RPM International Inc. shares fell Friday after the Medina sealants and specialty coatings company reported profitable second quarter results that fell short of analyst expectations, with net income below year-ago levels.

RPM International had net income of $49.2 million, or 37 cents per share, on record second quarter revenue of $1.36 billion. That compares to net income of $95.5 million, or 70 cents per share, on revenue of $1.32 billion a year ago.

Both net income and revenue fell short of analyst expectations. The company also said it expects low third quarter earnings.

Shares were down $2.59, or 4.7 percent, to $52.26 at the close of trading Friday. Over the last 52 weeks, RPM shares have traded between a low of $46.36 to a high of $68.13.

"We achieved solid top-line improvement with sales growth of 3.6 percent, despite the unfavorable foreign currency translation effect of 2 percent," Frank C. Sullivan, RPM chairman and chief executive officer, said in a news release. "Like many manufacturers, our bottom line was impacted by a continued rise in costs for raw materials, freight, labor and energy, as well as adverse foreign exchange translation.

Sullivan said the company’s restructuring activities related to its “MAP to Growth” operating improvement plan, shared at RPM International’s Nov. 28 investor day, are underway.

“Our plan is focused on driving greater efficiency and long-term profitability of the business to enhance shareholder value," Sullivan said.

RPM announced the closure of five manufacturing plants in the second quarter, including the elimination of 149 jobs. The company also started its transition to “center-led” manufacturing and procurement functions.

“We also began to implement actions to improve our manufacturing processes, optimize assets and reduce inventory, while moving forward on our supply chain initiatives to consolidate the number of vendors used and negotiate more favorable pricing and payment terms” Sullivan said.

Because of three three non-operating items, RPM International anticipates “significantly lower reported earnings and earnings per share” for its third quarter ending Feb. 28, Sullivan said.

The company expects third quarter net income of 10 to 12 cents per share, with revenue growth up in the low- to mid-single-digit range.

RPM International consumer and industrial brands and companies include Rust-Oleum, Testors, DAP, Zinsser, Stonhard, Tremco, illbruck, Day-Glo and others.

Jim Mackinnon covers business and county government. He can be reached at 330-996-3544 or jmackinnon@thebeaconjournal.com. Follow him @JimMackinnonABJ on Twitter or www.facebook.com/JimMackinnonABJ