RPM International Inc. recently reported a double-digit increase in net sales for its fiscal 2013 second quarter ended November 30, 2012. Second quarter net sales increased 11.1% to $1.02 billion from $916.1 million a year ago. Net income for the quarter declined 16.5%, from $49.9 million to $41.7 million.
On an as-reported basis, fiscal 2013 first half net sales rose 8.5%, from $1.90 billion to $2.06 billion during the first six months of fiscal 2012. Net income fell 40.4%, from $126.7 million to $75.6 million in the fiscal 2012 first half. First half sales increased 8.7% to $2.07 billion. Net income for the first half grew 13% to $137.3 million from $121.5 million in the first half last year.
“Second quarter operating results, on an adjusted basis, continue to meet our plan with sales, EBIT and net income posting strong double-digit increases,” said Frank C. Sullivan, chairman and CEO. “We are also seeing benefits from our robust acquisition program, which has added businesses generating approximately $300 million in annual sales during the past 12 months.”
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