RPM International Q1 Profit Surges; Lifts FY EPS View - Quick Facts

(RTTNews) - Specialty chemical products company RPM International Inc. (RPM) reported that its first-quarter of fiscal 2014 net income attributable to the Stockholders increased 204.0% to $103.1 million, from the $33.9 million in the year-ago period, and earnings per share improved by 196.2% to $0.77 from $0.26 last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.71 per share for the quarter. Analysts' estimates typically exclude special items.

During last year's first quarter, the company incurred a one-time, non-cash charge of $45.3 million for the partial write-down of its investments in Kemrock Industries and Exports Limited in India and an $11.0 million charge in its roofing business.

Excluding the impact of these charges in the year-ago period, the company's 2014 first-quarter net sales increased 11.0% from an adjusted $1.050 billion, net income was up 21.6% from the adjusted $84.8 million last year, and earnings per share improved 20.3% from the adjusted $0.64 earned a year ago.

Quarterly net sales increased 11.3% to $1.165 billion from the previous year's $1.047 billion. Six analysts had consensus revenue estimate of $1.13 billion for the quarter.

The company raised its fiscal 2014 earnings per share guidance citing earlier than expected improved performance in its European and roofing businesses and the continued momentum in all aspects of its consumer segment.

The company increased its fiscal 2014 outlook for earnings per share growth to a range of 10% to 14%, or $2.00 to $2.07 per share. Previously, the company had expected net income to increase 9 to 13 percent, resulting in earnings per share in the range of $1.98 to $2.05 for its fiscal 2014. Analysts expect the company to report earnings of $2.05 per share for fiscal 2014.