RPM Q3 Results Top Estimates; Guides Q4 Sales Below Estimates

(RTTNews) - RPM International, Inc. (RPM) reported Wednesday that net income attributable to RPM for the third quarter declined to $33.02 million or $0.25 per share from $38.24 million or $0.29 per share in the prior-year quarter. Excluding special items, adjusted earnings for the quarter was $0.38 per share.

Net sales for the quarter increased 13.0 percent to $1.43 billion from $1.27 billion in the same quarter last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.30 per share on net sales of $1.41 billion for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to the fourth quarter, the company now projects consolidated sales and adjusted EBIT growth in the low teens, with sales growth in the low teens in all four of its operating segments.

The Street is looking for net sales growth of 8.60 percent to $1.89 billion for the quarter.