RPM Fiscal Third Quarter Sales Grow 9%
RPM International Inc. recently reported financial results for its fiscal 2013 third quarter ended February 28, 2013. On an as-reported basis, net sales grew 9.1%, from $773.6 million to $843.7 million. Industrial segment sales increased 6.1%, from $501.9 million to $532.3 million in the fiscal 2012 third quarter. Organic sales improved 1.6%, including foreign exchange translation gains of 1.2%, while acquisitions added 4.5%. Industrial segment EBIT fell to a negative $66.3 million, including the impact of both adjustments referred to above.
RPM’s Consumer segment had a 14.6% increase in net sales, from $271.7 million to $311.4 million in the fiscal 2012 third quarter. Organic sales improved 2.5%, including foreign exchange translation gains of 0.3%, while acquisitions added 12.1%. Consumer segment EBIT increased 61.6% to $34.7 million from $21.5 million a year ago.
“RPM achieved solid operating results in the quarter,” said Frank C. Sullivan, chairman and CEO. “Net sales, net income and diluted earnings per share (EPS) all increased significantly, on an as-adjusted basis, driven by strong performance in all of our consumer segment businesses and in many industrial segment businesses. Together with accretive acquisitions, this performance helped offset weaknesses in our European operations and North American roofing business. The improvement was all the more noteworthy given the difficult comparisons to last year’s strong third quarter, during which RPM’s sales and earnings grew to record levels as a result of the exceptionally mild weather throughout most of North America.”
For additional information, visit www.rpminc.com.