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RPM Int'l 2Q profit rises, lifts 2014 outlook

The Associated Press

NEWS: RPM International's fiscal second-quarter net income increased 53 percent, bolstered by improved volumes at its industrial and consumer segments and better operating margins at most of its divisions.

The specialty chemical maker also raised its fiscal 2014 earnings forecast on Wednesday, citing its quarterly performance and expectations for the year's second half.

Its stock climbed to an all-time high.

DETAILS: Industrial segment sales rose 2.6 percent to $708.7 million, while consumer segment sales climbed 11.2 percent to $362.8 million.

NUMBERS: RPM International earned $63.6 million, or 48 cents per share, for the three months ended Nov. 30. A year earlier it earned $41.7 million, or 31 cents per share.

Revenue rose 5 percent to $1.07 billion from $1.02 billion.

Analysts, on average, predicted earnings of 45 cents per share on revenue of $1.08 billion, according to a FactSet poll.

FUTURE: RPM International now anticipates 2014 earnings between $2.05 and $2.10 per share. It previously predicted earnings in a range of $2 to $2.07 per share. Analysts expect full-year earnings of $2.09 per share.

STOCK: The shares gained 79 cents, or 1.9 percent, to $42.26 in midday trading. Earlier in the session, the stock touched an all-time high of $43, according to FactSet.