RPM Reports Fourth-Quarter and Full-Year Results for Fiscal 2017
MEDINA, OH - RPM International Inc. reported record sales for its fiscal fourth quarter and year ended May 31, 2017. Net income and diluted earnings per share for both periods declined following impairment charges and other non-repeating items earlier in the year, as well as a one-time severance charge in the fourth quarter.
Fourth-quarter net sales increased 4.6% to $1.49 billion from $1.43 billion a year ago. Net income for the fourth quarter was down 16.2% to $128.1 million from $152.9 million reported in the fourth quarter of fiscal 2016. Diluted earnings per share were $0.94, a 16.8% decline from $1.13 reported a year ago. Income before income taxes (IBT) was off 6.7% to $185.7 million from $199.1 million a year ago. Consolidated earnings before interest and taxes (EBIT) declined 5.1% to $209.1 million, from $220.4 million a year ago and included a $15.0 million severance charge. Excluding the $15.0 million severance charge, EBIT was $224.1 million, up 1.7% from a year ago. Diluted earnings per share excluding the severance charge were $1.02, a 9.7% decline from a year ago, driven primarily by a significantly higher tax rate this year compared to last year.