RPM International Q2 Profit Rises; Lifts Full-year EPS Guidance - Quick Facts

(RTTNews) - RPM International Inc. (RPM) reported that its second-quarter net income to shareholders increased to $63.6 million from $41.7 million, prior year. Earnings per share increased 54.8% to $0.48 from $0.31, a year ago.

On average, 11 analysts polled by Thomson Reuters expected the company to report profit per share of $0.45 for the quarter. Analysts' estimates typically exclude special items.

Net sales increased 5.3% to $1.07 billion from $1.02 billion a year ago. Analysts expected revenue of $1.08 billion for the quarter.

In the prior year second quarter, RPM incurred a one-time, non-cash charge of $10.8 million, or $0.09 per share, for the write-down of RPM's remaining equity investment in Kemrock Industries and Exports Ltd. in India. Excluding the Kemrock charge, second-quarter net income grew 21.1% from an adjusted $52.5 million prior year, while earnings per share improved 20.0% from an adjusted $0.40 a year ago.

The company said its results were driven by volume increases in both its industrial and consumer segments and improved operating margins at most of its business units. Based on the results and expectations for the second half, the company increased its full-year earnings guidance for fiscal 2014.

The company expects 5% to 7% consolidated net sales growth for the full year. RPM increased its full-year earnings per share guidance to a range of $2.05 to $2.10, versus the prior range of $2.00 to $2.07. Analysts expect the company to report full year earnings per share of $2.09.