RPM International (NYSE:RPM) seemed to show few effects of the housing crunch in its earnings report released this morning. Sales were up 10.2%, and diluted earnings per share rose 8.2%.

Solid overall performance masked divergent results in RPM's industrial and consumer segments. Growth slowed almost to a standstill in its consumer segment, with organic sales growth, excluding foreign currency effects, of only 1.3%. However, this compares favorably to the sales declines that most other housing-related businesses have seen, including those for the carpets and floor coverings sold by Mohawk (NYSE:MHK).

The industrial segment drove overall growth, with 7.1% organic growth excluding currency effects. For a mature, specialty chemical manufacturer such as RPM, investors should not expect organic sales growth much above this number.

Like fellow coatings manufacturer OMNOVA (NYSE:OMN), which reported earnings two weeks ago, RPM has been able to improve profit margins slightly, despite increasing raw-material costs. Pricing power is a sign of a good business, and RPM's ability to increase prices shows why coatings are such a great business. Coatings are usually a small part of a product's overall cost, yet they improve its performance significantly.

Considering its strong pricing ability, modest growth, price-to-earnings ratio of 14, and a hefty dividend yield of 3%, RPM remains attractive to this Fool.

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Fool contributor Michael Goode is an investor who lives in St. Louis. Going by the handle EverydayInvestor, he is currently ranked 104 out of more than 65,000 players on Motley Fool CAPS. He has no position in any company mentioned. The Motley Fool's disclosure policy is stain-resistant, rust-resistant, and shiny.