RPM Reports Record First Quarter 2016 Results
RPM International Inc. recently reported record sales for its fiscal 2017 first quarter.
RPM International Inc. recently reported record sales, net income and earnings per diluted share for its fiscal 2017 first quarter ended August 31, 2016. Net sales of $1.25 billion increased 0.8% over the $1.24 billion reported in the same period of last year. First-quarter net income was up 13% to $112.8 million from $99.8 million in the first quarter of 2016. The company's industrial segment net sales declined 0.2%, to $675.8 million from $677.1 million reported last year, with 1.2% in organic growth, while acquisitions added 1%.
“RPM's industrial businesses continued a recent trend of mixed results, depending on the markets they serve, both geographically and by industry,” said Frank C. Sullivan, chairman and CEO. “Our companies serving North American commercial construction markets continued to post strong results, while those serving the energy and heavy equipment industries worldwide faced continued dampened demand. Currency headwinds continued to affect our industrial businesses outside the U.S., although our Brazilian business delivered mid-single-digit growth at actual exchange rates and high-single-digit growth in local currencies.”
RPM's specialty segment had sales growth of 3.8%, to $176.3 million from $169.9 million in the fiscal 2016 first quarter. Organic growth contributed 2.6%, while acquisition growth was 2.9%. Foreign currency translation was negative 1.7%. Specialty segment earnings before interest and taxes (EBIT) was up 15.5% to $30.4 million from $26.3 million in the fiscal 2016 first quarter.
For more information, visit www.rpminc.com.