Charges in Company’s Industrial Segment Impact RPM’s Third Quarter
MEDINA, OH - RPM International Inc. reported strong sales for its fiscal 2013 third quarter ended February 28, 2013, but reported a $42 million loss for the quarter due primarily to two major charges in the company's industrial segment.
"RPM achieved solid operating results in the quarter," stated Frank C. Sullivan, Chairman and Chief Executive Officer. "Net sales, net income and diluted earnings per share (EPS) all increased significantly, on an as-adjusted basis, driven by strong performance in all of our consumer segment businesses and in many industrial segment businesses. Together with accretive acquisitions, this performance helped offset weaknesses in our European operations and North American roofing business. The improvement was all the more noteworthy given the difficult comparisons to last year's strong third quarter during which RPM's sales and earnings grew to record levels as a result of the exceptionally mild weather throughout most of North America."