UPDATE: RPM Shares Slip After Q2 Results

Shares of

fell more than 2% in pre-market trading after the company reported results for its fiscal 2015 second quarter and lowered its earnings forecast. The Medina, Ohio-based company posted quarterly net income of $69.8 million, compared to $63.6 million, in the year-ago quarter. Its earnings per diluted share rose 8.3% to $0.52 versus $0.48. Its net sales came in flat at $1.07 billion. However, analysts were expecting earnings of $0.55 per share on revenue of $1.12 billion. During the second quarter, RPM's industrial segment sales rose 1.4% to $718.3 million from $708.7 million, while consumer segment sales shrank 2.8% to $352.8 million from $362.8 million. Consolidated EBIT climbed 3.2% to $120.1 million from $116.4 million. For the first half of fiscal 2015, RPM's cash from operations rose to $55.3 million from $21.8 million. At November 30, 2014, total debt was $1.43 billion, versus $1.37 billion at November 30, 2013. Frank C. Sullivan, chairman and chief executive officer said, "Second-quarter operating performance was mixed, with stronger sales in our businesses serving the U.S. commercial construction market offset by weaker results in Europe, a continued unfavorable year-over-year trend from our Kirker nail enamels business and the negative impact of foreign currency." RPM lowered its diluted EPS forecast for the year to $2.25 to $2.30. It expects fiscal 2016 consolidated earnings of $2.70 to $2.80 per share. RPM shares fell 2.44% to $47.88 in pre-market trading.