MEDINA, OH - RPM International Inc., Medina, OH, has changed its outlook for its fiscal 2009 earnings to $1.75 to $1.85 per share, down from prior guidance of approximately $1.85 per share. Financial analysts surveyed by Thomson Financial had forecast, on average, full-year earnings of $1.86 per share for the year ending May 31, 2009.

 

The announcement was made by Frank C. Sullivan, the company's President and Chief Executive Officer, during a presentation at the Oppenheimer & Co. Third Annual Industrials Conference. He cited current economic headwinds, sustained volatility in financial markets, weak domestic market conditions for its consumer segment and raw material cost pressure in both segments as the principal reasons behind the revised outlook.

 

"While it is still early in our fiscal year, the tremendous uncertainty in financial markets and the related potential fallout in the economy at this time suggests that we should temper our guidance for the year," stated Sullivan. "As we have noted during the past several months, we continue to closely monitor the effects of today's volatile credit markets and the adverse impact these conditions could have, particularly on our commercial construction markets," he stated. Excluding an asbestos charge in fiscal 2008 and a resultant lower effective tax rate, net income would have been $1.75 per diluted share in the prior fiscal year.