RPM, Inc. reported strong financial results for both its fourth quarter and full fiscal year ended May 31, 2002, including record net income and earnings per share. For fiscal 2002, RPM reported net sales of $1.986 billion, down one percent from last year’s net sales of $2.008 billion, due to the March 2001 divestiture of the $30 million commercial unit of DAP, according to the company.
Excluding the divestiture and the effects of foreign exchange differences, consumer sales grew six percent. Demand remained solid for RPM’s DAP, Rust-Oleum and Zinsser products. Industrial sales fell three percent due to general economic weakness in the sector, according to RPM.
Net income during fiscal 2002 grew 61% to a record $101.6 million, compared with $63 million during fiscal 2001.
For the fourth quarter, the specialty coatings manufacturer reported record net sales of $557.4 million, up 1.8% from last year’s fourth quarter net sales of $547.5 million. Excluding the March 2001 divestiture of the commercial unit of DAP and the effects of foreign exchange differences, sales growth overall during the quarter was three percent. RPM’s consumer business increased nine percent, while sales from the industrial sector were down two percent, according to the company. The record net income of $37.2 million for the fourth quarter 2002 was up 53% from the same period last year, which was $24.3 million.