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Text: Matt will then review our fourth-quarter results in some detail, then Rusty will conclude with comments on our outlook for the first half of fiscal 2022.
On our April investor call, we referenced rising inflation across our P&L at structurally high single digits with some select spikes of 150% to 200%.
Someone in our call today thought that by now raw material costs and availability would have gotten better to the point of pressure from some customers to give back price.
That was wrong in April and way wrong today.
Raw material costs have increased to levels on average in the high teens.
More importantly, certain critical raw material shortages across our industry are negatively impacting our ability to produce and meet market demand.
In Q4, this raw material availability cost us an estimated $100 million in revenue.
It's likely to cost us more in Q1 and we anticipate having more raw material availability lost production days in Q1 this year than we had from the impact of COVID shutdowns in Q1 last year.
Our full-year consolidated sales increased 11% to $6.1 billion, our EBIT margin increased by 150 basis points, and adjusted EBIT was up 26.5%.
Operating cash flow climbed nearly 40% to a record $766.2 million, and our adjusted EBIT margin climbed to 12.8%, which was also a record.
Our MAP to Growth program has been the principal driver of this strong financial performance.
The successful execution of our MAP to Growth operating improvement plan, especially in light of the incredible disruptions caused by the COVID pandemic and more recently by unprecedented supply chain challenges, is a true testament to the dedication and resilience of the RPM associates worldwide.
At the program's onset, we recognized that RPM had reached the point where a center-led approach in selected areas of the business was required to take it to the next level of growth.
In manufacturing, we formed a center-led team that has created a lasting culture of manufacturing excellence and continuous improvement disciplines across the organization.
This team launched our MS-168 manufacturing system, which is allowing us to produce better products more quickly, more cost-effectively, and more sustainably.
In addition, we reduced our global manufacturing footprint by 28 facilities, consolidating production to more strategically advantageous plants.
Our original target was 31 plants but consolidation efforts were slowed by the COVID pandemic.
We expect to exceed the original target in the coming year.
We also created a center-led procurement team that has consolidated material spending across our operating companies, negotiated improved payment terms with our supplier base, and has helped us reduce working capital.
These initiatives have created millions of dollars in cost savings.
With stronger supplier partnerships, longer-term contracts, we are in a much better position to secure necessary raw materials and control costs through the current raw material supply shortages than we would have been just three years ago.
Additionally, we took significant steps to streamline many of our administrative functions.
Through our financial realignment, we consolidated 46 accounting locations, improved controls, developed more effective and efficient accounting processes, and reduced costs.
Similar initiatives were undertaken in our IT infrastructure as we have migrated 75% of our organization to one to four group-level ERP platforms.
Additionally, we have reduced the number of data centers we manage by shifting systems and hardware to the cloud, and we are creating a number of platforms for centralized data-driven decision making.
Over the course of the three-year MAP to Growth program, we have returned $1.1 billion of capital to shareholders through a combination of cash dividends and share repurchases.
Aside from a significantly improved profit margin profile and stronger cash generation, as reflected in the cumulative total return generated by RPM, which has exceeded our peer group over the three years of the MAP to Growth program, the lasting legacy of our MAP to Growth operating improvement plan is the revolutionary change in how people work together at RPM.
Our operating company leadership is managing today with a broader view of RPM as a whole, allowing us to better leverage resources.
Another permanent change has been the operational disciplines we developed that will continue to generate improvements in profitability, cash flow, and operating efficiency well into the future.
Perhaps more significant has been our ability to maintain our unique entrepreneurial growth-oriented culture, evidenced by the fact that our revenues continue to grow at or above industry averages throughout the MAP to Growth program.
The real heroes behind the MAP to Growth success were our associates worldwide, particularly our frontline workers who kept our manufacturing and distribution centers operating during the COVID pandemic.
We also owe a debt of gratitude to my good friend and one of RPM's great operating leaders, Steve Knoop, who is the architect of the MAP to Growth program and passed away prematurely in 2019.
Additionally, I'd like to recognize Mike Sullivan, vice president of operations and chief restructuring officer; Tim Kinser, vice president of operations procurement; and Gordy Hyde, vice president of operations, manufacturing, who successfully executed the program with an intense focus and strong leadership that were integral to delivering these results and instilling a permanent focus on operating efficiency and continuous improvement into our culture.
While we have reached the 2020 MAP to Growth conclusion, there will be some runoff from the MAP to Growth program in fiscal '22, during which we expect to capture approximately $50 million in incremental savings.
We will also be leveraging the lessons learned from this program to chart a course for 2025.
Over the next six to 12 months, we will be working on a MAP 2.0 program in conjunction with our operating leaders.
We remain fully committed to achieving our long-term goal of a 16% EBIT margin, and we will be sharing more information about our progress for a new program in the coming quarters.
Please keep in mind that my comments will be on an as-adjusted basis.
For the fourth quarter, we generated consolidated net sales of $1.74 billion, an increase of 19.6%, compared to the $1.46 billion reported in the year-ago period.
Sales growth was 13.9% organic, 2.2%, the result of recent acquisitions, and 3.5% due to foreign currency translation tailwinds.
We are very pleased with this strong top-line growth in light of raw material shortages and supply chain disruptions.
Adjusted diluted earnings per share increased 13.3% to $1.28, compared to $1.13 in the fiscal 2020 fourth quarter.
Our adjusted EBIT was $236.2 million, compared to $213.6 million during the year-ago period, which was an increase of 10.6%.
Keep in mind that last year's fourth quarter was impacted by the pandemic's onset, which created the extraordinary situation where our non-operating segment reported a profit due to lower medical expenses, incentive reversals, and other factors.
On the other hand, during this year's fourth quarter, we experienced higher insurance costs due to business interruptions created by hurricanes and the winter storm Uri as well as higher incentives tied to improve performance.
If you exclude the impact of our nonoperating segment from both years, our four operating segments combined generated impressive sales growth of 19.6% and adjusted EBIT growth of 27.5% as they overcame margin pressures and supply availability challenges.
Turning now to our segment performance for the quarter.
Our construction products group generated record results.
Construction, maintenance, and repair activity accelerated in the U.S. during the quarter and even more so in international markets.
Construction products group net sales were a record $629.4 million during the fiscal 2021 fourth quarter, which was an increase of 33.2%, compared to fiscal 2020 fourth-quarter net sales of $472.4 million.
Organic growth was 28.4% and foreign currency translation provided a tailwind of 4.8%.
Leading the way for the segment were our businesses in North America that provided commercial roofing materials and concrete admixtures and repair products as well as our European businesses, all of which generated record sales.
Demand for our Nudura Insulated Concrete Forms remained at elevated levels due to the relatively low installed cost, in addition to the environmental and structural benefits as compared to traditional building methods.
Adjusted EBIT was a record $110.4 million, compared to adjusted EBIT of $77.3 million reported during the year-ago period.
This represents an increase of 42.7%.
The bottom line was boosted by volume leveraging, savings from our MAP to Growth program, and higher selling prices.
Our performance coatings group also benefited from the release of pent-up demand for the construction, maintenance, and repair of structures in the U.S. and abroad, which has leveraged into strong financial results.
The segment's net sales were $283.3 million during the fiscal 2021 fourth quarter, which was an increase of 20.5%, compared to the $235.1 million reported a year ago.
Organic sales increased 12.9% and acquisitions contributed 2.9%.
Foreign currency translation increased sales by 4.7%.
This segment had been particularly challenged through the pandemic because of its greater exposure to international markets and the oil and gas industry as well as a greater reliance on facility access to apply its products.
Points of strength in the performance coatings group were its businesses providing commercial flooring systems and North American bridge and highway products as well as recovery in its international businesses.
Adjusted EBIT was $31 million during the fourth quarter of fiscal 2021, compared to $23.7 million during the year-ago period, representing an increase of 31.2%.
Segment earnings increased due to higher sales volumes, the MAP to Growth program, and pricing, which helped to offset raw material inflation.
Our consumer group reported record net sales of $628.9 million during the fourth quarter of fiscal 2021, an increase of 2%, compared to net sales of $616.2 million reported in the fourth quarter of fiscal 2020.
Organic sales decreased 3.8% since this was the first quarter in which we comped against the surge in demand at the beginning of the pandemic.
Acquisitions contributed 3.8% to sales.
Foreign currency translation increased sales by 2%.
During the first three quarters of this fiscal year, our consumer group sales and earnings have grown rapidly as it served the extraordinary demand for DIY home improvement products by consumers who were homebound during the pandemic.
As more Americans became vaccinated and were no longer confined to their homes, DIY home improvement activity began to slow from its torrid pace during the quarter, though the pace of sales remained higher than the pre-pandemic levels.
In international markets, many of which still have stay-at-home orders in place, they remain quite strong.
Fiscal 2021 fourth-quarter adjusted EBIT was $93.6 million, a decrease of 10.4%, compared to adjusted EBIT of $104.5 million reported during the prior-year period.
Helping to partially offset the cost pressures were selling price increases and savings from our MAP to Growth program, some of which was invested in advertising programs to promote new products.
The specialty products group reported record net sales of $202.8 million during the fourth quarter of fiscal 2021, which increased 49.9%, compared to net sales of $135.2 million in the fiscal 2020 fourth quarter.
Organic sales increased 46.2% while acquisitions contributed 0.7% to sales and foreign currency translation increased sales by 3%.
For the second quarter in a row, our specialty products group generated the highest organic growth among our four operating segments.
Its results have improved sequentially over the past three quarters, with excellent top- and bottom-line results by nearly all of its businesses, including those providing coatings for recreational watercraft, OEM equipment, wood, food, and pharmaceuticals as well as cleaning and restoration equipment and chemicals.
Adjusted EBIT was a record $36.3 million in the fiscal 2021 fourth quarter, an increase of 395%, compared to adjusted EBIT of $7.3 million in the prior-year period.
Its record results were driven by recent management changes, increased business development initiatives, and improving market conditions.
Lastly, I have a few comments on our liquidity.
Our fiscal 2021 cash flow from operations, as Frank mentioned, was a record $766.2 million, compared to last year's record of $549.9 million.
This is primarily due to continued good working capital management and margin improvement initiatives from our MAP to Growth program.
At year end, our total liquidity was $1.46 billion and included $246.7 million of cash and $1.21 billion in committed available credit.
Our net leverage ratio, as calculated under our bank agreements, was 2.17 as of May 31, 2021.
This was an improvement, as compared to 2.89 a year ago.
With a healthy balance sheet, we continue to use some of our record cash flow to reduce debt.
Total debt at the end of fiscal 2021 was $2.38 billion, compared to $2.54 billion a year ago.
And as Frank mentioned, we are also investing more aggressively in growth initiatives, including advertising, operating improvements and acquisitions, plus we are rewarding our shareholders through our cash dividend and our stock repurchase program.
Since the beginning of the fourth quarter, we repurchased approximately 38 million of stock.
As we discussed last quarter, various macroeconomic factors are creating inflationary and supply pressures on some of our product categories.
As a result of the lag impact from our FIFO accounting methodology, we expect that our fiscal 2022 first-half performance will be significantly impacted by inflation throughout our P&L, which is currently averaging in the upper teens.
We are working to offset these increased costs with incremental MAP to Growth savings and commensurate selling price increases, which we will continue to implement as necessary.
More importantly, the limited availability of certain key raw material components is negatively impacting our ability to meet demand.
Our most significant challenge for the first half of fiscal 2022 will be in our consumer group.
Several factors are compressing margins in this segment.
First, selling price negotiations took place last spring, and material costs have rapidly risen further since then.
Secondly, insufficient supply of raw material, several of which are severely constrained due to trucking shortages or force majeure being declared by suppliers, has led to intermittent plant shutdowns and low productivity.
Lastly, the Consumer Group has outsourced production in several cases to improve service levels at the expense of margins.
To address these first-half margin challenges, the consumer group is cutting costs and working with customers to secure additional price increases.
We expect that our other three segments will successfully manage supply challenges to continue their robust top and bottom-line momentum from the fourth quarter and carry it into the first half of fiscal 2022.
Turning now to Q1 of fiscal 2022.
We expect consolidated sales to increase in the low to mid-single digits compared to Q1 of fiscal 2021 when sales grew 9%, creating a difficult year-over-year comparison.
Additionally, supply constraints have slowed production in some product categories.
Despite these factors, our revenue growth is expected to continue in three of our four segments.
We anticipate our construction products group and performance coatings group to generate sales increases in the high single or low double digits.
The specialty products group is expected to generate double-digit sales increases.
These sales projections assume that global economies continue to improve.
Sales in our consumer group are expected to decline double digits as it continues to experience difficult comparisons to the prior year when organic growth was up 34%.
However, the consumer group's fiscal 2022 Q1 sales are expected to be above the pre-pandemic record, indicating that we have expanded the user base for our products since then.
We expect our Q1 adjusted EBIT to grow in three of our four segments, with the exception again being our consumer group.
Based on the anticipated decline in this one segment, our Q1 consolidated adjusted EBIT is expected to decrease 25% to 30% versus a difficult prior-year comparison when adjusted EBIT in last year's first quarter was up nearly 40%.
Moving to Q2 of fiscal 2022, we expect good performance again with the exception of the consumer group.
As discussed earlier, the challenges in this segment are anticipated to result in a significant decline in adjusted EBIT against difficult prior-year comparisons when sales were up 21% and adjusted EBIT was up 66%.
We anticipate that the Q2 decline in consumers will be mostly offset by the combined EBIT growth in our three other segments, leading to consolidated adjusted EBIT being roughly flat versus another difficult prior-year comparison when consolidated adjusted EBIT was up nearly 30%.
After we work through the temporary supply chain challenges, we expect to emerge with the consumer group that has broader distribution and a larger user base than it had pre-pandemic.
For our other three segments, good results are expected to continue due to recent strategic changes in our specialty products group continuing to pay off and the catch-up of deferred maintenance driving additional business at our construction products group and performance coatings group.

user
compname posts q4 adjusted earnings per share $1.28.
q4 adjusted earnings per share $1.28.
q4 sales $1.74 billion versus refinitiv ibes estimate of $1.68 billion.
supply chain challenges and margin pressure expected to persist during fiscal 2022 first-half.
rpm international - expect that fiscal 2022 h1 performance to be significantly impacted by inflation throughout our p&l.
limited availability of certain key raw material components is negatively impacting our ability to meet demand.
largest challenge for first half of fiscal 2022 will be in our consumer group.
expect q1 2022 consolidated sales to increase in low- to mid-single digits compared to fiscal 2021 q1.

assistant