A $335 million liability charge took RPM International to a loss for its fourth quarter and year ended May 31, despite record sales. The company recorded a $122.5 million pre-tax loss for the fourth quarter and $222.5 million loss for the year.
However, RPM set sales records for the four quarter and fiscal year. Fourth quarter sales were up 20.5% year-on-year to $909 million and for the year sales rose by 17.7% to $3.01 billion. Without the asbestos charge, fourth quarter pre-tax profit rose by a quarter to $112.5 million, taking full-year profits seven percent higher to $257.5 million.