RPM International reported double-digit gains in sales and net income for its fiscal 2011 fourth quarter ended May 31, 2011. Sales of $981.8 million were up 1.1 percent from the $971.5 million reported in the fiscal 2010 fourth quarter. Consolidated EBIT grew 16 percent to $119.8 million from $103.3 million in the same period last year. Net income of $70.2 million was up 16 percent from the $60.5 million earned in the fiscal 2010 fourth quarter.
“Our strong fourth-quarter performance reflects the resilience of our operating companies in the face of stiff headwinds generated by escalating raw material costs, continued weakness in the domestic housing market and a commercial construction market that is only gradually recovering from depressed levels,” said Frank Sullivan, chairman and CEO. “Our deliberate strategic balance between industrial and consumer markets once again proved effective in addressing challenging market conditions.”
Industrial segment sales grew 14.4 percent to $625.9 million in the fiscal 2011 fourth quarter from $547.1 million a year ago while EBIT improved 23.5 percent to $70.3 million from $56.9 million in the fiscal 2010 fourth quarter.
Sales for RPM’s consumer segment grew 5.1 percent to $355.9 million from $338.6 million in the fiscal 2010 fourth quarter while EBIT improved 1.8 percent to $53.6 million from $52.7 million.