US RPM's fiscal Q3 net income up sharply, sales rise 14%

05 April 2012 13:43  [Source: ICIS news]

LONDON (ICIS)--RPM International’s fiscal 2012 third-quarter net income attributable to its stockholders rose steeply to $6.63m from $1.10m in the same period a year before on improved demand, the US-based coatings and sealants firm said on Thursday.

Net sales in the period grew 14% year on year to $773.6m, while RPM’s consolidated earnings before interest and taxes (EBIT) in its fiscal third quarter almost doubled to $27.1m, from $13.6m in the same quarter of the year before.

“RPM’s operations delivered exceptional performance during our third quarter, with market share gains and improved demand, as nearly all of our business units generated solid sales increases and substantially stronger growth in earnings,” said Frank Sullivan, RPM’s chairman and CEO.

Sales in the group’s industrial segment grew 11.8% year on year to $501.9m in the fiscal 2012 third quarter, while the segment’s EBIT increased 56.9% to $21.3m.

“Most of our industrial product lines, both domestically and in Europe, posted gains in sales and EBIT, with high-performance industrial coatings and maintenance products continuing to perform exceptionally well. Overall unit volume in the segment was up more than 5%,” Sullivan said.

RPM’s consumer segment reported an 18.2% increase in net sales to $271.7m from the same quarter the year before, while its EBIT increased 34.4% year on year to $21.5m.

Looking ahead Sullivan said: “We remain confident in our initial guidance for the 2012 fiscal year of diluted earnings per share growth of 10% to 15%, and that fiscal 2013 will be another year of solid sales and earnings growth for RPM.”

($1 = €0.76)

By: Franco Capaldo
+44 (0)20 8652 3214

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