RPM International Inc. has reported sharp increases in net income on higher sales for its fiscal 2010 fourth quarter ended May 31, 2010, compared to the prior fiscal year fourth quarter. RPM's net sales of $971.5 million increased 13.3% from the $857.3 million reported a year ago. Organic sales improved 11.2%, including volume increases of 9.0%, a net foreign exchange contribution of 2.5% and acquisition growth of 2.1%.
Net income for the fourth quarter was $60.5 million, a 54.0% increase over the $39.3 million earned a year ago. Earnings per diluted share grew 51.6% to $0.47 per diluted share, compared to $0.31 in the year-ago period. Fourth quarter earnings before interest and taxes (EBIT) of $103.3 million were up 23.7% over EBIT of $83.4 million in the fourth quarter of fiscal 2009.
Excluding one-time charges in both years, adjusted net income for the fiscal 2010 fourth quarter was $68.5 million, a 25.4% increase over net income of $54.6 million in the same period a year ago. Adjusted diluted earnings per share were $0.53, a 26.2% increase over $0.42 a year ago. Fourth quarter adjusted consolidated EBIT was $111.2 million, a 12.4% increase over EBIT of $98.9 million in the final period of fiscal 2009.
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