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Quarterly Information (Unaudited)
 12 Months Ended
May 31, 2020
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Information (Unaudited)

NOTE S — QUARTERLY INFORMATION (UNAUDITED)

The following is a summary of the quarterly results of operations for the years ended May 31, 2020 and 2019:

 

 

 

For Quarter Ended

 

(In thousands, except per share amounts)

 

August 31

 

 

November 30

 

 

February 29

 

 

May 31

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales

 

$

1,472,764

 

 

$

1,401,292

 

 

$

1,173,976

 

 

$

1,458,962

 

Gross Profit

 

$

574,754

 

 

$

529,398

 

 

$

434,747

 

 

$

553,956

 

Net Income Attributable to

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RPM International Inc. Stockholders (a)

 

$

106,188

 

 

$

77,030

 

 

$

11,853

 

 

$

109,314

 

Basic Earnings Per Share

 

$

0.82

 

 

$

0.60

 

 

$

0.09

 

 

$

0.85

 

Diluted Earnings Per Share

 

$

0.82

 

 

$

0.59

 

 

$

0.09

 

 

$

0.84

 

Dividends Per Share

 

$

0.350

 

 

$

0.360

 

 

$

0.360

 

 

$

0.360

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands, except per share amounts)

 

August 31

 

 

November 30

 

 

February 28

 

 

May 31

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales

 

$

1,459,989

 

 

$

1,362,531

 

 

$

1,140,630

 

 

$

1,601,401

 

Gross Profit

 

$

549,353

 

 

$

493,731

 

 

$

409,422

 

 

$

635,814

 

Net Income Attributable to

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RPM International Inc. Stockholders (b)

 

$

69,764

 

 

$

49,224

 

 

$

14,190

 

 

$

133,380

 

Basic Earnings Per Share

 

$

0.52

 

 

$

0.37

 

 

$

0.11

 

 

$

1.03

 

Diluted Earnings Per Share

 

$

0.52

 

 

$

0.37

 

 

$

0.11

 

 

$

1.02

 

Dividends Per Share

 

$

0.320

 

 

$

0.350

 

 

$

0.350

 

 

$

0.350

 

 

(a)

Reflects inventory-related charges of $28.8 million in our Consumer reportable segment resulting from SKU rationalization, excess and obsolescence, and exiting unprofitable product lines and regions and $3.2 million in our PCG segment resulting from the exit of unprofitable product lines and regions.  Also reflects restructuring charges totaling $33.1 million that were incurred throughout fiscal 2020, as further described in Note B, “Restructuring”.

(b)

Reflects inventory-related charges of $10.5 million in our Consumer reportable segment resulting from more proactive management of inventory and $9.0 million and $1.0 million in inventory reductions related to restructuring activities in our PCG and CPG reportable segments, respectively.  Also reflects restructuring charges totaling $42.3 million that were incurred throughout fiscal 2019, as further described in Note B, “Restructuring”.  

Quarterly earnings per share may not total to the yearly earnings per share due to the weighted-average number of shares outstanding in each quarter. In addition, during the first quarter of fiscal 2020, we changed our method of accounting for shipping and handling costs, which we have identified as costs paid to third-party shippers for transporting products to customers. Under the new method of accounting, we include shipping costs in cost of sales, whereas previously, they were included in SG&A expense. This change in accounting principle has been applied retrospectively, and the Consolidated Statements of Income amounts presented in the table above for both fiscal 2020 and fiscal 2019 reflect the effect of this accounting principle change.