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    YIfei Huang • Deutsche Bank

    YIfei Huang's questions to RPM International Inc (RPM) leadership

    YIfei Huang's questions to RPM International Inc (RPM) leadership • Q3 2025

    Question

    Yifei Huang of Deutsche Bank inquired about the backlog mix in the Performance Coatings Group (PCG), particularly regarding data center spending. He also asked for details on The Pink Stuff acquisition's margin profile and purchase multiple.

    Answer

    Chairman and CEO Frank Sullivan stated that PCG has a strong backlog and expects a return to profitable growth, but noted the outlook is uncertain beyond 90 days due to tariff risks. On The Pink Stuff, he disclosed its margin profile is higher than the RPM average and the deal was done at a multiple a turn or two lower than recent headlines, with a 20% earnout structure.

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    YIfei Huang's questions to RPM International Inc (RPM) leadership • Q2 2025

    Question

    Yifei Huang asked about the magnitude of the hurricane impact on CPG volumes in Q2 and whether there were incremental signs of change in various construction end markets.

    Answer

    An executive, likely CEO Frank Sullivan, stated there was no exact percentage for the hurricane impact but confirmed it caused disruptions, with the recovery timing being uncertain. Sullivan added that while consumer takeaway is stabilizing, the housing market is showing choppy signs of improvement, and the company is launching new products to capture demand.

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    YIfei Huang's questions to RPM International Inc (RPM) leadership • Q1 2025

    Question

    YIfei Huang inquired about the Consumer segment's performance, noting continued customer destocking despite low inventory levels and asking about trends from August to September. He also asked for help in sizing the data center market opportunity and its impact on the company's backlog.

    Answer

    Frank Sullivan, Chair and CEO, clarified that the Consumer segment's performance was as expected, driven by retailer inventory reductions and soft takeaway, which he sees bottoming out. He noted that when demand returns, low inventory levels will necessitate restocking. Regarding data centers, he couldn't size the specific market but highlighted that backlogs in the industrial segments are better than a year ago, despite some project deferrals, demonstrating the sales teams' agility in pivoting to growth areas.

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    YIfei Huang's questions to Avient Corp (AVNT) leadership

    YIfei Huang's questions to Avient Corp (AVNT) leadership • Q4 2024

    Question

    YIfei Huang followed up on the Defense business, asking for the 2025 growth outlook and long-term expectations, and also questioned the baseline volume assumptions embedded in the full-year guidance.

    Answer

    President and CEO Dr. Ashish Khandpur confirmed that mid-single-digit growth is the appropriate expectation for Defense in 2025 after strong 14% growth in 2024. For overall guidance, he explained that the midpoint assumes performance similar to 2024, where organic growth outpaced GDP. He expects volume and mix to drive growth of GDP plus 100-200 basis points, with innovation being a key contributor.

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    YIfei Huang's questions to Avient Corp (AVNT) leadership • Q3 2024

    Question

    YIfei Huang inquired about the gross margin trend for the Color, Additives and Inks (CAI) segment, asking if the smaller expansion was due to less raw material deflation and what to expect for Q4. He also asked about the potential for volume growth in 2025 from new products and share gains.

    Answer

    SVP and CFO Jamie Beggs confirmed that reduced raw material deflation and the reset of incentive compensation accruals impacted CAI's gross margin expansion, a trend expected to continue in Q4. President and CEO Dr. Ashish Khandpur added that 40-50% of current growth stems from share gains and new business initiatives, a momentum they aim to sustain, noting that market share was won without price concessions.

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