RPM International Inc. recently reported double-digit gains in sales, net income and earnings per diluted share for its fiscal 2011 fourth quarter ended May 31, compared to the 2010 fourth quarter pro-forma results. Prior-year pro-forma results assume that the deconsolidation of RPM’s Specialty Products Holding Corp. (SPHC) and subsidiaries occurred before fiscal 2010. The deconsolidation eliminated approximately $300 million in annual revenues from the company’s industrial segment beginning June 1, 2010.
Net sales, net income and earnings per share for the fourth quarter were all up sharply over prior-year pro-forma results. Net sales rose 10.9% to $981.8 million from a pro-forma $885.6 million in fiscal 2010. On a pro-forma basis, fiscal 2011 net sales, net income and earnings per share increased. Net sales were up 8.5% to $3.38 billion from a pro-forma $3.12 billion in fiscal 2010. Consolidated EBIT increased 10.5% to $344.8 million from a pro-forma $312.1 million in fiscal 2010.
“Our strong fourth quarter performance reflects the resilience of our operating companies in the face of stiff headwinds generated by escalating raw material costs, continued weakness in the domestic housing market and a commercial construction market that is only gradually recovering from depressed levels,” said Frank C. Sullivan, chairman and CEO. “Our deliberate strategic balance between industrial and consumer markets once again proved effective in addressing challenging market conditions.”
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