05 April 2007 17:00 [Source: ICIS news]
TORONTO (ICIS news)--RPM International reported on Thursday a profit for its fiscal 2007 third quarter, versus a loss last year, on an 11% rise in sales and a one-off tax benefit.
The Medina, Ohio-based coatings and adhesives maker had net income of $10.1m (€7.6m) in the three months ended 28 February, compared with a loss of $2.7m in the year-earlier quarter.
Sales were $680m, up from $613m.
Sales in RPM’s industrial segment were particularly strong. The segment includes wood treatments, industrial coatings and fibreglass composite structures.
RPM also recorded a one-time tax benefit of $2.1m in the fiscal third quarter.
The improvement came despite “continuing challenges on the raw materials front", chief executive Frank Sullivan said.
Materials such as zinc, copper and epoxy resins put pressure on profit margins in several product lines during the quarter.
RPM expects overall sales growth for the 2007 fiscal year of up to 10% and net income growth of up to 12%. The guidance excludes the impact of any asbestos-related charges.
($1 = €0.75)
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