RPM International Inc. recently reported record sales for its fiscal 2016 third quarter, which ended February 2, despite the strong U.S. dollar and overall weakness in many global markets outside the U.S. Net sales grew 4.5% to $988.6 million from $946.4 million in the same period last year. Net income rose to $18.6 million in the fiscal 2016 third quarter, compared to a reported loss of $57.3 million a year ago. However, Industrial segment sales declined 3.1% to $484 million from $499.6 million in the fiscal 2015 third quarter. Organic sales improved 2.6%, while acquisitions added 0.7%.
“Results from our industrial segment continue to be mixed by both end markets and geography. Our U.S. based industrial companies serving the commercial construction markets enjoyed high single-digit growth,” said Frank Sullivan, chairman and CEO. “However, our businesses with exposure to the global energy sector continue to be down by about 10%. Geographically, our Latin American industrial businesses showed strong organic growth in local currencies, while performance by businesses in Europe was somewhat choppy.”
For more information, visit www.rpminc.com.