Fiscal 2012 first-quarter net sales of $985.9 million were 10.2 perccent ahead of the $894.8 million reported a year ago. Consolidated EBIT was $136.5 million, up 11.9 percent from the $122.0 million reported in the fiscal 2011 first quarter. Net income of $76.8 million was up 11.3 percent from the $69 million reported in the fiscal 2011 first quarter.
"First-quarter results were on plan, with both our industrial and consumer segments posting solid increases in both sales and EBIT, despite the continued challenging economic climate and higher raw material costs," said Frank Sullivan, chairman and chief executive.
The company's consumer segment reported a nine percent increase in sales to $318.9 million from $292.5 million in the fiscal 2011 first quarter. Consumer segment EBIT improved five percent to $51.5 million in the fiscal 2011 first quarter from $49 million in the fiscal 2011 first period.
"Our consumer segment continued to be impacted by stubbornly high raw material costs, resulting in EBIT growth below the level of sales growth," Sullivan said. "We continue to gain market share in our consumer businesses, which are also benefiting from the introduction of new, higher-end products at price points that are significantly higher than our traditional consumer lines. Our consumer primer/sealers line also performed well in the quarter.”
The company's industrial segment sales improved 10.7 percent, to $667.0 million from $602.3 million a year ago. EBIT grew 10.9 percent to $92.5 million from $83.3 million in the fiscal 2011 first quarter.
"Improvements in our industrial segment results reflect continued strength in repair and maintenance product lines, along with more modest growth from business units serving new commercial construction markets,” said Sullivan. “Particularly robust growth occurred in our high performance corrosion control coatings and fiberglass reinforced plastic grating businesses. Raw material costs remained challenging for our industrial businesses.”