net bottom-line loss to shrink. Hamilton Hindin Greene investment adviser Jeremy Sullivan said the manufacturing issues could potentially lead to delays in a2 Milk getting its product to market. 'The new chief executive for Synlait came out and said 'we don't expect to need any more capital and we're well within our competences' and tried to reassure investors, but investors are voting with their feet,' Sullivan said. Synlait's share price fell 7.69% to $0.60, while a2 Milk shares dipped 1c to $8.80. Mainfreight's annual shareholders' meeting was met with a poor response from investors, after the business said it had a slow and disappointing start to the financial year. Its share price fell late in the day by $6.36 or 9.58% to $60.00 after $8,860,473.66 worth of shares traded hands. Elsewhere, the Government gave the green light for Kiwibank to raise up to $500m of capital to help the bank grow. Sullivan said the market would keenly welcome the move and the Government would likely get a good price for it as well. 'Look at the likes of the gentailers and how well that's actually worked out in terms of the Government maintaining their controlling stake in the businesses and the share prices. They got their cake and got to eat it too.' Air New Zealand announced it had found its replacement for outgoing chief executive Greg Foran, with current chief digital officer Nikhil Ravishankar appointed as his successor. Its share price remained flat on 58c after the announcement. Meanwhile, Ryman Healthcare's share price rose 1.22% or 3c to $2.49. following its annual shareholder meeting. Ryman chief executive Naomi James highlighted the changes the business is making to turn its fortunes around. Ryman had 903,906 shares change hands to the value of $2,242,196.08. Sullivan said to look out for Microsoft's earnings result, expected overnight tonight. International market Wall Street stocks retreated on Tuesday (local time) as markets digested major merger announcements and monitored US-China trade talks ahead of big-tech earnings later in the week. Representatives from Beijing and Washington signalled further talks were likely after a round of negotiations in Stockholm. However, a top US trade official emphasised President Donald Trump would make any 'final call'. Meanwhile, investors digested several significant earnings reports, as well as merger announcements in the rail and energy sectors ahead of major economic news catalysts later in the week. 'After reaching all-time highs, markets are going to take a wait and see attitude,' said Art Hogan of B. Riley Wealth Management. The Dow Jones Industrial Average finished down 0.5% at 44,632.99. The broad-based S&P 500 shed 0.3% to 6,370.86, while the tech-rich Nasdaq Composite Index declined 0.4% to 21,098.29. Both the S&P 500 and Nasdaq had finished at record levels the previous day. – Additional reporting AFP Tom Raynel is a multimedia business journalist for the Herald, covering small business, retail and tourism.
Fox News
a day ago
- Entertainment
- Fox News
Ed Sullivan, an unsung civil rights champion
When I think of Ed Sullivan, what flashes first to my mind is Feb. 9, 1964, as I sat watching with my parents on a large black-and-white TV – as we all did in those days – and he gave a wave to introduce the Beatles. I even scribbled it down in my journal, with a small sketch of a long-haired dude singing "I Wanna Hold Your Hand." But it turns out that the host – who drew as many as 50 million viewers on Sunday nights, which will never be repeated – did something far, far more important than launch John, Paul, George and Ringo in America. The Daily News columnist was a civil rights leader, and an aggressive one at that. This was no secret to those who closely followed Sullivan, and especially in the Black community. But a new Netflix documentary, "Sunday Best," filled with riveting archival footage, makes clear how many backstage battles Sullivan had to fight, including with his own network, and how CBS acted shamefully. Even the sainted Edward R. Murrow praised Sullivan in an interview for his celebrity show. Black Americans in those years rarely appeared on television, except in small, buffoonish roles, leaving aside Amos 'n Andy in blackface. That didn't change until 1965, when a pre-scandal Bill Cosby co-starred in "I Spy." CBS suits were right that Sullivan could lose viewers in the South, which was then a hotbed of racism. The KKK marched openly. It was a Ku Klux Klan organizer who wrote George Wallace's infamous line, "Segregation now, segregation tomorrow, segregation forever!" Sure, we know all about Rosa Parks, who wouldn't give up her seat on the bus, the use of firehoses against Black protesters, the brutal beatings on Bloody Sunday in Selma. But seeing it from this perspective is a heart-stopping reminder of how much stark bigotry stained the country. Sullivan, who grew up poor in Harlem when it was largely Italian and Jewish, was covering a football game as sports editor of the New York Evening Graphic in 1929. It was NYU versus the University of Georgia, to be played in New York. And the Georgians had a demand. "I was sickened to read NYU's agreement to bench a Negro player for the entire game…If a New York university allows the Mason Dixon Line to be erected in the center of its playing field," Sullivan wrote, "then that university should disband its football season for all time." So after launching his show in 1948, at the dawn of television, what was Sullivan's great sin? He put Black entertainers on the air. We're talking Harry Belafonte, Nat King Cole, James Brown, Gladys Knight, Bill "Bojangles" Robinson, Diana Ross, Bo Diddley, a child prodigy named Stevie Wonder – the superstars of their era. Behind the scenes, CBS's conduct was pathetic. Executives urged Sullivan not to shake hands with the Black entertainers, not to put his arm around them, to keep his distance. He basically ignored them. He took heat from Ford Lincoln dealers for kissing Pearl Bailey on the cheek. The host was a powerful guy. He had been on the cover of Time in 1955. After Sullivan announced an upcoming appearance by Belafonte, CBS canceled him because of his pro-Communist views. Sullivan met with the left-wing activist and got him put back on. As the biggest star on television, he could get away with such defiance. As noted, Diahann Carroll, who appeared on the show nine times, said: "For those of us who were actors, he introduced us to each other. I don't think he understood what he was doing as exceptional, he was simply doing what was in his heart." Sullivan also took on one of the most racist politicians in our post-Civil War history, Herman Talmadge, the governor of Georgia. "We intend to maintain segregation one way or another," Talmadge declared. In pushing an advertising boycott, Talmadge said: "I know that I shall not contribute money by purchasing a product from any man who is contributing to the integration and degradation and the mongrelization of the white race." Sullivan responded in his column – there's a screenshot – that "the statements of Gov Talmadge that Negro performers should be barred from TV shows on which White performers appear is both stupid and vicious." Talmadge was later elected to the Senate and was embraced by the Washington establishment. It was said that he modified his views on race. What he actually did was try to politically escape the shameful conduct that the Democratic Party could no longer defend. He had company: Strom Thurmond was a staunch segregationist who filibustered the 1957 Civil Rights Act for more than 24 hours; he too later "modified" his views. In the late 1950s, at a meeting of CBS affiliates, several managers of Southern stations complained that the host was booking too many Black performers. An angry Sullivan said the stations were under no obligation to carry his show. No one canceled. CBS canceled Sullivan's show in 1971 because his ratings were declining and his audience was skewing older. On that last show, the guest was Gladys Knight and the Pips. He was so angry that he either refused to do a farewell show or was barred by CBS for doing so, depending on the account. It was the longest-running program on television. Look, Sullivan's career was framed in the best possible light. The producer is Margo Precht Speciale, his granddaughter. So we should take that into account before nominating him for sainthood. But it's fair to say the truth was hidden in plain sight. Ed Sullivan was a genuine civil rights hero. And that was news to me. A little aside: The year after the Beatles debut, a friend's parents took us to what is now the Ed Sullivan Theater to see a top-rated rock group, Freddie and the Dreamers, perform their hit "I'm Telling You Now," complete with a weird stiff-legged dance. Hey, I didn't mind sitting through all the variety acts for that.
Miami Herald
5 days ago
- Business
- Miami Herald
Federal education funding to be released, offering relief to Florida schools
Close to $400 million in federal grants promised to Florida school districts will be released by the Trump administration, according to reports. As of yesterday, the $35 million in funds promised to Miami-Dade County Public Schools remained frozen. Earlier this month, the figure was $10 million higher, but some funds were released for after-school programs. In Broward, at least $30 million in funds were promised to the school district and then frozen. Nationwide, more than $5 billion in public school funding had been placed on hold. The freeze began June 30, just one day before the grants were expected to arrive. The White House Office of Management and Budget has been reviewing the funds to determine whether they were being used to support a 'radical leftwing agenda.' 'It is incredible, encouraging news that we do not have to hold back on certain areas,' said Miami-Dade Superintendent Jose L. Dotres. 'It will allow us to continue improving the trajectory of the school district and the services we provide to our community.' Dotres had been lobbying lawmakers in Tallahassee and Washington, D.C., to release the funding for the past few weeks, and had already started making cuts for the upcoming year, such as cutting purchases on textbook, supplies, and delaying certain teacher training programs. Now, the district will be able to proceed as usual. In Miami-Dade, the grants fund programs such as English language learning, science and technology innovation, teacher training, migrant education and adult education. John J. Sullivan, chief communications officer for Broward schools, said he is grateful the funds will soon be released. 'These critical resources allow us to continue providing essential services and supports for our students, families, and schools,' said Sullivan. Ron Steiger, the Miami-Dade school district's chief financial officer, said he received multiple texts with links to news articles announcing the release of funds. Though he has not yet received formal notice from the U.S. Department of Education, he said he was relieved. 'Nothing actually ended up harming anything,' he said, adding that he believed this outcome was the most likely all along. Two lawsuits related to the funding freeze are still active. One, brought by 24 states and the District of Columbia, asked a federal judge in Rhode Island to order the release of the funds. Florida was not a party to that suit. A second case was filed by a coalition of organizations—including the Florida Parent Teacher Association and P.S. 305, a Miami education advocacy group—in the same court. On Wednesday, a judge agreed to consider the two cases together. A hearing for emergency relief is scheduled for Aug. 13. Despite the administration's announcement, Florida PTA President-elect Jude Bruno said the legal challenge remains necessary. 'The harm still exists until school districts actually receive the funds or, at the very least, are issued award and grant issuance letters with clear timelines for when to expect them,' Bruno said in a text message to the Miami Herald. Mina Hosseini, executive director of P.S. 305 agreed that this is not the end of what she says is a school 'system chronically starved of resources.' 'The future of public education cannot be left vulnerable to political whims—it must be protected by the people,' she told the Miami Herald. An administrative assistant for Mari Tere Rojas, the chair of the Miami-Dade school board, said in a statement, 'These programs, which enjoy bipartisan support, are vital for the operation and functioning of our local public schools for this upcoming school year.' Ray Hart, executive director of the Council of the Great City Schools, a coalition of school districts, said in a statement that he is 'relieved' the Education Department has released the remainder of the funds authorized under the Elementary and Secondary Education Act 'for the benefit of schoolchildren throughout our nation.' School board member Steve Gallon also welcomed the news—but issued a warning. He expressed frustration that some elected leaders had remained silent 'in the face of what could potentially devastate the learning and lives of children and families… Seemingly shackled by fear and partisanship,' he said in a text message. 'I am concerned that this is not the end,' he added.
The Irish Sun
5 days ago
- Entertainment
- The Irish Sun
Shock moment Brit TikTok influencer HSTikkyTokky punches holidaymakers in Magaluf as huge brawl erupts outside nightclub
THIS is the shocking moment a Brit TikTok star punches holidaymakers in Magaluf, triggering a huge brawl outside a nightclub. The controversial influencer, known as HSTikkyTokky, clashed with boozy revellers with millions of fans watching on. Advertisement 5 5 A number of men had gathered round as the influencer was livestreaming Credit: Twitter 5 Harrison Sullivan has found fame as an influencer on social media Credit: Instagram/hstikkytokky The holidaying star, real name Harrison Sullivan, was on a night out in Footage showed the 23-year-old surrounded by party-goers before they began shouting and shoving each other. The online celeb could be heard telling the group of men to 'calm down'. But the TikTok icon hit out after he was pushed. Advertisement Read More on World News He was seen retaliating with fists flying as a crowd gathered. Boozed-up onlookers cheered and screamed as Sullivan let go a flurry of punches. The brawl, in front of dozens of British holidaymakers, was eventually broken up. Sullivan, who was livestreaming when the scuffle unfolded, has now been banned from the streaming platform Kick - and his video has been deleted. Advertisement Most read in The Sun But the tough-guy took to X - where he has 130,000 followers - to say: 'Great night in Magaluf today banned off kick AGAIN for self defence. Joke.' The Essex-based streamer and TikTok star has over a million views on some of his videos. Watch shocking moment after TikTok star 'HSTikkyTokky's £220,000 McLaren supercar is destroyed in horror crash' He gained enormous popularity on TikTok thanks to his fitness videos and rows with other influencers . The star made headlines last year after he missed a court appearance for a boxing match in Qatar. Advertisement He was meant to appear at Guildford Magistrates Court on November 28 charged with a string of driving offences, including failing to stop when he crashed his £220,000 McLaren in Virginia Water, Surrey. Dramatic pictures showed a purple McClaren 720S, that can go from 0-60 mph in 2.8 seconds, Police issued an Qatar . A day later, Sullivan posted a video on TikTok in which he claimed he had flown back to Britain. Advertisement He later took to X where A Surrey Police spokesperson told The Sun today: "Our investigation into the collision in Virginia Water on Sunday, 24 March 2024 is still active. "Harrison Sullivan is still wanted in connection with this incident, and our enquiries are ongoing to locate him. "We encourage him to hand himself in to police." Advertisement The TikToker has been involved in other infamous bust-ups. He had a clash with punters after making his Misfits Boxing debut against a former reality television star last year. He beat Love Island's Sullivan dominated the celebrity boxing exchange, knocking down Fensom three times and prompting the referee to end the fight, with him then confronting several members of the crowd. Advertisement A brawl erupted when the TikTok creator appeared to spit into a mob of spectators, throw a punch at someone in his immediate proximity and attempted to inflict damage with a chair. The celebrity boxer also grabbed a chair and went to throw the object at others as tempers flared before a security guard stepped in at the last-minute to intervene. The Sun Online has attempted to get in contact with Sullivan for comment. 5 Sullivan's smashed McLaren after the accident Advertisement 5 Surrey Police issued a photo of Sullivan following the crash Credit: PA
Business Wire
6 days ago
- Business
- Business Wire
RPM Reports Record Fiscal 2025 Fourth-Quarter and Full-Year Results
MEDINA, Ohio--(BUSINESS WIRE)--RPM International Inc. (NYSE: RPM), a world leader in specialty coatings, sealants and building materials, today reported record financial results for its fiscal 2025 fourth quarter and full year ended May 31, 2025. Frank C. Sullivan, RPM chairman and CEO commented, 'By leveraging top-line growth with improved operating efficiency, we demonstrated the Power of RPM and generated record results for the fourth quarter and full year. Our ability to provide systems and turnkey solutions for high-performance buildings, as well as our focus on maintenance and restoration, resulted in solid organic growth in the fourth quarter. Aided by the continued implementation of MAP 2025 operating improvements and acquisitions, we generated double-digit consolidated adjusted EBIT growth during the quarter, with each segment increasing adjusted EBIT.' He added, 'For the full fiscal year, we delivered record sales, adjusted EBIT and adjusted EPS, an accomplishment that we have achieved every year since we began MAP 2025. Importantly, in fiscal year 2025, we also generated record adjusted EBIT margins, despite a mixed economic environment. These results are a testament to the dedication and persistence of our associates.' Sullivan continued, 'In an effort to continue building on this positive momentum, we are reorganizing into three segments—Construction Products Group, Performance Coatings Group and the Consumer Group. The former Specialty Products Group businesses have joined our other segments. This streamlined structure will allow our businesses to collaborate more closely to fuel revenue growth and leverage the cultural shift toward working together that has been enabled by MAP. It will also provide additional operating efficiencies, including reduced overhead, which is a hallmark of our MAP initiatives, to continue expanding margins. As we look forward, we are focused on accelerating growth to take full advantage of the operational improvements we've made over the past several years and realize the full Power of RPM.' Fourth-Quarter 2025 Consolidated Results Consolidated Three Months Ended $ in 000s except per share data May 31, May 31, 2025 2024 $ Change % Change Net Sales $ 2,081,975 $ 2,008,163 $ 73,812 3.7 % Net Income Attributable to RPM Stockholders 225,758 180,611 45,147 25.0 % Diluted Earnings Per Share (EPS) 1.76 1.40 0.36 25.7 % Income Before Income Taxes (IBT) 248,376 239,278 9,098 3.8 % Earnings Before Interest and Taxes (EBIT) 271,034 257,973 13,061 5.1 % Adjusted EBIT (1) 314,377 285,550 28,827 10.1 % Adjusted Diluted EPS (1) 1.72 1.56 0.16 10.3 % (1) Excludes certain items that are not indicative of RPM's ongoing operations. See tables below titled Supplemental Segment Information and Reconciliation of Reported to Adjusted Amounts for details. Expand The fourth-quarter sales increase was primarily driven by sales of systems and turnkey solutions to serve high-performance buildings, as well as products and services focused on maintenance and repair. Acquisitions also contributed to top-line growth. Geographically, Europe led sales growth with an increase of 14.9%, fueled by high-performance coatings and acquisitions. In North America, a 2.7% sales increase was driven by demand for systems and turnkey solutions serving high-performance buildings. Sales were mixed in emerging markets, as growth in products serving infrastructure projects in Latin America was offset by unfavorable foreign currency translation and weak economic conditions in Asia. Africa / Middle East grew modestly after strong prior-year growth. Sales included 2.0% organic growth, 2.0% growth from acquisitions net of divestitures, and a 0.3% decline from foreign currency translation. Adjusted EBIT was a record, driven by organic sales growth, which leveraged MAP 2025 operational improvements, partially offset by transitory costs related to plant consolidations and start-ups, as well as raw material cost inflation. SG&A increased during the quarter, driven by higher M&A expenses, variable compensation related to the sale of technical products, and SG&A from acquired businesses. Additional SG&A streamlining actions were put in place during the quarter to help offset the increased expenses. The adjusted diluted EPS increase was driven by the improvement in adjusted EBIT. Fourth-Quarter 2025 Segment Sales and Earnings Record CPG sales were driven by systems and turnkey roofing solutions serving high-performance buildings. The growth was in addition to strong prior-year sales, which increased 6.6%. Sales included 6.7% organic growth, 0.3% growth from acquisitions, and a 0.7% decline from foreign currency translation. Adjusted EBIT was a record, and the increase was driven by MAP 2025 benefits and higher sales of engineered systems and services that expanded margins, partially offset by temporary inefficiencies from plant consolidations as production was being transferred. Record PCG sales included strong demand for turnkey flooring solutions serving high-performance buildings and a double-digit increase in sales of fiberglass reinforced plastics structures, driven by demand from data centers. An acquisition also contributed to the sales increase. Sales included 4.4% organic growth, a 5.0% increase from acquisitions net of divestitures, and a 0.2% decline from foreign currency translation. Adjusted EBIT increased to a record as higher volumes improved fixed-cost leverage, which was aided by MAP 2025 operational improvement initiatives, and as sales mix improved. The SPG sales increase included improved sales to specialty OEM markets, which showed signs of stabilization after a cyclical downturn. The food coatings and additives business generated strong sales growth, due in part to a prior acquisition. The fluorescent pigments and disaster restoration businesses experienced soft demand during the quarter. Sales included flat organic growth, 1.7% growth from an acquisition, and a 0.2% benefit from foreign currency translation. The adjusted EBIT increase was driven by MAP 2025 operational improvement initiatives. This was partially offset by a $2.5 million bad debt expense due to a customer bankruptcy and higher start-up expenses at the Resin Center of Excellence that SPG managed on behalf of all RPM segments. EBIT includes $13.1 million of non-cash asset impairment charges primarily related to fluorescent pigments, which have been consolidated into the Consumer Group in fiscal year 2026 and have undergone overhead streamlining, and a $5.8 million charge for a legal settlement related to a business that was divested in fiscal year 2023. These charges have been excluded from adjusted EBIT. The Consumer Group's sales decline was driven by softness in DIY markets and product rationalization, partially offset by new product introductions and the benefit of The Pink Stuff acquisition, which closed one month prior to the end of the fiscal quarter. Sales included a 3.8% organic decline, 2.3% growth from acquisitions, and a 0.1% decline from foreign currency translation. Adjusted EBIT was a record, driven by MAP 2025 improvements, which were partially offset by cost inflation and reduced fixed-cost utilization from lower volumes. Fiscal Year 2025 Consolidated Results Consolidated Year Ended $ in 000s except per share data May 31, May 31, 2025 2024 $ Change % Change Net Sales $ 7,372,644 $ 7,335,277 $ 37,367 0.5 % Net Income Attributable to RPM Stockholders 688,688 588,397 100,291 17.0 % Diluted Earnings Per Share (EPS) 5.35 4.56 0.79 17.3 % Income Before Income Taxes (IBT) 792,760 787,837 4,923 0.6 % Earnings Before Interest and Taxes (EBIT) 865,204 860,832 4,372 0.5 % Adjusted EBIT (1) 976,031 941,597 34,434 3.7 % Adjusted Diluted EPS (1) 5.30 4.94 0.36 7.3 % (1) Excludes certain items that are not indicative of RPM's ongoing operations. See tables below titled Supplemental Segment Information and Reconciliation of Reported to Adjusted Amounts for details. Expand Fiscal year 2025 sales were a record, driven by turnkey solutions for high-performance buildings, partially offset by soft market conditions in the DIY and specialty OEM markets. Record adjusted EBIT and adjusted EBIT margin of 13.2% were driven by MAP 2025 benefits, partially offset by lower fixed-cost absorption. SG&A streamlining actions partially offset increased variable compensation, benefits and M&A expenses. Fiscal year 2025 adjusted EPS was a record, driven by the adjusted EBIT growth, and lower interest expense as a portion of the strong operational cash flow was used to repay debt. Cash Flow and Financial Position During fiscal 2025: Cash provided by operating activities was $768.2 million, the second highest amount in company history, driven by working capital efficiency enabled by MAP 2025 initiatives. This compares to a record $1.12 billion in fiscal year 2024 when there was a large working capital release as supply chains normalized. Operating working capital as a percentage of sales increased to 24.3% compared to 23.5% in fiscal year 2024, driven by strategic purchases in the fourth quarter of fiscal 2025 to mitigate the future impact of tariffs. Capital expenditures were $229.9 million compared to $214.0 million during fiscal year 2024 with the increase driven by investments in shared RPM facilities, including the Resin Center of Excellence and the newly opened distribution center in Belgium, as well as new production facilities in Malaysia and India, and MAP 2025-enabled plant consolidations. The company returned $325.6 million to stockholders through cash dividends and share repurchases, an increase of $38.7 million or 13.5% compared to the prior year. As of May 31, 2025: Total debt was $2.65 billion compared to $2.13 billion a year ago, with the $519.5 million increase driven by debt used to finance the acquisitions of The Pink Stuff, TMP Convert and other smaller companies. Total liquidity, including cash and committed revolving credit facilities, was $969.1 million, compared to $1.36 billion a year ago, with the decrease driven by the use of the credit facilities to finance the acquisition of The Pink Stuff. Business Outlook Sullivan added, 'We continue to focus on what we control, which includes offering differentiated turnkey solutions and systems to high-performance building projects and improving our operational efficiency, including SG&A streamlining. Working capital released from MAP 2025 structural improvements has helped to fund several acquisitions, leading to RPM's largest M&A year in fiscal 2025. We will benefit as we integrate these businesses into RPM and leverage our competitive strengths to accelerate their future growth.' He concluded, 'For the full fiscal year 2026, we anticipate solid top-line growth, which will allow us to leverage the operational improvements we've implemented to generate record adjusted EBIT and adjusted EBIT margins. The momentum we generated at the end of fiscal 2025 is expected to continue in the fiscal 2026 first quarter, leading to higher sales and profitability. However, we anticipate inflation will temporarily outpace pricing during the quarter and offset the benefits of efficiency initiatives.' The company expects the following in full-year fiscal 2026: Consolidated sales to increase in the low- to mid-single-digit range compared to prior-year record results. Consolidated adjusted EBIT to increase in the high-single- to low-double-digit percentage range compared to prior-year record results. The company expects the following in the fiscal 2026 first quarter: Consolidated sales to increase in the low- to mid-single-digit percentage range compared to prior-year results. Sales growth to be similar among the three segments, with Consumer slightly higher, driven by the acquisitions of The Pink Stuff and Ready Seal. Consolidated adjusted EBIT to be up in the low- to mid-single-digit percentage range compared to prior-year record results. Earnings Webcast and Conference Call Information Management will host a conference call to discuss these results beginning at 10:00 a.m. ET today. The call can be accessed via webcast at or by dialing 1-844-481-2915 or 1-412-317-0708 for international callers and asking to join the RPM International call. Participants are asked to call the assigned number approximately 10 minutes before the conference call begins. The call, which will last approximately one hour, will be open to the public, but only financial analysts will be permitted to ask questions. The media and all other participants will be in a listen-only mode. For those unable to listen to the live call, a replay will be available from July 24, 2025, until July 31, 2025. The replay can be accessed by dialing 1-877-344-7529 or 1-412-317-0088 for international callers. The access code is 2426392. The call also will be available for replay and as a written transcript via the RPM website at About RPM RPM International Inc. owns subsidiaries that are world leaders in specialty coatings, sealants, building materials and related services. The company operates across four reportable segments: consumer, construction products, performance coatings and specialty products. RPM has a diverse portfolio of market-leading brands, including Rust-Oleum, DAP, The Pink Stuff, Zinsser, Varathane, DayGlo, Legend Brands, Stonhard, Carboline, Tremco and Dryvit. From homes and workplaces to infrastructure and precious landmarks, RPM's brands are trusted by consumers and professionals alike to help build a better world. The company employs approximately 17,200 individuals worldwide. Visit to learn more. For more information, contact Matt Schlarb, Vice President – Investor Relations & Sustainability, at 330-220-6064 or mschlarb@ Use of Non-GAAP Financial Information To supplement the financial information presented in accordance with Generally Accepted Accounting Principles in the United States ('GAAP') in this earnings release, we use EBIT, adjusted EBIT and adjusted earnings per share, which are all non-GAAP financial measures. EBIT is defined as earnings (loss) before interest and taxes, with adjusted EBIT and adjusted earnings per share provided for the purpose of adjusting for one-off items impacting revenues and/or expenses that are not considered by management to be indicative of ongoing operations. We evaluate the profit performance of our segments based on income before income taxes, but also look to EBIT as a performance evaluation measure because interest income (expense), net is essentially related to corporate functions, as opposed to segment operations. For that reason, we believe EBIT is also useful to investors as a metric in their investment decisions. EBIT should not be considered an alternative to, or more meaningful than, income before income taxes as determined in accordance with GAAP, since EBIT omits the impact of interest and investment income or expense in determining operating performance, which represent items necessary to our continued operations, given our level of indebtedness. Nonetheless, EBIT is a key measure expected by and useful to our fixed income investors, rating agencies and the banking community all of whom believe, and we concur, that this measure is critical to the capital markets' analysis of our segments' core operating performance. We also evaluate EBIT because it is clear that movements in EBIT impact our ability to attract financing. Our underwriters and bankers consistently require inclusion of this measure in offering memoranda in conjunction with any debt underwriting or bank financing. EBIT may not be indicative of our historical operating results, nor is it meant to be predictive of potential future results. See the financial statement section of this earnings release for a reconciliation of EBIT and adjusted EBIT to income before income taxes, and adjusted earnings per share to earnings per share. We have not provided a reconciliation of our first-quarter fiscal 2026 or full-year fiscal 2026 adjusted EBIT guidance because material terms that impact such measure are not in our control and/or cannot be reasonably predicted, and therefore a reconciliation of such measure is not available without unreasonable effort. Use of Key Performance Indicator Metric To supplement the financial information presented in accordance with Generally Accepted Accounting Principles in the United States ('GAAP') in this earnings release, we use the key performance indicator ('KPI') metric of operating working capital as a percentage of sales, which is defined as the net amount of net trade accounts receivable plus inventories less accounts payable, all divided by trailing twelve-month net sales. We evaluate the working capital investment needs of our business to support current operations as well as future changes in business activity. For that reason, we believe operating working capital as a percentage of sales is also useful to investors as a metric in their investment decisions. Forward-Looking Statements This press release contains 'forward-looking statements' relating to our business. These forward-looking statements, or other statements made by us, are made based on our expectations and beliefs concerning future events impacting us and are subject to uncertainties and factors (including those specified below), which are difficult to predict and, in many instances, are beyond our control. As a result, our actual results could differ materially from those expressed in or implied by any such forward-looking statements. These uncertainties and factors include (a) global and regional markets and general economic conditions, including uncertainties surrounding the volatility in financial markets, the availability of capital and the viability of banks and other financial institutions; (b) the prices, supply and availability of raw materials, including assorted pigments, resins, solvents, and other natural gas- and oil-based materials; packaging, including plastic and metal containers; and transportation services, including fuel surcharges; (c) continued growth in demand for our products; (d) legal, environmental and litigation risks inherent in our businesses and risks related to the adequacy of our insurance coverage for such matters; (e) the effect of changes in interest rates; (f) the effect of fluctuations in currency exchange rates upon our foreign operations; (g) changes in global trade policies, including the adoption or expansion of tariffs and trade barriers; (h) the effect of non-currency risks of investing in and conducting operations in foreign countries, including those relating to domestic and international political, social, economic and regulatory factors; (i) risks and uncertainties associated with our ongoing acquisition and divestiture activities; (j) the timing of and the realization of anticipated cost savings from restructuring initiatives, the ability to identify additional cost savings opportunities, and the risks of failing to meet any other objectives of our improvement plans; (k) risks related to the adequacy of our contingent liability reserves; (l) risks relating to a public health crisis similar to the Covid pandemic; (m) risks related to acts of war similar to the Russian invasion of Ukraine; (n) risks related to the transition or physical impacts of climate change and other natural disasters or meeting sustainability-related voluntary goals or regulatory requirements; (o) risks related to our or our third parties' use of technology including artificial intelligence, data breaches and data privacy violations; (p) the shift to remote work and online purchasing and the impact that has on residential and commercial real estate construction; and (q) other risks detailed in our filings with the Securities and Exchange Commission, including the risk factors set forth in our Form 10-K for the year ended May 31, 2024, as the same may be updated from time to time. We do not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the filing date of this press release. SUPPLEMENTAL SEGMENT INFORMATION IN THOUSANDS (Unaudited) Three Months Ended Year Ended May 31, May 31, May 31, May 31, 2025 2024 2025 2024 Net Sales: CPG Segment $ 809,913 $ 762,174 $ 2,767,428 $ 2,702,466 PCG Segment 399,208 365,555 1,491,695 1,462,460 SPG Segment 181,315 177,975 699,469 712,402 Consumer Segment 691,539 702,459 2,414,052 2,457,949 Total $ 2,081,975 $ 2,008,163 $ 7,372,644 $ 7,335,277 Income Before Income Taxes: CPG Segment Income Before Income Taxes (a) $ 153,455 $ 131,429 $ 426,028 $ 385,339 Interest (Expense), Net (b) (588 ) (551 ) (2,494 ) (5,170 ) EBIT (c) 154,043 131,980 428,522 390,509 MAP initiatives (d) 3,871 6,526 10,327 12,694 Acquisition-related costs (e) 194 - 453 - Adjusted EBIT $ 158,108 $ 138,506 $ 439,302 $ 403,203 PCG Segment Income Before Income Taxes (a) $ 54,711 $ 46,589 $ 225,594 $ 199,951 Interest Income, Net (b) 580 889 2,335 4,642 EBIT (c) 54,131 45,700 223,259 195,309 MAP initiatives (d) 3,128 2,829 6,840 20,233 Acquisition-related costs (e) 515 - 1,012 - Adjusted EBIT $ 57,774 $ 48,529 $ 231,111 $ 215,542 SPG Segment (Loss) Income Before Income Taxes (a) $ (10,763 ) $ 7,439 $ 26,391 $ 43,784 Interest (Expense) Income, Net (b) (126 ) (89 ) (439 ) 204 EBIT (c) (10,637 ) 7,528 26,830 43,580 MAP initiatives (d) 3,159 3,063 10,100 11,179 (Gain) on sale of assets and a business, net (f) - - (237 ) (1,206 ) Legal contingency adjustment on a divested business (h) 5,777 - 6,059 3,953 Goodwill and intangible asset impairments (i) 13,080 - 13,080 - Adjusted EBIT $ 11,379 $ 10,591 $ 55,832 $ 57,506 Consumer Segment Income Before Income Taxes (a) $ 113,441 $ 113,146 $ 357,900 $ 408,200 Interest (Expense) Income, Net (b) (129 ) (58 ) (585 ) 2,561 EBIT (c) 113,570 113,204 358,485 405,639 MAP initiatives (d) 6,339 8,591 28,464 9,840 Acquisition-related costs (e) 2,561 - 2,561 - (Gain) on sale of assets and a business, net (f) - (3,627 ) - (3,627 ) Business interruption insurance recovery (g) - - - (11,128 ) Adjusted EBIT $ 122,470 $ 118,168 $ 389,510 $ 400,724 Corporate/Other (Loss) Before Income Taxes (a) $ (62,468 ) $ (59,325 ) $ (243,153 ) $ (249,437 ) Interest (Expense), Net (b) (22,395 ) (18,886 ) (71,261 ) (75,232 ) EBIT (c) (40,073 ) (40,439 ) (171,892 ) (174,205 ) MAP initiatives (d) 4,719 10,195 32,168 38,827 Adjusted EBIT $ (35,354 ) $ (30,244 ) $ (139,724 ) $ (135,378 ) TOTAL CONSOLIDATED Income Before Income Taxes (a) $ 248,376 $ 239,278 $ 792,760 $ 787,837 Interest (Expense) (25,939 ) (27,276 ) (96,543 ) (117,969 ) Investment Income, Net 3,281 8,581 24,099 44,974 EBIT (c) 271,034 257,973 865,204 860,832 MAP initiatives (d) 21,216 31,204 87,899 92,773 Acquisition-related costs (e) 3,270 - 4,026 - (Gain) on sale of assets and a business, net (f) - (3,627 ) (237 ) (4,833 ) Business interruption insurance recovery (g) - - - (11,128 ) Legal contingency adjustment on a divested business (h) 5,777 - 6,059 3,953 Goodwill and intangible asset impairments (i) 13,080 - 13,080 - Adjusted EBIT $ 314,377 $ 285,550 $ 976,031 $ 941,597 (a) The presentation includes a reconciliation of Income (Loss) Before Income Taxes, a measure defined by Generally Accepted Accounting Principles in the United States (GAAP), to EBIT and Adjusted EBIT. (b) Interest Income (Expense), Net includes the combination of Interest Income (Expense) and Investment Income (Expense), Net. (c) EBIT is defined as earnings (loss) before interest and taxes, with Adjusted EBIT provided for the purpose of adjusting for items impacting earnings that are not considered by management to be indicative of ongoing operations. We evaluate the profit performance of our segments based on income before income taxes, but also look to EBIT, or adjusted EBIT, as a performance evaluation measure because Interest Income (Expense), Net is essentially related to corporate functions, as opposed to segment operations. For that reason, we believe EBIT is also useful to investors as a metric in their investment decisions. EBIT should not be considered an alternative to, or more meaningful than, income before income taxes as determined in accordance with GAAP, since EBIT omits the impact of interest and investment income or expense in determining operating performance, which represent items necessary to our continued operations, given our level of indebtedness. Nonetheless, EBIT is a key measure expected by and useful to our fixed income investors, rating agencies and the banking community all of whom believe, and we concur, that this measure is critical to the capital markets' analysis of our segments' core operating performance. We also evaluate EBIT because it is clear that movements in EBIT impact our ability to attract financing. Our underwriters and bankers consistently require inclusion of this measure in offering memoranda in conjunction with any debt underwriting or bank financing. EBIT may not be indicative of our historical operating results, nor is it meant to be predictive of potential future results. (d) Reflects restructuring and other charges, which have been incurred in relation to our Margin Acceleration Plan ("MAP to Growth") and our Margin Achievement Plan ("MAP 2025"), together MAP initiatives, as follows: - Restructuring and other related expense, net: Includes charges incurred related to headcount reductions, facility closures and asset impairments recorded in "Restructuring Expense" on the Consolidated Statements of Income. Restructuring Expense totaled $6.8 million and $15.9 million for the quarters ended May 31, 2025 and May 31, 2024 respectively, and $25.0 million and $30.0 million for the year ended May 31, 2025 and May 31, 2024 respectively. Other related expenses include inventory write-offs in connection with restructuring activities recorded in "Cost of Sales", accelerated depreciation and amortization recorded within "Cost of Sales" or "Selling, General, & Administrative Expenses ("SG&A")" depending on the nature of the expense as well as the prior year loss on sale and increase in our allowance for doubtful accounts resulting from of the divestiture of the non-core Universal Sealant's Bridgecare service business within our PCG segment. - Exited product lines: Sale of inventory that had previously been reserved for as a result of prior product line rationalization initiatives at PCG partially offset by inventory write-offs related to the discontinuation of certain product lines within our SPG segment. These amounts resulted from ongoing product line rationalization efforts in connection with our MAP initiatives and were recorded in "Cost of Sales". - ERP consolidation plan: Includes expenses incurred as a result of our stated goals to consolidate over 75 ERP systems across the organization to four ERP platforms, one per segment, as part of our overall MAP strategy as well as costs incurred for other decision support tools to facilitate our commercial initiatives related to MAP 2025 which have been incurred in all segments, as well as Corporate/Other, and have been recorded within "SG&A". - Professional fees: Includes expenses incurred to consolidate accounting locations, costs incurred to implement technologies and processes to drive improved sales mix and salesforce effectiveness and cost incurred to implement new global manufacturing methodologies with the goal of improving operating efficiency incurred within all of our segments and recorded within "SG&A". All of this spend is in support of stated MAP goals with the most significant expense incurred within Corporate/Other. Included below is a reconciliation of the TOTAL CONSOLIDATED MAP initiatives. May 31, May 31, May 31, May 31, 2025 2024 2025 2024 Exited product line - - - (248 ) (e) Acquisition costs reflect amounts included in 'Cost of Sales' for inventory step-ups. (f) Reflects gains associated with post-closing adjustments for the sale of the non-core furniture warranty business in the SPG segment in fiscal 2023 which have been recorded in "SG&A". In addition to this, the prior year reflects the sale of a property within our Consumer segment which has also been recorded in 'SG&A'. (g) Business interruption insurance recovery at our Consumer segment related to lost sales and incremental costs incurred during fiscal 2021 and 2022 as a result of an explosion at the plant of a significant alkyd resin supplier, which has been recorded in "SG&A". (h) Represents incremental expense related to an adverse legal ruling from a case associated with a business that was divested in fiscal 2023. (i) Reflects $11.4 million of goodwill impairment recorded in "Goodwill Impairment" and $1.7 million of intangible asset impairment recorded in "SG&A". Both charges are related to the Color Group reporting unit in our SPG Segment due to the continued softness in OEM markets and underperformance in our growth initiatives associated with this reporting unit. Expand SUPPLEMENTAL INFORMATION (Unaudited) Three Months Ended Year Ended May 31, May 31, May 31, May 31, 2025 2024 2025 2024 Reconciliation of Reported Earnings per Diluted Share to Adjusted Earnings per Diluted Share (All amounts presented after-tax): Reported Earnings per Diluted Share $ 1.76 $ 1.40 $ 5.35 $ 4.56 MAP initiatives (d) 0.16 0.19 0.56 0.56 Acquisition-related costs (e) 0.02 - 0.02 - (Gain) on sale of assets and a business, net (f) - (0.02 ) - (0.03 ) Business interruption insurance recovery (g) - - - (0.07 ) Legal contingency adjustment on a divested business (h) 0.03 - 0.04 0.02 Goodwill and intangible asset impairments (i) 0.09 - 0.09 - Investment returns (j) - (0.01 ) (0.02 ) (0.12 ) Income tax adjustments (k) (0.34 ) - (0.74 ) 0.02 Adjusted Earnings per Diluted Share (l) $ 1.72 $ 1.56 $ 5.30 $ 4.94 (d) Reflects restructuring and other charges, which have been incurred in relation to our Margin Acceleration Plan ("MAP to Growth") and our Margin Achievement Plan ("MAP 2025"), together MAP initiatives, as follows: - Restructuring and other related expense, net: Includes charges incurred related to headcount reductions, facility closures and asset impairments recorded in "Restructuring Expense" on the Consolidated Statements of Income. Restructuring Expense totaled $6.8 million and $15.9 million for the quarters ended May 31, 2025 and May 31, 2024 respectively, and $25.0 million and $30.0 million for the year ended May 31, 2025 and May 31, 2024 respectively. Other related expenses include inventory write-offs in connection with restructuring activities recorded in "Cost of Sales", accelerated depreciation and amortization recorded within "Cost of Sales" or "Selling, General, & Administrative Expenses ("SG&A")" depending on the nature of the expense as well as the prior year loss on sale and increase in our allowance for doubtful accounts resulting from of the divestiture of the non-core Universal Sealant's Bridgecare service business within our PCG segment. - Exited product lines: Sale of inventory that had previously been reserved for as a result of prior product line rationalization initiatives at PCG partially offset by inventory write-offs related to the discontinuation of certain product lines within our SPG segment. These amounts resulted from ongoing product line rationalization efforts in connection with our MAP initiatives and were recorded in "Cost of Sales". - ERP consolidation plan: Includes expenses incurred as a result of our stated goals to consolidate over 75 ERP systems across the organization to four ERP platforms, one per segment, as part of our overall MAP strategy as well as costs incurred for other decision support tools to facilitate our commercial initiatives related to MAP 2025 which have been incurred in all segments, as well as Corporate/Other, and have been recorded within "SG&A". - Professional fees: Includes expenses incurred to consolidate accounting locations, costs incurred to implement technologies and processes to drive improved sales mix and salesforce effectiveness and cost incurred to implement new global manufacturing methodologies with the goal of improving operating efficiency incurred within all of our segments and recorded within "SG&A". All of this spend is in support of stated MAP goals with the most significant expense incurred within Corporate/Other. (e) Acquisition costs reflect amounts included in 'Cost of Sales' for inventory step-ups. (f) Reflects gains associated with post-closing adjustments for the sale of the non-core furniture warranty business in the SPG segment in fiscal 2023 which have been recorded in "SG&A". In addition to this, the prior year reflects the sale of a property within our Consumer segment which has also been recorded in 'SG&A'. (g) Business interruption insurance recovery at our Consumer segment related to lost sales and incremental costs incurred during fiscal 2021 and 2022 as a result of an explosion at the plant of a significant alkyd resin supplier, which has been recorded in "SG&A". (h) Represents incremental expense related to an adverse legal ruling from a case associated with a business that was divested in fiscal 2023. We strongly disagree with the legal ruling and have filed an appeal. (i) Reflects $11.4 million of goodwill impairment recorded in "Goodwill Impairment" and $1.7 million of intangible asset impairment recorded in "SG&A". Both charges are related to the Color Group reporting unit in our SPG Segment due to the continued softness in OEM markets and underperformance in our growth initiatives associated with this reporting unit. (j) Investment returns include realized net gains and losses on sales of investments and unrealized net gains and losses on equity securities, which are adjusted due to their inherent volatility. Management does not consider these gains and losses, which cannot be predicted with any level of certainty, to be reflective of the Company's core business operations. (k) The adjustment for the current three-month period and year ended May 31, 2025, includes incremental benefits of the U.S. deduction for foreign derived intangible income and the foreign tax rate differential associated with certain global capital structure initiatives completed during the period. Additionally, the year-to-date adjustment includes adjustments to U.S. foreign tax credits recognized because of global cash redeployment and debt optimization projects, as well as other adjustments to our net deferred tax asset related to U.S. foreign tax credit carryforwards resulting from our reassessment of income tax positions following developments in U.S. income tax case law. For fiscal year 2024, the adjustment relates to income taxes associated with the fiscal year 2023 sale of the furniture warranty business. (l) Adjusted Diluted EPS is provided for the purpose of adjusting diluted earnings per share for items impacting earnings that are not considered by management to be indicative of ongoing operations. Expand CONSOLIDATED BALANCE SHEETS IN THOUSANDS (Unaudited) May 31, 2025 May 31, 2024 Assets Current Assets Cash and cash equivalents $ 302,137 $ 237,379 Trade accounts receivable 1,551,953 1,468,208 Allowance for doubtful accounts (42,844 ) (48,763 ) Net trade accounts receivable 1,509,109 1,419,445 Inventories 1,036,475 956,465 Prepaid expenses and other current assets 322,577 282,059 Total current assets 3,170,298 2,895,348 Property, Plant and Equipment, at Cost 2,738,373 2,515,847 Allowance for depreciation (1,264,974 ) (1,184,784 ) Property, plant and equipment, net 1,473,399 1,331,063 Other Assets Goodwill 1,617,626 1,308,911 Other intangible assets, net of amortization 780,826 512,972 Operating lease right-of-use assets 370,399 331,555 Deferred income taxes 147,436 33,522 Other 215,965 173,172 Total other assets 3,132,252 2,360,132 Total Assets $ 7,775,949 $ 6,586,543 Liabilities and Stockholders' Equity Current Liabilities Accounts payable $ 755,889 $ 649,650 Current portion of long-term debt 7,691 136,213 Accrued compensation and benefits 287,398 297,249 Accrued losses 36,701 32,518 Other accrued liabilities 379,768 350,434 Total current liabilities 1,467,447 1,466,064 Long-Term Liabilities Long-term debt, less current maturities 2,638,922 1,990,935 Operating lease liabilities 317,334 281,281 Other long-term liabilities 241,117 214,816 Deferred income taxes 224,347 121,222 Total long-term liabilities 3,421,720 2,608,254 Total liabilities 4,889,167 4,074,318 Stockholders' Equity Preferred stock; none issued - - Common stock (outstanding 128,269; 128,629) 1,283 1,286 Paid-in capital 1,177,796 1,150,751 Treasury stock, at cost (953,856 ) (864,502 ) Accumulated other comprehensive (loss) (533,631 ) (537,290 ) Retained earnings 3,193,764 2,760,639 Total RPM International Inc. stockholders' equity 2,885,356 2,510,884 Noncontrolling interest 1,426 1,341 Total equity 2,886,782 2,512,225 Total Liabilities and Stockholders' Equity $ 7,775,949 $ 6,586,543 Expand CONSOLIDATED STATEMENTS OF CASH FLOWS IN THOUSANDS (Unaudited) Year Ended May 31, May 31, 2025 2024 Cash Flows From Operating Activities: Net income $ 690,327 $ 589,442 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 193,840 171,251 Goodwill Impairment 11,352 - Deferred income taxes (104,507 ) (5,638 ) Stock-based compensation expense 27,042 25,925 Net (gain) on marketable securities (4,997 ) (19,914 ) Net (gain) on sales of assets and businesses - (971 ) Other 1,269 2,226 Changes in assets and liabilities, net of effect from purchases and sales of businesses: (Increase) decrease in receivables (55,037 ) 82,895 (Increase) decrease in inventory (34,458 ) 179,843 (Increase) decrease in prepaid expenses and other (62,669 ) 23,426 current and long-term assets Increase (decrease) in accounts payable 84,074 (24,439 ) (Decrease) increase in accrued compensation and benefits (17,130 ) 39,891 Increase in accrued losses 3,899 5,958 Increase in other accrued liabilities 35,185 52,410 Cash Provided By Operating Activities 768,190 1,122,305 Cash Flows From Investing Activities: Capital expenditures (229,930 ) (213,970 ) Acquisition of businesses, net of cash acquired (595,770 ) (15,549 ) Purchase of marketable securities (85,793 ) (32,981 ) Proceeds from sales of marketable securities 87,093 46,689 Proceeds from sales of assets and businesses, net - 6,921 Other (1,134 ) 2,450 Cash (Used For) Investing Activities (825,534 ) (206,440 ) Cash Flows From Financing Activities: Additions to long-term and short-term debt 478,111 - Reductions of long-term and short-term debt (9,008 ) (575,408 ) Cash dividends (255,563 ) (231,883 ) Repurchases of common stock (69,999 ) (54,978 ) Shares of common stock returned for taxes (18,686 ) (24,548 ) Payment of acquisition-related contingent consideration (1,122 ) (1,142 ) Other (1,796 ) (2,075 ) Cash Provided By (Used For) Financing Activities 121,937 (890,034 ) Effect of Exchange Rate Changes on Cash and Cash Equivalents 165 (4,239 ) Net Change in Cash and Cash Equivalents 64,758 21,592 Expand
