Top 5 News that Sticks
Readers Were Most Interested in RPM’s Financial Results
Last week, news about RPM’s third quarter revenue garnered the most reader interest.
RPM International Inc. recently reported record sales for its fiscal 2017 third quarter ended February 28. Third-quarter net income declined vs. the prior-year period primarily due to a pre-tax charge of $4.9 million for an intangible impairment on the Restore product line, and a pre-tax charge of $4.2 million for the closing of a European manufacturing facility.
Net sales grew 3.4% to $1 billion in the fiscal 2017 third quarter from $988.6 million in the fiscal 2016 third quarter. Net income of $11.9 million in the fiscal 2017 third quarter decreased 35.8% from $18.6 million reported a year ago.
During the current quarter, certain negative trends in the Restore product line where believed to have led to a loss of market share, resulting in a downward revision to its long-term forecast. This was determined to represent an impairment triggering event and, after additional testing, resulted in a pre-tax impairment charge of $4.9 million. Also during the quarter, an unprofitable operation in Europe was closed that resulted in a pre-tax charge of $4.2 million.
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Top 5 News that Sticks for April 16-22
1. RPM Third-Quarter 2017 Sales Grow 3%
2. Global Polyurethane Market to Reach $105 Billion by 2025 (#5 last week)
3. German Adhesive Association Releases Trends in Key Adhesive Raw Materials Report
4. ICE USA Reports Strong Registration Numbers
5. Axalta Coating Systems to Acquire Valspar Wood Coatings Business
