• Login
    • Join
  • FOLLOW:
  • Subscribe Free
    • Magazine
    • eNewsletter
    Checkout
    • Magazine
    • News
    • Research
    • Markets & Technologies
    • Raw Materials
    • Top Companies
    • Directories
    • Jobs
    • Events
    • Microsites
    • More
  • Magazine
  • News
  • Research
  • Markets & Technologies
  • Raw Materials
  • Top Companies
  • Directories
  • Jobs
  • Events
  • Microsites
  • Current / Back Issues
    Features
    Business Corner
    Editorial
    Digital Edition
    eNewsletter Archive
    Our Team
    Editorial Guidelines
    Subscribe Now
    Advertise Now
    World Reports
    eBook
    Top Features
    Pigments Market

    The Architectural Paint Market Enjoys a Strong 2022

    The Buyers’ Guide

    Auto Refinish Market

    The 2022 Protective Additives Directory
    Breaking News
    Online Exclusives
    Distributor News
    Financial News
    Paint & Coatings Manufacturer News
    People In the News
    Price Increases
    Product News
    Raw Materials & Equipment
    Video Bites
    Suppliers News
    Live From Shows
    Top News
    Presentations Sought for ASTM 2023 Workshop on Weathering and Durability Testing

    Barentz to Distribute Arxada Preservatives in the US HI&I Market

    POLYDURE Coatings Help Customers Keep Their Cool

    Montaha Hidefi Joins ChemQuest as Color Consultant

    PPG Global Leaders Transform Boys & Girls Club in Florida with COLORFUL COMMUNITIES Project
    Top Companies report
    Market Research
    White Papers / Tech Papers
    Technical Papers
    Product Spec Sheets
    World Reports
    Adhesives and Sealants
    Aerospace Coatings
    Architectural Coatings
    Automotive Coatings
    Automotive Refinish
    Business Operation
    Color Trends & Forecast
    Construction Chemicals
    Corrosion Control
    Industrial Coatings
    Laboratory Equipment
    Marine Coatings
    Market Trends & Forecast
    Powder Coatings
    Production Equipment
    Radcure Coatings
    Special Purpose Coatings
    Wood Coatings
    "Green" Coatings

    POLYDURE Coatings Help Customers Keep Their Cool

    PPG Global Leaders Transform Boys & Girls Club in Florida with COLORFUL COMMUNITIES Project

    Epoxytec Announces New Website Launch

    Advanced Polymer Coatings Lands Multiple Turkish Tanker Deals

    Rust-Oleum Names Gloss Grape as Spray Paint Color of the Year
    Additives
    Binders
    Pigments
    Solvents

    Dr. Ranjini Murthy to Join Azelis Americas as SVP of Commercial and Digital Excellence

    Univar Solutions Announces New Distribution Relationship

    OQ Chemicals Invests in Capacity Expansion to Support Carboxylic Acids Market

    Solvay to Relocate to New Headquarters

    Peninsula Polymers Awarded Bronze Sustainability Rating from EcoVadis
    Company Capabilities
    Buyers Guide
    Distributor Guide
    Add New Company
    International Buyers Guide Companies
    Arkema

    Active Minerals

    Siltech Corporation

    EPS

    Clariant Additives
    Industry Events
    Webinars
    Live From Show Event
    Top Events
    Saudi Arabia Coatings Show

    Southern Society for Coatings Technology Annual Meeting and Technology Conference

    Eastern Coatings Show

    CPCA Annual Conference

    66th Annual Sink or Swim
    Companies
    White Papers/Tech Papers
    Product Spec Sheets
    Equipment
    Literature/Brochures
    Videos
    International Buyers Guide Companies
    Arkema

    Active Minerals

    Siltech Corporation

    EPS

    Clariant Additives
    • Magazine
      • Current / Back Issues
      • Features
      • Editorial
      • Business Corner
      • Digital Edition
      • eNewsletter Archive
      • Editorial Guidelines
      • Subscribe Now
      • Advertise Now
    • Breaking News
    • Directories
      • Buyers Guide
      • Distributor Guide
      • Corporate Capabilities
      • Trade Associations
      • Add Your Company
    • Markets & Technologies
      • Adhesives and Sealants
      • Aerospace Coatings
      • Architectural Coatings
      • Automotive Coatings
      • Automotive Refinish
      • Business Operation
      • Color Trends & Forecast
      • Construction Chemicals
      • Corrosion Control
      • Industrial Coatings
      • Laboratory Equipment
      • Marine Coatings
      • Market Trends & Forecast
      • Powder Coatings
      • Production Equipment
      • Radcure Coatings
      • Special Purpose Coatings
      • Wood Coatings
      • "Green" Coatings
    • Raw Materials
      • Additives
      • Binders
      • Pigments
      • Solvents
    • World Reports
      • Africa Report
      • China Report
      • India/Asia Pacific Report
      • Europe Report
      • Latin America Report
      • Market Research
      • Russian Report
    • Top Companies
    • Online Exclusives
    • Glossary
    • Slideshows
    • Experts Opinions
    • Blog
    • eBook
    • Infographics
    • Videos
    • Podcasts
    • Whitepapers
    • Jobs
    • Microsites
      • Companies
      • White Papers/Tech Papers
      • Product Spec Sheets
      • Equipment
      • Literature/Brochures
      • Videos
    • Events
      • Industry Events
      • Live From Show Event
      • Webinars
    • About Us
      • About Us
      • Contact Us
      • Advertise With Us
      • Privacy Policy
      • Terms of Use
    Breaking News

    RPM reports fiscal 2012 second-quarter results

    ...

    01.10.12
    RPM International Inc. reported improved net sales for its fiscal 2012 second quarter ended November 30, 2011. Net income increased slightly and earnings per diluted share were flat, due to higher raw material and acquisition-related expenses.

    Second-Quarter Results

    Net sales grew 10.9 percent to $916.1 million from $826.3 million a year ago. Consolidated EBIT increased 4.0 percent, to $93.0 million from $89.4 million in the year-ago second quarter. Net income attributable to RPM stockholders was up 2.3 percent, to $49.9 million from $48.8 million in the fiscal 2011 second quarter. Earnings per diluted share for the second quarter were $0.38 in both years.

    "Investments in future growth, including much higher acquisition expenses associated with the roughly $165 million in annualized sales from businesses acquired so far this fiscal year, and higher raw material costs were the primary factors behind our net income lagging sales growth," said Frank Sullivan, chairman and chief executive officer. "Raw material costs continued to be a challenge during our second quarter and typically have a more significant impact on our consumer segment, which faces longer lead times in adjusting prices than our industrial segment."

    Earnings for the second quarter of fiscal 2011 and 2012 were both impacted by "one-time" items.  As previously reported, last year's second quarter contained approximately $7.5 million in non-recurring items, representing an after-tax benefit of approximately $0.04 per share.

    This year's second quarter results of $0.38 per share include the benefit of the company's equity ownership in Kemrock Industries and Exports Ltd. of $0.04 per share, partially offset by $0.03 per share from the impact of higher acquisition-related expenses. 

    Excluding "one-time" items from both years, diluted earnings per share for the fiscal 2012 second quarter of $0.37 exceeded diluted earnings per share for the same quarter last year of $0.34, for an increase of 8.8 percent.

    Second-Quarter Segment Sales and Earnings

    During the second quarter, industrial segment sales grew 10.1 percent to $641.5 million from $582.5 million in the fiscal 2011 second quarter. Organic sales improved 5.9 percent, including 0.2 percent in foreign exchange translation losses, while acquisition growth added 4.2 percent. Industrial segment EBIT increased 14.0 percent, to $78.3 million from $68.7 million in the fiscal 2011 second quarter.

    In the second quarter, RPM's ownership position in Kemrock, India's leading producer of reinforced polymer composites, exceeded 20 percent for the first time, thereby triggering a reportable equity ownership position in a portion of Kemrock's earnings. As a result, the industrial segment's EBIT included $5.2 million in equity in earnings of Kemrock, of which $4.6 million related to a one-time cumulative catch-up benefit. Industrial EBIT also included higher acquisition-related expenses of $1.8 million, partially offsetting the Kemrock benefit.

    "High performance corrosion control coatings, commercial flooring, bridge deck products and edible shellac products all posted double digit sales increases, with most other industrial products having solid sales improvements," Sullivan said.

    RPM's consumer segment sales increased 12.6 percent to $274.6 million from $243.8 million in the fiscal 2011 second quarter. Organic sales improved 12.5 percent, with no foreign exchange impact, while acquisition growth added 0.1 percent. Consumer segment EBIT fell 2.0 percent, to $26.8 million from $27.3 million a year ago.

    "Our consumer product lines enjoyed solid organic sales volume growth due to strong market acceptance of higher end new products and increased market share, but their difficulty in quickly passing along higher raw material costs kept this sales increase from immediately carrying to the bottom line," stated Sullivan. 

    Corporate and other expenses were higher by approximately $5.4 million, due primarily to higher acquisition costs of $3.0 million and insurance recoveries of $2.9 million realized in the prior-year second quarter. 


    "We reiterate our full year guidance announced on July 25, 2011, which anticipated sales growth of eight percent to 10 percent and growth in diluted earnings per share of 10 percent to 15 percent. As usual, we expect weaker results for the seasonally difficult fiscal third quarter ending February 29, 2012, but anticipate a strong fiscal fourth quarter, with continued strength in top-line sales from both our industrial and consumer segments, combined with a moderating of raw material costs and improved gross margin contribution," Sullivan said.
    Related Searches
    • Corrosion Control
    Related Knowledge Center
    • Corrosion Control
      Loading, Please Wait..
      Trending
      • Sherwin-Williams Announces And Celebrates 2022 Vendor Of The Year Award Winners
      • Minwax Brand Announces Gentle Olive As Its 2022 Color Of The Year
      • Dutch Boy Paints Announces Rustic Greige As Its 2023 Color Of The Year
      • PPG Names New Packaging Coatings Global Technical Director
      • Axalta Releases Fourth Quarter And Full Year 2022 Results
      Breaking News
      • Presentations Sought for ASTM 2023 Workshop on Weathering and Durability Testing
      • Barentz to Distribute Arxada Preservatives in the US HI&I Market
      • POLYDURE Coatings Help Customers Keep Their Cool
      • Montaha Hidefi Joins ChemQuest as Color Consultant
      • PPG Global Leaders Transform Boys & Girls Club in Florida with COLORFUL COMMUNITIES Project
      View Breaking News >
      CURRENT ISSUE

      January 2023

      • Pigments Market
      • The Architectural Paint Market Enjoys a Strong 2022
      • View More >

      Cookies help us to provide you with an excellent service. By using our website, you declare yourself in agreement with our use of cookies.
      You can obtain detailed information about the use of cookies on our website by clicking on "More information”.

      • About Us
      • Privacy Policy
      • Terms And Conditions
      • Contact Us

      follow us

      Subscribe
      Nutraceuticals World

      Latest Breaking News From Nutraceuticals World

      Pomegranate Extract Tied to Gut and Skin Microbiome Benefits
      Berry Health Benefits Symposium Begins Tuesday, January 31
      Nutrasource Rebrands Clinical Trial Site to Apex Trials
      Coatings World

      Latest Breaking News From Coatings World

      Presentations Sought for ASTM 2023 Workshop on Weathering and Durability Testing
      Barentz to Distribute Arxada Preservatives in the US HI&I Market
      POLYDURE Coatings Help Customers Keep Their Cool
      Medical Product Outsourcing

      Latest Breaking News From Medical Product Outsourcing

      Robert R. Ruffolo to Lead Neuraptive Therapeutics Board
      3D Printed Medical Device Market Value to More Than Triple by 2031
      Cardiovascular Disease Risk Scores Could Help Physicians Better Manage Patient Outcomes
      Contract Pharma

      Latest Breaking News From Contract Pharma

      Azelis Americas Appoints Ranjini Murthy Commercial, Digital Excellence SVP
      Zennova Opens Manufacturing and R&D Center in China
      Lilly to Invest $450M at Manufacturing Site in Research Triangle Park
      Beauty Packaging

      Latest Breaking News From Beauty Packaging

      Amyris Inc. Launches 4U by Tia Haircare Line Exclusively at Walmart
      LVMH and L’Oréal Enter Bidding War for Stake in Aesop
      Body Care Brand Maëlys Expands into Canada
      Happi

      Latest Breaking News From Happi

      Gattefossé Launches New Formulations Collection
      DSM Receives Registration Approval for SYN-UP as New Cosmetic Ingredient in China
      US Prestige Beauty Sales Rise 15% to $27.1 Billion in 2022
      Ink World

      Latest Breaking News From Ink World

      Executive Board Member Stefan Schülling to Leave Epple Druckfarben at End of February 2023
      Epson SureColor F6470, SureColor F6470H Dye-Sub Printers Available
      Dr. Ranjini Murthy to Join Azelis Americas as SVP of Commercial and Digital Excellence
      Label & Narrow Web

      Latest Breaking News From Label & Narrow Web

      AWA to host 23rd Global Release Liner Industry Conference & Exhibition
      Color-Logic certifies Ecofoil digital labestock for cut sheet printers
      Brandywine Label Printing names Dave Rosen new president
      Nonwovens Industry

      Latest Breaking News From Nonwovens Industry

      FiltXPO to be Held in October
      Voith Commissions Quality Control Systems at Johns Manville, Smurfit Kappa and WEPA
      Pampers Releases Limited Edition Easy Ups Training Underwear with Peppa Pig Prints
      Orthopedic Design & Technology

      Latest Breaking News From Orthopedic Design & Technology

      OPUM, Corflex Global Partner on Knee Assessment Technology
      ODT's Most-Read Stories This Week—Jan. 28
      Roche, Sysnav Partner on Movement Tracking Tech for Neuromuscular Disorders
      Printed Electronics Now

      Latest Breaking News From Printed Electronics Now

      Zebra Technologies Selected as One of America’s Greatest Workplaces for Diversity
      Sensormatic Solutions Helps Renner Reduce 87% of Stockouts
      Weekly Recap: Avery Dennison, CES 2023 and Canatu’s LiDAR Deicing Top This Week’s Stories

      Copyright © 2023 Rodman Media. All rights reserved. Use of this constitutes acceptance of our privacy policy The material on this site may not be reproduced, distributed, transmitted, or otherwise used, except with the prior written permission of Rodman Media.

      AD BLOCKER DETECTED

      Our website is made possible by displaying online advertisements to our visitors.
      Please consider supporting us by disabling your ad blocker.


      FREE SUBSCRIPTION Already a subscriber? Login