RPM International Inc. recently reported record sales and net income for both its fiscal fourth quarter and fiscal year ended May 31. Fourth quarter net sales increased 9.1%, from $1.17 billion to $1.28 billion. Consolidated earnings before interest and taxes (EBIT) grew 36.5%, from $126.1 million a year ago to $172.1 million. Net income for the fourth quarter was $108.8 million, up 66.4% from the $65.4 million reported in the fourth quarter of fiscal 2013.
Fiscal 2014 consolidated net sales rose 7.3%, from $4.08 billion in fiscal 2013 to $4.38 billion. On an as-reported basis, consolidated EBIT was up 95.5%, from $250.6 million in fiscal 2013 to $489.7 million. Net income increased 195.8%, from $98.6 million in fiscal 2013 to $291.7 million.
“Our overall operating results for both the quarter and year were strong, led by continued vigor in both our consumer segment and most of our European businesses,” said Frank C. Sullivan, chairman and CEO. “In addition, our Legend Brands subsidiary had an extraordinary year, driven in part by the severe winter in North America, which stimulated demand for its restoration services equipment. Net sales, net income and diluted earnings per share all experienced significant growth, compared to both reported and adjusted prior-year results.”
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