RPM International Inc. (RPM) announced that, On an as-reported basis, its third-quarter net loss attributable to stockholders was $42.4 million, compared to net income of $6.6 million in the year-ago period. The loss per share was $0.33, compared to earnings per share of $0.05 in the fiscal 2012 third quarter.
The second non-operating adjustment for the quarter was associated with the company's decision to close an existing flooring business in Brazil in light of the Viapol acquisition there earlier this fiscal year. The impact of this decision resulted in a $6.1 million cumulative translation adjustment or CTA write-off, which also triggered a $7.7 million tax benefit that impacted the current quarter as well. The net impact of this strategic repositioning of RPM's existing flooring business in Brazil was an increase to net income of $1.6 million or $0.01 per share.
On an as-adjusted basis, Net income increased 30.8% to $8.7 million, compared to $6.6 million in the year-ago period. earnings per share were $0.07, up 40.0% from $0.05 in the fiscal 2012 third quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $0.06 per share for the quarter. Analysts' estimates typically exclude special items.
On an as-reported basis, net sales for the quarter grew 9.1% to $843.7 million from $773.6 million. Four analysts had consensus revenue estimate of $841.36 million for the quarter.
For the full year 2013, the company now expects consumer segment sales to exceed the higher end of our targeted 8% to 10% range, while industrial segment sales will most likely fall short of the lower end of its previous 6% to 10% range.
For fiscal 2013, the company continues to expect adjusted earnings per share to grow in a range of 9 to 12 percent to $1.80 to $1.85, on projected sales growth between 8 and 10 percent, implying sales between $4.07 billion and $4.15 billion. Analysts expect the company to report earnings of $1.82 per share on revenues of $4.12 billion for fiscal 2013.
Although the company exceeded last year's third quarter results, the company said it fell short of its internal plan by $0.03 per share as a result of the European expenses for foreign exchange and severance.
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