US RPM posts 11.4% increase in Q3 EBIT

03 April 2008 14:23  [Source: ICIS news]

TORONTO (ICIS news)--US coatings and sealants maker RPM International posted an 11.4% increase in third-quarter earnings before interest and taxes (EBIT) on strong demand and despite the weak US residential housing market, it said on Thursday.

 

Consolidated EBIT for the three months ended 29 February reached $25.1m (€16.1m), up from $22.5m in the year-earlier quarter, on net sales of $731.8m, up 7.7%, and net income of $12.2m, up 20.9%.

 

"RPM's third-quarter operating results reflected continued robust industrial demand, particularly in the European, Canadian and Latin American markets," said CEO Frank Sullivan.

 

"Despite the tough US housing market and domestic economy, our consumer segment performed well, as we benefited from prior-year acquisitions, along with the introduction of new, higher-end products, which drove market share gains at major retail accounts."

 

RPM said it expected sales and earnings growth for the full 12 months ending 31 May of 10-12%, up from its earlier guidance of 8-10%.

 

($1 = €0.64)

 

By: Stefan Baumgarten
+1 713 525 2653

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