RPM Third-Quarter Results Improve Over Prior Year
RPM's 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.
"Last 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.”
Third-quarter 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.
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