RPM International Inc., Medina, OH,
has reported record net income and cash flow, despite a small decline in net
sales, for its fiscal 2010 second quarter ended November 30, 2009.
RPM's net sales of $858.7 million were down 3.5% from the $890.0 million
reported in the fiscal 2009 second quarter. Organic sales declined 6.5%, offset
in part by 2.2% in net foreign exchange gains. Net acquisition growth of 0.8%
also offset part of the organic decline.
Net income for the quarter grew 34.0% to a record $55.9 million from
$41.7 million a year ago, while diluted earnings per share improved 30.3%, to
$0.43 from $0.33.
"Our net income in the second quarter continued to benefit from
cost reduction programs initiated in the prior fiscal year. Modest consumer
segment sales growth continued, while sales in our larger industrial segment
remained under pressure in line with our previously stated expectations,"
said Frank C. Sullivan, chairman and chief executive officer.
Consolidated earnings before interest and taxes (EBIT) increased 19.4%
to a record $92.9 million from the $77.7 million reported in the fiscal 2009
second quarter.
"In addition to our own cost reduction efforts, RPM benefited from
more stable raw material costs compared to year-ago levels," said Sullivan.
For more information, visitwww.rpminc.com.