MINNEAPOLIS - The Valspar Corp. reported fiscal third quarter 2015 net sales of $1.15 billion, a decrease of 7 percent over the prior year. Total volume was flat as growth in the Coatings segment was offset by the expected decline in the Paints segment. The effects of foreign currency translation negatively impacted net sales by 5 percent; and acquisitions added 2 percent to net sales in the quarter. Reported net income of $103 million and earnings per diluted share of $1.25 for the current fiscal year include certain nonrecurring items. Third quarter 2015 adjusted net income and earnings per diluted share, excluding the nonrecurring items, were $109 million and $1.33, respectively. Third quarter 2014 adjusted net income and earnings per diluted share were $103 million and $1.21, respectively.
“We delivered solid performance in the quarter, with a 6 percent increase in adjusted EBIT and a 10 percent increase in EPS. These results were driven by our strong commercial execution and significant productivity initiatives, despite the impact of unfavorable currency and the change in our North American Paint business,” said Gary E. Hendrickson, Chairman and Chief Executive Officer. “Against the backdrop of strong performance in the prior year, Coatings segment volumes grew driven by new business wins in the General Industrial and Coil product lines. In the Paints segment, volumes were up in each of the international regions. North America Paints volumes also increased, excluding the product line adjustment at a significant customer.”