Fiscal 2024 Second-Quarter Financial Results
Fiscal 2024 Second-Quarter Financial Results
Soft DIY demand pressured sales; MAP 2025 drove adjusted EBIT growth
CONSUMER
GROUP
Sales
Q2
($ in millions, except margins)
2024
Q2
2023
% Change Sales Components
$578.7
$610.4
-5.2%
Organic
-5.1%
*TRUSTED QUALITY SINCE 1921+
RUST-OLEUM®
STOPS
RUST
TOUCH'N FOAM.
PROFESSIONAL
RUST-OLEUM
DAP Varathane ZINSSECRETION_N
TESTORS Kwik Seal' ALEX GATOR XIM
DRYDEX
BRY TIME INDICATOR
KRUD
KUTTER
Paints
Waterproofing
EBIT¹
$97.2
$93.9
+3.5%
Acquisitions/
Divestitures
0.0%
WATCO®
TOR Mo
Adjusted EBIT¹
$96.4
$94.2
+2.3%
MATHYS
MM
Weldwood MIRACLE
Adjusted EBIT Margin¹
16.7%
15.4%
+130 bps
F/X
-0.1%
MODERN
MASTERS.
SEALANTS
RUST-OLEUM
PAINTER'S
TOUCH
RUST-OLEUM
ROCKSOLID
Plastic
RUSTOLEUM
EPOXYSHIELD Wood
TREMCLAD DYNAFLEX
THE VOILD'S TOUGHEST COLTIN BE
CATOR
220
FINISH
CUSTOM SPRAY
VEDETE GENTICAL INSPE
RPM
TRUSTED QUALITY SINCE 1921+
RUST-OLEUM
STOPS
RUST
GLOSS
PROTECTIVE
ENAMEL
TOUCH NE
UNFORS
Negative sales driven by reduced DIY takeaway at retail stores, as housing
turnover hit multi-year lows, and retailers reducing inventories, partially
offset by market share gains, strength in international markets, and increased
pricing to catch up with inflation
Record Q2 adjusted EBIT driven by MAP 2025 benefits and strength in
international markets
Q2-24 results are in addition to strong prior-year results, when sales and
adjusted EBIT increased by 15.3% and 180.3%, respectively
(1) EBIT, Adjusted EBIT, and Adjusted EBIT Margin are non-GAAP financial measures. Refer to Appendix for
reconciliations between GAAP and non-GAAP measures.
Investor Presentation | Jan. 11, 2024
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