UPDATE 1-RPM raises full-year outlook
(Adds 2013 outlook)
Oct 3 (Reuters) - RPM International Inc's quarterly profit fell as the coatings and sealants maker incurred one-time charges but it raised its profit and sales growth forecast for 2013.
The company raised the outlook due to acquisitions, growth expectations in North America and favorable currencies, Chief Executive Frank Sullivan said in a statement.
RPM, which has manufacturing facilities in 20 countries outside the United States, now expects full-year profit to grow between 9 and 12 percent, up from 5 to 10 percent it had forecast earlier.
The company also raised the low end of its sales growth outlook to 8 percent from 5 percent. The top end of the forecast remained at 10 percent.
During the quarter ended Aug. 31, the company wrote down $45.3 million of its investments in India's Kemrock Industries and Exports Ltd on deteriorating economic conditions in the country. RPM also incurred an $11 million charge in its roofing business, it said.
Profit fell to $33.9 million, or 26 cents per share, in the first quarter, from $76.8 million, or 59 cents per share, a year earlier.
Excluding one-time charges, the company earned 64 cents a share.
Revenue rose 6 percent to $1.05 billion.
The Medina, Ohio-based company's shares closed at $26.63 on Tuesday on the New York Stock Exchange.
(Reporting By Garima Goel in Bangalore; Editing by Maju Samuel)
Keywords: RPMINTERNATIONAL RESULTS/