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MINNEAPOLIS - The Valspar Corp. has reported its results for the fourth quarter and fiscal year ended October 29, 2010.
Fourth-quarter sales totaled $876.8 million, a 12.9 percent increase from the fourth quarter of 2009. Fourth-quarter adjusted net income per share increased to $0.56 in 2010 from $0.53 in 2009. Fourth-quarter adjusted net income per share in 2010 excludes a $0.03 per share charge for fees related to the acquisition of Wattyl and a $0.02 per share charge related to restructuring actions. Fourth-quarter adjusted net income per share in 2009 excludes a $0.04 per share charge related to restructuring actions. Net income for the fourth quarter of 2010 was $51.3 million, and reported earnings per share were $0.51. Net income for the fourth quarter of 2009 was $49.9 million, and reported earnings per share were $0.49.
Fiscal year 2010 sales totaled $3,226.7 million, a 12.1 percent increase. Adjusted earnings per share increased 26 percent to $2.23 in 2010 from $1.77 in 2009. Adjusted net income per share for 2010 excludes an $0.08 per share charge related to restructuring actions, a $0.03 per share charge for fees related to the acquisition of Wattyl and an $0.08 per share gain from the sale of assets. Adjusted net income per share for 2009 excludes an $0.18 per share charge related to restructuring actions and a non-cash charge of $0.10 per share for Huarun minority interest shares. Net income for 2010 was $222.1 million, and reported earnings per share were $2.20. Net income for 2009 totaled $160.2 million, and reported earnings per share were $1.49.
"Our strong earnings performance for the year reflects solid volume growth driven by new business and outstanding operational discipline by Valspar employees," said William L. Mansfield, Valspar Chairman and Chief Executive Officer. "During the year, we continued to invest in branding and leading-edge technologies, maintained tight control of our cost structure and strengthened our global presence."
Mansfield also commented on the outlook for fiscal 2011. "Revenue growth from our new business initiatives and our Wattyl acquisition, together with pricing and productivity to offset ongoing pressure on raw material costs, position us to deliver another strong year. We currently anticipate fiscal 2011 adjusted net income per share in the range of $2.45 to $2.65."
Fourth-quarter sales totaled $876.8 million, a 12.9 percent increase from the fourth quarter of 2009. Fourth-quarter adjusted net income per share increased to $0.56 in 2010 from $0.53 in 2009. Fourth-quarter adjusted net income per share in 2010 excludes a $0.03 per share charge for fees related to the acquisition of Wattyl and a $0.02 per share charge related to restructuring actions. Fourth-quarter adjusted net income per share in 2009 excludes a $0.04 per share charge related to restructuring actions. Net income for the fourth quarter of 2010 was $51.3 million, and reported earnings per share were $0.51. Net income for the fourth quarter of 2009 was $49.9 million, and reported earnings per share were $0.49.
Fiscal year 2010 sales totaled $3,226.7 million, a 12.1 percent increase. Adjusted earnings per share increased 26 percent to $2.23 in 2010 from $1.77 in 2009. Adjusted net income per share for 2010 excludes an $0.08 per share charge related to restructuring actions, a $0.03 per share charge for fees related to the acquisition of Wattyl and an $0.08 per share gain from the sale of assets. Adjusted net income per share for 2009 excludes an $0.18 per share charge related to restructuring actions and a non-cash charge of $0.10 per share for Huarun minority interest shares. Net income for 2010 was $222.1 million, and reported earnings per share were $2.20. Net income for 2009 totaled $160.2 million, and reported earnings per share were $1.49.
"Our strong earnings performance for the year reflects solid volume growth driven by new business and outstanding operational discipline by Valspar employees," said William L. Mansfield, Valspar Chairman and Chief Executive Officer. "During the year, we continued to invest in branding and leading-edge technologies, maintained tight control of our cost structure and strengthened our global presence."
Mansfield also commented on the outlook for fiscal 2011. "Revenue growth from our new business initiatives and our Wattyl acquisition, together with pricing and productivity to offset ongoing pressure on raw material costs, position us to deliver another strong year. We currently anticipate fiscal 2011 adjusted net income per share in the range of $2.45 to $2.65."
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