MEDINA, OH – RPM International Inc. reported a significantly lower loss for its fiscal 2010 third quarter ended Feb. 28, 2010, compared to the prior-year loss in this traditional seasonally slow period.
RPM's net sales of $666.6 million increased 4.9% from the $635.4 million reported a year ago. The net loss for the third quarter was $9.4 million, compared to a loss of $30.9 million in the year-ago period.
"Last year's results were impacted not only by the recession, but also by one-time charges taken to lower our cost base,” said Frank Sullivan, chairman and CEO. “This year's third-quarter sales reflected the traditional seasonally weak nature of the quarter, magnified by extremely harsh and unusual weather in North America and Europe. Some of our industrial businesses rebounded, while sales of others that are exposed to North American commercial construction markets have not yet begun to recover."
Sullivan added, "Many of our industrial product lines, particularly polymer flooring and industrial coatings serving markets outside the U.S., along with our roofing business, are experiencing solid demand. Geographic and end-market diversity, including institutional construction and infrastructure markets, have helped to offset some of the residual weakness in our commercial sealants, concrete additives and exterior insulation finish systems businesses that are more directly impacted by weak domestic commercial construction markets."
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