RPM net income falls on India charge

RPM’s net income for the first quarter of 2013 fell 56% year-on-year, to $33.9 million, mostly due to a $45.3 million write-down of its minority stake Kemrock Industries and Exports (Vadodara, India), a fiberglass composites and resins maker, due to a steep decline in Kemrock’s share price. Sales rose 6%, to $1.05 billion. Excluding adjustments, earnings totaled $84.8 million, up 10% year-on-year. Adjusted earnings totaled 64 cts/share, matching analysts’ consensus, according to Thomson Reuters (New York). RPM’s fiscal first-quarter ended...

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