RPM Third Quarter Sales Rise 14%
RPM International Inc. recently reported marked increases in net sales, net income and diluted earnings per share for its fiscal 2012 third quarter ended February 29. Net sales, net income and earnings per share for the third quarter all posted strong improvements vs. prior-year results in the seasonally weak period. Net sales were $773.6 million, a 14% increase from $678.9 million; consolidated earnings before interest and taxes (EBIT) grew 99.8%, from $13.6 million to $27.1 million.
“RPM’s operations delivered exceptional performance during our third quarter, with market share gains and improved demand, as nearly all of our business units generated solid sales increases and substantially stronger growth in earnings,” said Frank C. Sullivan, chairman and CEO.
Industrial segment sales grew 11.8% to $501.9 million in the fiscal 2012 third quarter, compared to $449.1 million a year ago. Organic sales improved 5%, including a 2% decline attributable to foreign exchange, while acquisition growth added 6.8%. Industrial segment EBIT increased 56.9%, to $21.3 million from $13.6 million in the fiscal 2011 third quarter.
“Most of our industrial product lines, both domestically and in Europe, posted gains in sales and EBIT, with high-performance industrial coatings and maintenance products continuing to perform exceptionally well,” Sullivan said. “Overall unit volume in the segment was up more than 5%. Some units serving commercial construction markets, notably concrete admixtures and construction sealants, had sharp improvements over the prior year. We are heartened by the sales improvements by most of our businesses serving commercial construction, as depressed conditions in that market have challenged us for the past three years.”
For more information, visit www.rpminc.com.