Weaker Results in Europe Offset U.S. Gains for RPM in Fiscal 2015 Second Quarter
RPM International Inc. recently reported a 10% increase in net income and an 8% increase in earnings per diluted share on flat sales for its fiscal 2015 second quarter ended November 30, 2014. Net sales of $1.07 billion for the second quarter were flat compared to last year. Consolidated earnings before interest and taxes increased 3.2%, to $120.1 million from $116.4 million in the fiscal 2014 second quarter. Fiscal 2015 second quarter net income was up 9.8% to $69.8 million from $63.6 million in the fiscal 2014 second quarter.
“Second quarter operating performance was mixed, with stronger sales in our businesses serving the U.S. commercial construction market offset by weaker results in Europe, a continued unfavorable year-over-year trend from our Kirker nail enamels business, and the negative impact of foreign currency,” said Frank C. Sullivan, chairman and CEO.
During the fiscal 2015 second quarter, industrial segment sales grew 1.4%, from $708.7 million in the 2014 second quarter to $718.3 million. Sales in the consumer segment fell 2.8%, from $362.8 million a year ago to $352.8 million.
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