RPM sales rise, but adjusted earnings fall short of estimates

RPM’s fiscal second-quarter net income was down 16.5% year-on-year (YOY), to $41.7 million, on sales up 11.1%, to $1.02 billion. Net income was negatively impacted by a $10.8 million write-down of RPM’s equity investment in Kemrock Industries (India). Excluding that and a positive charge on the prior-year-quarter’s results, adjusted net income was up 17.4%, to $52.5 million. Adjusted earnings totaled 40 cts/share, short of analysts’ consensus of 42 cts/share, as reported by Thomson Reuters (New York). RPM’s fiscal second quarter...

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