MEDINA, Ohio (Oct. 6) — RPM Inc. reported record net profits and sales for its first quarter ended Aug. 31, behind a strong performance by its industrial segment and slower sales and earnings for consumer products.
The maker of specialty coatings and sealants said its first quarter net income rose 22.8 percent for a year earlier to $63.1 million, as sales increased 13 percent to $844.2 million. Acquisitions accounted for about 9.3 percent of the sales hike.
RPM expects overall sales for the year to rise 8 to 10 percent, earnings to increase 10 to 12 percent before asbestos liability charges are taken. President and CEO Frank C. Sullivan said the firm should do particularly well in the second quarter in comparison with last year, when Gulf Coast hurricanes and certain onetime charges had an impact.