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Text: Mike was previously the CFO of our Specialty Products Operating and Specialty Products Group operating segment.
He succeeds Keith Smiley who will be retiring at the end of the month.
After nearly 30 years of distinguished service to RPM.
I'll begin by sharing broad commentary on our performance for the quarter.
Michael then provides details on our financial results and Rusty will conclude our former remarks with comments and our outlook for the second quarter of fiscal 2022.
Our comments will be on an adjusted basis unless otherwise indicated.
For the first quarter of fiscal '22, three of our four operating segments are the Construction Products Group, Performance Coatings Group, and Specialty Products Group generated solid sales and adjusted EBIT growth.
Combined sales in these three segments increased more than 15% and their adjusted EBIT was up more than 40%.
This performance was especially notable in light of the raw material shortages, supply chain disruptions, and inflation all of our segments and businesses are facing.
During this supply disruption, we lost the equivalent of nearly 300 production days across RPM facilities around the globe during the 2022 first quarter.
More days that were lost due to COVID-related shutdowns in last year's first quarter.
We estimated the negative impact and consolidated sales during this first quarter was about $200 million due to these challenges and disruptions.
Over half of which occurred in our consumer segment.
This was about double the negative sales impact we experienced in the fourth quarter of fiscal '21.
Sales and earnings for our consumer group decreased during the quarter as a result of these factors, as well as a difficult comparison to the prior-year period when sales increased on an organic basis by 34% and adjusted EBIT was up 122%.
These growth rates in the prior-year period were largely driven by extraordinary DIY demand during the pandemic.
All indicators suggest that the underlying demand for our consumer products is still strong and that supply and material disruptions, the segment is currently experiencing are temporary.
During the first quarter and early in the second quarter we made strategic growth investments in our businesses.
And as you can see on Slide 4, among these were the recent acquisitions of Dudick, Pure Air, and a recent purchase of a large manufacturing facility in Corsicana, Texas.
Acquired in June Dudick will allow our carboline business to strengthen its position in the secondary containment linings market in established and trusted product lines while simultaneously opening the door to expanded sales and future growth opportunities around the globe.
Pure Air was acquired in August and provides indoor air quality service and is complementary to our Tremco Roofing and Tremco WTI business.
We intend to swiftly scale Pure Air by leveraging Tremco's North America sales force, strategic partnerships, and operational infrastructure.
Also on this slide, you'll see an image from 178,000 square foot plant we purchased 120 acres in Texas.
This will serve as a manufacturing center of excellence for multiple RPM businesses.
The plant is fully operational has an experienced operating team that will allow us to add long-term resilience in our supply chain, improve fill rates, and more easily expand production of a number of our high-growth product lines in the coming quarters and years.
From a more long-term macro viewpoint, there are a number of market opportunities in industry trends that we are well-positioned to capitalize on for continued growth and success among the market opportunities on Slide 5 are the following: The increasing need for investment in infrastructure with spending estimated to be $2.8 trillion globally.
Our Performance Coatings Group and Construction Products Group have a vast array of products and services to meet this need.
The new DIYers born from the pandemic who continue to tackle home improvement projects with both our core product ranges and expanding sales in relatively new categories like abrasives and architectural coatings.
The continued growth and more holistic connected building envelopes, such as those provided by our Construction Products Group, which make structures more airtight, weather tight, and energy-efficient.
And the demand for wall systems like those it can be constructed using insulated concrete forms made by our new Nudura business.
They make building stronger, and more energy-efficient, and reduce construction cycle time and labor.
Industry trends benefiting RPM include nesting by consumers who are making more home improvements, school reopening is requiring more maintenance to repair, a need for building owners and facility managers to consolidate their construction management to a single source, and a greater desire for energy-efficient driven by both the cost benefits as well as a desire to minimize environmental impacts.
RPM is well-positioned to meet and grow with all of these trends.
Turning to Slide 6, on a consolidated basis, our sales increased to a record $1.65 billion up 2.7% over a strong fiscal 2021 first quarter, which grew 9.1%.
Largely, due to the unprecedented demand for our consumer groups home improvement products during the pandemic.
The growth was 2.1% from recent acquisitions and 1.6% due to foreign currency translation tailwinds.
More than offsetting in organic sales declines of 1%.
Adjusted diluted earnings per share of a dollar rate decreasing 25% compared to the prior-year periods extraordinary adjusted diluted earnings per share growth approved 52%.
Our consolidated adjusted EBIT of 206.8 million decreased 23.2% due to supply chain challenges, inflation, and consumer groups' tough comparison against the prior year.
If you look at our consolidated results on a double stack basis that compares the first quarter of fiscal 2022 to the pre-pandemic first quarter fiscal 2020.
Our sales, EBIT, net income, and diluted earnings per share all show strong growth.
This indicates that last year's results were a bit of an anomaly created by the pandemic.
That we are now getting back to a more steady level of performance across the business.
Raw material shortages and inflation continue to be serious challenges.
In order to protect their margins, we are continuing to implement price increases where appropriate across all our segments.
We also continue to benefit from incremental cost savings resulting from our recently concluded Map to Growth operating improvement program.
It continues to pay dividends as we generate further operational efficiencies in our manufacturing, procurement, and administrative business functions.
Moving on to Slide 7, our construction products group with our fastest-growing segment in the first quarter generating record sales and record adjusted EBIT.
Its organic growth at 15% was particularly impressive given that non-residential construction put in place a relevant market indicator for the segment is down 11.6% this calendar year.
Nearly all of the CPG businesses experienced strong top-line performance.
Partially by focusing on growing markets such as technology and distribution.
CPG businesses that performed particularly well were those that provide commercial roofing systems, concrete add mixtures and repair products, and insulated concrete forms.
The segments' European operations generate a double-digit top-line growth.
Due in part to the comparison to last year's first quarter when the shelter in place requirements were most severe.
Earnings increased due to market-share gains, operational improvements, cost controls and selling price increases, which offset production and efficiencies due to supply chain disruptions and cost increases.
On Slide 8, you'll see that sales recovered at our performance coatings group as they increased at nearly all of its major business units.
Partially aided by comparisons to last year's first quarter once pandemic restrictions did not allow contractors on worksites and former energy market conditions led to deferrals in industrial maintenance spending.
Sales are strong at the recently acquired Bison which is a manufacturer of raised flooring systems.
We also experience strong growth in emerging markets and in industrial maintenance outside of the energy sector.
It was encouraging to see EBIT growth outpacing sales in spite of inflation because CPG has been the segment that has been most heavily impacted by the pandemic.
Earnings were boosted by improved pricing, incremental savings from operating improvement initiatives, and two recent acquisitions.
Turning to Slide 9, our Specialty Products Group produced record top-line growth largely driven by its businesses providing marine coatings, powder coatings, wood stains and sealers, and disaster restoration equipment.
Earnings increase due to higher sales volumes and incremental operating improvement program savings, which were partially offset by high raw material inflation inefficiencies associated with supply chain disruption and investment and SG&A for future growth initiatives.
In response, SBD businesses are continuing to institute price increases.
Next on Slide 10, our consumer group faced a tough comparison the prior year for the reasons Frank mentioned earlier.
During the first quarter of fiscal 2022, this segment experienced a negative sales impact of roughly $100 million from production outages due to supply constraints and disruptions.
However, the consumer groups' fiscal 2020 to first-quarter sales were 12.3% above pre-pandemic levels of the first quarter of fiscal 2020 in spite of the negative sales impact from supply chain challenges during the current year.
There is pent-up demand for our products and inventory and many of our channels are low.
We expect to recover the lost sales when conditions normalized.
Earnings declined during the first quarter of fiscal '22, as a result of inflation in materials for labor as well as the unfavorable impact of supply shortages on productivity.
These factors were partially offset by price increases and savings from our operating improvement program.
We are proactively building resiliency in our supply chain to secure raw materials required today and in the future.
In addition, we are adding manufacturing capacity to serve new DIY demand.
While this additional capacity is being established in the near term we are using contract manufacturing at a higher cost to meet customer demand.
I'll now move on to Slide 11, as we look ahead to our fiscal 2022 second quarter we anticipate that raw material, trade, and wage inflation will persist.
As well the raw materials shortages and supply chain challenges we have been experiencing.
In addition, we face another difficult comparison to the prior year when sales on a consolidated basis increased 6% and adjusted EBIT increased nearly 30%, driven by a 66% increase in the consumer segments adjusted EBIT.
We anticipate these factors to be partially offset by price increases, operational improvements, and new manufacturing capacity.
We expect our fiscal 2022 second-quarter consolidated sales to increase in the mid-single digits.
Our Construction Products Group, Performance Coatings Group, and Specialty Products Group are anticipating double-digit sales growth.
Our consumer group is anticipated to experience a double-digit decrease in sales due to continued raw materials shortages and a difficult comparison to the prior-year period when pandemic fuels demand rapidly drove organic growth up 15%.
However, in a similar manner to the first quarter, we expect the consumer segment's second-quarter sales to be above its pre-pandemic level, which is a fair comparison.
While underlying demand remains strong for our products and services, we still face material shortages and inflationary pressures.
So adjusted EBIT is expected to be down 15% to 25%.
The Q2 results will be directionally similar to Q1 with significant year-over-year declines again in our consumer group, which is still lapping tough comparisons and double-digit sales and earnings increases for our other three segments in aggregate.
Turning to Slide 12, moving forward we intend to maintain the positive momentum created by our operating improvement program as we complete its remaining projects.
Such as the one plant closure completed during Q1 of F '22 leverage resources across RPM to manage supply chain issues and meet customer demand.
Identifying new opportunities for efficiencies through our continuous improvement culture and make investments and growth opportunities including capacity expansions.
This concludes our formal comments.

user
q1 sales $1.65 billion versus refinitiv ibes estimate of $1.64 billion.
looking ahead to our fiscal 2022 q2, we expect raw material, freight and wage inflation to persist.
expect our fiscal 2022 second-quarter consolidated sales to increase in mid-single digits.
expect that second-quarter results will be directionally similar to q1.

assistant