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July 22, 2013 at 09:52 AM EDT
RPM International Q4 Profit Falls, But Adjusted EPS Beats Estimates (RPM)

Specialty coatings and sealants manufacturer RPM International Inc. (RPM) reported early on Monday that its fourth quarter net income declined 21% year-over-year. However, on an adjusted basis, the company’s fourth quarter earnings rose, beating Wall Street estimates.

The Medina, Ohio-based company posted a fourth quarter net income of $65.38 million, or 49 cents per share, down from $82.57 million, or 63 cents per share, posted in the fourth quarter of 2012.

Excluding certain items, which include $42.7 million in one-time pre-tax adjustments, RPM’s fourth quarter adjusted net earnings came in at $95.4 million, or 72 cents per share, up from $82.6 million, or 63 cents per share, last year. According to analysts polled by Thomson Reuters, the company was expected to earn an adjusted 67 cents per share in the fourth quarter.

The company’s quarterly sales rose to $1.17 billion from $1.10 billion last year. Analysts were expecting RPM to see $1.18 billion in revenues during the fourth quarter.

Frank Sullivan, CEO of RPM International, said, “Our overall operating results for both the quarter and year were strong, especially given the headwinds in Europe and previously reported difficulties in our roofing division. Net sales, net income and diluted earnings per share experienced significant growth, on an as-adjusted basis, as our consumer segment continued its robust performance and many industrial segment businesses posted gains.”

Looking forward, RPM expects consolidated net sales to rise between 5% and 7% in fiscal 2014. Moreover, the company expects net income to rise between 9% and 13% in fiscal 2014, which represents an earnings per share in the range of $1.98 to $2.05. Analysts expect RPM to see earnings of $2.03 per share on revenues of $4.39 billion in fiscal 2014.

RPM International shares were inactive during pre-market trading on Monday. The stock has gained 16.21% year-to-date.

The Bottom Line
Shares of RPM International (RPM) have a dividend yield of 2.64% based on Friday’s closing price of $34.12 and the company’s annualized dividend payout of 90 cents per share.

RPM International Inc. (RPM) is not recommended at this time, holding a DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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