RPM公司公布销售收益预算收入面临挑战侧铣刀提升机印染助剂婚庆用品丝锥板牙Frc

RPM公司公布销售收益预算 收入面临“挑战”

RPM Sees Gains in Sales, Earnings Despite ‘Challenges’

RPM Inc. reported sales of $826.3 million for the second quarter of the company’s 2011 fiscal year ended Nov. 30, 2010, an increase of 5.3% from pro-forma sales of $784.5 million for the same quarter a year earlier. Net income rose 2.3%, to $48.8 million, compared to the year-earlier period.

The pro-forma results reflect the company’s “deconsolidation” of its Specialty Products Holding Corp. (SPHC) subsidiaries at the end of the company’s 2010 fiscal year. The action eliminated nearly $300 million in annual revenue from the company’s results, beginning in fiscal 2011.

The comp运动手套any said sales for its industrial se下面给大家意思1些方法gment continued to benefit from strength in corrosion-control coatings and high-performance polymer flooring, while domestic and international sealants lines “continued to struggle in the face of weak new construction markets.”

The company’s co金龙配件nsumer segment reported a 0.6% decline in sales, although Chairman and CEO Frank C. Sullivan said the company’s consumer lines “maintained or grew their market share, despite challenges in their end markets and tough prior-year comparisons.”

Frank C. Sulllivan RPM chairman and CEO

On an as reported basis, RPM’s net sales of $826.3 million were down 3.8% from the $858.7 million reported in the company’s fiscal 2010 second quarter. Net income fell 12.7%, to $48.8 million from $55.9 million from家用茶具 a year earlier, while earnings per diluted share were down 11.6%, to 38 cents from 43 cents, compared to the prior-year period.

“On a prior-year pro-forma basis, which offers a better comparison to current-year actual results, RPM’s industrial segment continued a trend of year-over-year sales increases on the strength of our businesses concentrated in maintenance, repair and infrastructure, while our consumer segment faced the challenges of tough comparisons following record results in the fall of 2009,” Sullivan said.

“Both segments remain challenged by higher raw material costs, mainly due to capacity reductions by suppliers, which has exerted downward pressure on our gross margins,” he said.

SPHC subsidiaries were deconsolidated from RPM’s financial results when SPHC and its Bondex subsidiary filed Chapter 11 reorganization proceedings on May 31. As a result of the filing, Bondex asbestos liabilities are no longer carried on RPM’s balance sheet.

SPHC operating subsidiaries include Chemical Specialties Manufacturing Corp.; Day-Glo Color Corp.; Dryvit Systems, Inc.; Guardian Protection Products Inc.; Kop-Coat Inc.; RPM Wood Finishes Group Inc.; and TCI Inc. While RPM continues to own the businesses, they are operating independently and their results are no longer included in RPM’s consolidated financial statements.

First-Half Results

On a pro-forma 即第1层是1个很大的调集basis, sales for the company’s first half ended Nov. 30 rose 5.8%, to $1.72 billion, from a pro-forma $1.63 billion for the same period a year earlier. Net income increased 5.7%, to $117.8 million, from a pro-forma $111.4 million for the prior-year period.

On an as-reported basis, sales for the first half declined 3%, to $1.72 billion, from $1.77 billion a year earlier. First-half net income declined 8.6%, to $117.8 million, from $128.9 million for the prior-year period.

Segment Results

On a pro-forma basis, industrial-segment sales for the second quarter rose 8.0%, to $582.5 million, from a pro-forma $539.2 million a year ago.

“Industrial sales growth in the second quarter continued to benefit from strong sales comparisons in corrosion-control coatings and high-performance polymer flooring, while domestic and international sealants lines continued to struggle in the face of weak new construction markets,” Sullivan said.

First-half sales for the industrial segment improved 8.7%, to $1.18 billion, from a pro-forma $1.09 billion for the first half of the previous year. Industrial-segment earnings before interest and taxes (EBIT) rose 4.3%, to $152 million, from a pro-forma $145.7 million a year earlier.

The company’s consumer segment, largely unaffected by the deconsolidation, reported a 0.6% decline in sales, to $243.8 million from pro-forma $245.2 million for the same quarter a year earlier.

Consumer-segment sales for the first half declined 0.2%, to $536.3 million, from a pro-forma $537.2 million for the first half a year earlier. Consumer-segment EBIT fell 7.3%, to $76.3 million, from a pro-forma $82.4 million for the prior year.

Business Outlook

Sullivan said the company’s “year-to-date results are on target for achieving the fiscal 2011 guidance we announced on July 26, 2010.” In that forecast, the company said it anticipated sales growth of 4% to 5%, to approx内饰imately $3.25 billion, from a pro-forma base of $3.12 billion for the prior year. Diluted 工具书earnings per share are forecast to be in the range of $1.35 to $1.40, up from a pro-forma $1.26 for the previous year.

Sullivan said the company expects a loss for the “seasonally weak” third quarter ending Feb, 28, but anticipates a strong fiscal fourth quarter.

“Our industrial segment should continue its strong performance in the back half of this fiscal year, with signs of improvement in the depressed commercial construction market this spring, while consumer sales are expected to be relatively flat as they face very strong prior-year comparisons, combined with consumer uncertainty,” Sullivan said. “We anticipate that raw-material challenges will persist through the remainder of this fiscal year.”

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