RPM International Inc. recently reported a sharp increase in net sales for its fiscal 2011 third quarter ended February 28, 2011. The company also posted positive net income and earnings per share for the seasonally weak quarter, contrasted with a year-earlier pro-forma loss.
Net sales grew 12.6% to $678.9 million from a pro-forma $603.1 million, while net income attributable to RPM stockholders was $1.1 million, compared to a pro-forma loss of $9.7 million in last year’s third quarter. Consolidated earnings before interest and taxes (EBIT) grew 323.8%, to $13.6 million from a pro-forma $3.2 million in the fiscal 2010 third quarter.
“We are extremely pleased with RPM’s performance during the typically weak third quarter and in the face of significantly higher raw material costs, coupled with severe winter weather conditions across the U.S. Nearly all of our business units generated strong sales increases and substantially stronger growth in earnings,” said Frank C. Sullivan, chairman and CEO.
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