RPM cuts guidance on US turmoil, material costs

02 October 2008 15:58  [Source: ICIS news]

TORONTO (ICIS news)--US coatings producer RPM International has reduced its fiscal 2009 profit guidance, mainly due to weak domestic market conditions and the recent financial turmoil as well as raw material cost pressures, it said on Thursday.

 

 The company’s earnings per share (EPS) guidance for the 12 months ending 31 May 2009 was now $1.75-1.85, compared with prior guidance of $1.85 and analysts' estimates of $1.86, it said.

 

"While it is still early in our fiscal year, the tremendous uncertainty in financial markets and the related potential fallout in the economy at this time suggests that we should temper our guidance for the year," said CEO Frank Sullivan.

 

"As we have noted during the past several months, we continue to closely monitor the effects of today's volatile credit markets and the adverse impact these conditions could have, particularly on our commercial construction markets."

 

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By: Stefan Baumgarten
+1 713 525 2653

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