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MEDINA, Ohio - RPM International Inc. (NYSE: NYSE:RPM), a global leader in specialty coatings and sealants, announced today a regular quarterly cash dividend of $0.51 per share, marking a 10.9% increase from the previous year's dividend. This increase continues the company's record of raising dividends for 51 consecutive years.
Stockholders of record as of October 18, 2024, will be eligible for the dividend payout scheduled for October 31, 2024. RPM's consistent dividend growth places it in a select group, with less than half of 1 percent of all publicly traded U.S. companies having a similar track record of annual dividend increases.
At RPM's annual stockholders meeting, shareholders approved the proposal to phase out the classification of the Board of Directors over the next three annual meetings. Additionally, three directors were re-elected for one-year terms expiring in 2025: Bruce A. Carbonari, Jenniffer D. Deckard, and Salvatore D. Fazzolari.
The company also acknowledged the upcoming departures of board members Kirkland Andrews and John Ballbach. RPM Chair and CEO Frank C. Sullivan expressed gratitude for their years of service and contributions to the company's operational efficiency and profitability.
RPM attributes its ability to increase dividends and achieve record profitability to its strategic initiatives, including MAP 2025, and its focus on repair and maintenance demand. The company's diverse portfolio includes well-known brands such as Rust-Oleum and DAP, and it employs approximately 17,200 people worldwide.
This dividend announcement is based on a press release statement from RPM International Inc. and reflects the company's financial performance and strategic decisions.
In other recent news, RPM International Inc., a global leader in specialty coatings, sealants, and building materials, reported its fiscal first quarter 2025 results, demonstrating resilience amid external challenges like Hurricane Helene and foreign exchange headwinds. Despite a 2.1% decline in sales, the company's strategic initiatives and operational efficiencies have positioned it for future growth. RPM's adjusted EPS rose by 12.2% to $1.84, marking the 11th consecutive quarter of record adjusted EBIT. The company also repaid $75 million in debt during the quarter, reducing interest expenses. RPM's MAP 2025 initiative is on track to achieve $465 million in savings by May 2025, and the company plans to continue $50 million in annual share repurchases. The company's full-year guidance remains steady with low single-digit sales growth and mid-single-digit adjusted EBIT increases. RPM International's recent developments highlight its ability to manage external challenges while focusing on strategic growth and cost-saving initiatives.
InvestingPro Insights
RPM International Inc.'s recent dividend increase aligns with its strong financial position and consistent growth strategy. According to InvestingPro data, RPM boasts a market capitalization of $16.43 billion and a dividend yield of 1.44%. The company's commitment to shareholder returns is further emphasized by an InvestingPro Tip, which notes that RPM has maintained dividend payments for an impressive 52 consecutive years.
The company's financial health is reflected in its robust operating performance. RPM's revenue for the last twelve months stands at $7.29 billion, with a gross profit margin of 41.45%. This solid financial foundation supports the company's ability to continue its dividend growth streak.
An additional InvestingPro Tip highlights that RPM's stock has shown strong returns over the last three months, with data confirming a 19.49% price total return over that period. This recent performance, coupled with the company's long-term dividend growth, underscores RPM's appeal to value-oriented investors.
For readers interested in a deeper analysis, InvestingPro offers 11 additional tips that provide further insights into RPM's financial health and market position. These tips can help investors make more informed decisions about the company's stock.
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