03 October 2007 14:05 [Source: ICIS news]
TORONTO (ICIS news)--RPM International on Wednesday reported a 11% increase in its fiscal first-quarter net income mainly due to strong revenue and profit growth in its industrial business.
The US-based coatings and sealants maker had net income of $68.3m in the three months ended 31 August, up from $61.3m in the prior-year quarter, on sales of $930m, up 10%.
RPM’s industrial segment recorded an 8.5% increase in earnings before interest and tax (EBIT) to $80.3m, on sales of $608m, up 11.5%.
The company’s consumer segment recorded a 4.4% rise in EBIT, to $43.8m, on sales of $322.4m, up 7.9%.
RPM achieved the improvement despite a soft retail market in its consumer business and continued raw material price pressures in the industrial segment, chief executive Fred Sullivan said.
“Certain industrial raw material prices remain at stubbornly high levels, with zinc products, epoxies and various solvents actually increasing during the quarter,” Sullivan said, adding that the company had been largely successful in offsetting these cost increase through higher selling prices.
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