RPM Intl. Q1 Profit Rises - Quick Facts

(RTTNews) - RPM International Inc. (RPM) reported that its first-quarter net income attributable to the company rose to $99.8 million, or $0.74 per share from $99.1 million, or $0.73 per share in the comparable quarter last year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.81 per share for the quarter. Analysts' estimates typically exclude special items.

Quarterly net sales increased 3.2% to $1.24 billion from $1.20 billion in the prior year, while six analysts expected revenues of $1.27 billion.

Looking ahead for 2016, the company now expects earnings per share to be $2.50, which reflects the poor weather-driven first-quarter results in the consumer segment, along with continuing negative foreign currency issues. Analysts expect annual earnings of $2.56 per share.

Earlier, the company expected earnings per share of $2.55.

Although consumer segment sales were down for the quarter, the company believes the sales shortfall will be picked up over the next three quarters, and expect sales to grow 5% to 7% for the balance of fiscal 2016. Specialty segment sales, excluding acquisitions, are expected to grow in the low-to-mid-single-digits in local currencies, all of which will be offset by negative currency translation.