I encourage you to read two important company communications that we recently completed – our annual report to shareholders and our inaugural environmental, social and governance (ESG) report. Both of these documents are available online and can be found on our interactive annual report website at www.2020ar.rpminc.com or the RPM corporate website at www.rpminc.com.
The theme for this year’s annual report is “Building a Better World,” which has dual meanings. This phrase represents the benefits our products bring to structures by making them better through beautification, protection, restoration and sustainability. It is also aspirational as we collectively strive to make the world a better place for all those we serve, including our fellow associates, customers, shareholders and the communities in which we live. You’ll find examples of both of these meanings put into action throughout the report to shareholders.
The ESG report highlights RPM’s approach to addressing a broad range of ESG matters, including our code of conduct, governance practices, talent development and associate benefits, commitment to diversity and inclusion, health and safety culture, philanthropic and community involvement, and sustainable products and processes. It can be accessed at www.2020ar.rpminc.com/ESG-report and provides concrete examples and data-driven metrics that demonstrate our track record of taking care of our associates, customers and communities—which is how we create shareholder value and leave a lasting legacy we can all celebrate.
As I mentioned in my RPM New Year message, you should be extremely proud of all the great things we accomplished together during fiscal 2020, despite the many unprecedented challenges we faced. Thanks to your hard work and determination in executing our MAP to Growth program, we concluded the fiscal year with net sales of $5.5 billion, net income that increased 14.2% to $304.4 million, and earnings before interest and taxes (EBIT) that grew 13.0% to $499.0 million. These tremendous results have been recognized by investors who have driven our stock to an all-time high of $87.23 on September 2.
Thank you for your ongoing dedication and commitment to RPM.
Very truly yours,
Frank C. Sullivan
Chairman and CEO