RPM First Quarter Sales Grow 3.4%
RPM International Inc. recently announced financial results for the fiscal first quarter of 2015. The company reported that unusually strong performance in its prior-year first quarter dampened comparative results for the quarter, which ended August 31, but that the company is maintaining its full-year earnings guidance for fiscal 2015 issued July 28.
Fiscal 2015 first quarter net sales of $1.204 billion increased 3.4% over the $1.165 billion reported a year ago. Net income for the quarter was $99.1 million, down 3.9% vs. $103.1 million in the year-ago period.
“As we announced in an 8-K filing on September 4, 2014, we anticipate that quarterly results during fiscal 2015 will follow a different pattern compared to fiscal 2014, particularly in the first quarter,” said Frank C. Sullivan, chairman and CEO. “During last year’s first quarter, our Synta and Kirker subsidiaries had exceptionally strong performance due to highly successful new product introductions and distribution expansion since being acquired by RPM. We expect to resume improved financial performance for the remainder of this fiscal year.”
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