Financial Highlights
RPM achieved record sales and adjusted EBIT in each quarter of fiscal year 2023. In the first half of the year, our associates worked together to rebound from industry supply chain challenges and meet strong demand. During the second half of the year, demand in certain end markets rapidly declined; however, RPM still generated positive adjusted EBIT growth, led by MAP 2025 improvements across functions and businesses. Additionally, several RPM businesses were well positioned and captured growth from infrastructure and reshoring capital spending, which remained solid throughout the entire year.
The graphs above compare the cumulative five- and 10-year total return provided to shareholders on RPM International Inc.'s common stock relative to the cumulative total returns of the S&P 500 Index and customized peer group. An investment of $100 (with reinvestment of all dividends) is assumed to have been made in RPM common stock, the peer group, and the index on 5/31/2013 and 5/31/2018 and their relative performance is tracked through 5/31/2023. Peer Group companies include: AkzoNobel N.V., Axalta Coating Systems Ltd., Carlisle Companies Inc., H.B. Fuller Company, Masco Corporation, PPG Industries, Inc., The Sherwin-Williams Company and SikaAG.
Financial Data Footnotes
Adjusted EBIT excludes restructuring charges and other items not indicative of ongoing operations of $83.0 million, $6.1 million, $75.2 million, $121.3 million and $126.0 million in Fiscal 2023, Fiscal 2022, Fiscal 2021, Fiscal 2020 and Fiscal 2019, respectively. Adjusted diluted EPS excludes per share restructuring charges and other items not indicative of ongoing operations of $0.58, ($0.13), $0.29, $0.73 and $0.70 in Fiscal 2023, Fiscal 2022, Fiscal 2021, Fiscal 2020 and Fiscal 2019, respectively. EBIT, adjusted EBIT, and adjusted diluted EPS are non-GAAP financial measures. See our Annual Report on Form 10-K accompanying this report and our Current Reports on Form 8-K for more information.