RPM Reports Record Results for Fiscal 2017 First Quarter
MEDINA, OH - RPM International Inc. reported record sales, net income and earnings per diluted share for its fiscal 2017 first quarter ended August 31, 2016, despite continued strong headwinds from currency exchange, softness in the energy and heavy equipment industries worldwide and an overall sluggish global economy.
Fiscal 2017 first-quarter net sales of $1.25 billion increased 0.8% over the $1.24 billion reported a year ago. First-quarter net income was up 13.0% to $112.8 million from $99.8 million in the year-ago period, and diluted earnings per share of $0.83 were up 12.2% from $0.74 in the fiscal 2016 first quarter. RPM's consolidated earnings before interest and taxes (EBIT) increased 4.2% to $167.4 million from $160.6 million reported in the fiscal 2016 first quarter. During the quarter, the company early adopted ASU 2016-09, "Improvements to Employee Share-Based Payment Accounting." As a result of adoption of this accounting standard, the company recognized a tax benefit, which contributed to lowering the quarterly effective tax rate to 23.6%.