RPM’s income drops 23% in 2Q
RPM International’s sales of $890 million for second quarter of fiscal 2009 were down 1.7% from the $905.7 million reported a year ago. Net income for the quarter decreased 23.9%, to $41.7 million from $54.9 million a year ago. Sales in the company’s industrial segment grew 3.3% to $625.6 million from $605.8 million in the year-ago second quarter. Consumer segment sales fell 11.8% to $264.4 million from $299.9 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,” said Frank Sullivan, RPM’s chairman and CEO.