RPM International reports 2Q results


RPM International today reported record net income and cash flow, despite a decline in net sales, for its fiscal 2010 second quarter ending Nov. 30, 2009.

RPM International, a holding company, owns subsidiaries that are leaders in specialty coatings, sealants, building materials and related services serving both industrial and consumer markets. RPM's consumer products are used by professionals and do-it-yourselfers for boat repair and home improvement.

RPM's net sales of $858.7 million were down 3.5 percent from the $890 million reported in the fiscal 2009 second quarter.

Net income for the quarter grew 34 percent, to a record $55.9 million from $41.7 million a year ago, while diluted earnings per share improved 30.3 percent, to 43 cents from 33 cents.

"Our net income in the second quarter continued to benefit from cost-reduction programs initiated in the prior fiscal year. Modest consumer segment sales growth continued, while sales in our larger industrial segment remained under pressure in line with our previously stated expectations," said Frank C. Sullivan, chairman and chief executive officer, in a statement.

Net sales for the first half of fiscal 2010 decreased 5.4 percent to $1.77 billion from $1.88 billion a year ago. Net income improved 15.9 percent to a record $128.9 million from $111.2 million in the fiscal 2009 first half.

Diluted earnings per share for the first half of fiscal 2010 increased 16.3 percent, to a record $1 from 86 cents a year ago.

"We continue to anticipate a loss for the seasonally weak fiscal third quarter ending Feb. 28, 2010, but operating results should be significantly improved from the same period last year," Sullivan said. "As a result, we are revising our fiscal 2010 guidance upward to a range of $1.30 to $1.45 compared to the adjusted $1.05 per diluted share earned last year."


Vision Marine, Hellkats to Attempt E-Boat Speed Record

A Hellkats 32-foot Widebody equipped with Vision Marine’s E-Motion powertrain will try to be the fastest electric boat in its category.

Grand Banks Operations Remain Halted

The announcement follows the Malay government order extending movement restrictions to curb the spread of Covid-19.

OneWater Marine to Acquire N.J.'s Stone Harbor Marina

The acquisition further expands OneWater’s reach in the Northeast.

Rounding the Last Bend?

As all segments of the economy race to surpass prepandemic levels, a bit of wheelspin is expected to occur, but not for long.

MMTA Kicks Off Boater Initiative

Encouraging waterborne travel to the Bay State. Plus: businesses can legally require its staff to receive a Covid-19 vaccine.

Fairline Yachts Acquired

For the third time in five years, the esteemed U.K. builder has changed hands.

Free Fishing Fun with Cabela’s and Bass Pro Shops

To launch their Gone Fishing promotion, the outdoors companies are donating 40,000 rods and reels to youth-fishing partners and holding free in-store fishing events June 19-20.