RPM Third Quarter Sales Rise 2%
RPM International Inc. recently reported record financial results for its fiscal 2014 third quarter ended February 28, 2014, which reportedly reflected strong performance by the company’s industrial segment that overcame weather-related weakness in its consumer segment. Third quarter net sales grew 2.3% to $863.4 million in the fiscal 2014 third quarter, compared to $843.7 million in the fiscal 2013 third quarter. Consolidated earnings before interest and taxes (EBIT) were $37.2 million, compared to a reported negative $48.6 million in the fiscal 2013 third quarter. Record net income for the fiscal 2014 third quarter was $16.2 million, compared to the reported net loss for the year-ago quarter of $42.4 million.
“We are pleased with RPM's third-quarter performance, especially in light of the severe cold weather during the quarter in North America, which had a pronounced effect on our consumer segment and impacted some of our industrial businesses as well,” said Frank C. Sullivan, chairman and CEO. “Our strategically balanced business model continues to serve us well in these choppy economic times, with this quarter’s industrial segment growth offsetting weather-induced weakness in the consumer segment. While the third quarter is typically affected by seasonality, the impact was even more pronounced this year. We believe that most sales deferred as a result of weather will be realized over the coming months.”
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