RPM International Inc. (RPM) reported that its second-quarter net income declined 16.5% to $41.7 million from $49.9 million last year. Earnings per share fell 18.4% to $0.31 from $0.38 a year ago.
Second-quarter net income improved 17% over prior year, excluding one-time adjustments in both years. On an as adjusted basis, excluding the Kemrock impact from both periods, adjusted earnings per share improved 17.6% to $0.40 from $0.34 a year ago.
Analysts polled by Thomson Reuters expected the company to report earnings per share of $0.42 for the quarter. Analysts' estimates typically exclude special items.
Net sales increased 11.1% to $1.02 billion from $916.1 million a year ago. Analysts expected revenue of $998.28 million for the quarter.
The company reiterated its fiscal 2013 guidance and continues to expect sales growth of 8% to 10% and growth in earnings per share of 9% to 12%, which equates to an EPS range of $1.80 to $1.85, on an as adjusted basis.
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