RPM International Inc. has reported record sales and net income for its fiscal 2008 second quarter ended November 30, 2007. RPM’s record net sales of $905.7 million were up 11.9% from the $809.4 million reported in the fiscal 2007 second quarter. Net income for the quarter increased 3.6%, to a record $54.9 million from $52.9 million a year ago.
Sales in the company’s industrial segment grew 14.5% to $605.2 million from $528.6 million in the year-ago second quarter. “Industrial segment sales and EBIT growth continued to be robust across virtually the entire segment,” said Sullivan. “Sales growth in the second quarter mirrored our first-quarter performance, with exceptional growth posted by RPM’s flooring, corrosion control coatings and roofing products and services businesses. Many international businesses and maintenance and repair-based businesses continued to see good demand.”
Sales by RPM’s consumer segment increased seven percent to $300.6 million from $280.8 million a year ago. “Our consumer businesses continue to face a difficult retail climate, largely attributable to the lingering effects of the weak domestic housing market that has impacted many of our large retail accounts,” Sullivan said. “By continuing investments in marketing and new products, our consumer businesses have been able to post favorable same-store comps at several of our major accounts.