April 5 (Reuters) - Coatings and sealants maker RPM International Inc’s third-quarter profit rose about six times and beat analysts’ estimates, helped by higher sales at its industrial segment.
The Medina, Ohio-based company, which sells brands like Rust-Oleum, Day-Glo, Tremco, Stonhard and Carboline, said it remained confident of 10 percent to 15 percent growth in diluted earnings per share this year.
“Most of our industrial product lines, both domestically and in Europe, posted gains in sales and EBIT (earnings before interest and tax), with high-performance industrial coatings and maintenance products continuing to perform exceptionally well,” Chief Executive Frank Sullivan said in a statement.
Net profit for the quarter ended Feb. 29 rose to $6.6 million, or 5 cents a share, from $1.1 million, or 1 cent a share, a year ago.
Revenue rose 14 percent to $773.6 million.
Analysts on average had expected earnings of 1 cent a share, on revenue of $730.4 million, according to Thomson Reuters I/B/E/S.
RPM shares closed at $26.27 on Wednesday on the New York Stock Exchange.