RPM International Inc., Medina, OH, has reported a significantly lower loss for its fiscal 2010 third quarter ended Feb. 28, 2010, compared to the prior-year loss in this traditionally slow seasonal period.
net sales of $666.6 million increased 4.9% from the $635.4 million reported a
year ago. Organic sales improved 3.0%, including a foreign exchange gain of
5.1%, while acquisition growth added 1.9%.
The net loss for
the third quarter was $9.4 million, or $0.07 per diluted share, compared to a
loss of $30.9 million, or $0.24 per diluted share, in the year-ago period.
year's results were impacted not only by the recession, but also by one-time
charges taken to lower our cost base,” said Frank C. Sullivan, chairman and CEO
of RPM. “This year's third-quarter sales reflected the traditionally weak
nature of the quarter, magnified by extremely harsh and unusual weather in
North America and Europe. Some of our
industrial businesses rebounded, while sales of others that are exposed to
North American commercial construction markets have not yet begun to recover. Our
consumer sales were up slightly, reflecting the impact of severe winter weather
throughout the entire U.S.”
earnings, before interest and taxes (EBIT) of $2.6 million, come in contrast to
a prior-year loss before interest and taxes of $31.0 million.
more information, visitwww.rpminc.com.