RPM International Inc. recently reported a 3% increase in sales and a net loss of $70.9 million for its second quarter of the fiscal year 2017, which ended November 30, 2016.
Net sales of $1.19 billion were up 3% over the $1.16 billion reported a year ago. Organic sales improved 3.8% and acquisition growth added 1.7%. Foreign currency translation reduced sales by 2.5%. The loss in the fiscal 2017 second quarter of $70.9 million compares to net income of $83.4 million in the same quarter last year.
“We are pleased with the sales growth in the second quarter across each of our three segments in light of economic conditions and in comparison to our peer companies’ recent performances,” said Frank C. Sullivan, chairman and CEO. “Even in our more global economically challenged industrial segment businesses, we are generating solid growth in local currencies.
“Mid-year restructuring and expense reduction activities and the benefit of first-half acquisitions, along with having addressed the capacity situation at our DAP subsidiary, will allow revenue growth to be better leveraged to our bottom line during the fiscal 2017 fourth quarter and beyond.”
For more information, visit www.rpminc.com.