RPM Reports Record Fiscal Third Quarter 2015 Sales
RPM International Inc. recently announced record sales for its fiscal 2015 third quarter ended February 28, 2015. However, the company incurred an as-reported loss for the quarter due to a one-time, non-cash net charge for a tax accrual related to the possible repatriation of overseas earnings to fund future obligations for the company’s Specialty Products Holding Corp. settlement.
Net sales for the quarter grew 9.6% to $946.4 million, compared to $863.4 million in the same quarter last year. Consolidated earnings before interest and taxes (EBIT) were $34.2 million, down 7.9% from $37.2 million a year ago. Excluding the non-cash, net charge, on an as-adjusted basis, fiscal 2015 third quarter net income grew 61.2% to $26.2 million. Industrial segment sales grew 10.6%, from $560.5 million to $620 million. Organic sales improved 5.5%, while acquisitions added 12.4%.