Valspar Reports Second-Quarter Results
May 21, 2009
MINNEAPOLIS - The Valspar Corp. has reported its results for the second quarter ended May 1, 2009. Second-quarter sales totaled $668.4 million, a 20.1 percent decline from the second quarter of 2008. Second-quarter adjusted net income per share was $0.36 in 2009 and $0.41 in 2008, excluding non-cash adjustments of $0.03 per share for Huarun minority interest shares in 2008 and 2009 and a $0.05 per share charge in 2009 related to restructuring actions. Reported net income for the second quarter of 2009 was $31.1 million. Second-quarter reported earnings per share in 2009 were $0.28. Reported net income for the second quarter of 2008 was $40.8 million. Second-quarter reported earnings per share in 2008 were $0.38.
"Despite a very difficult demand environment, we were able to deliver earnings for the quarter consistent with our expectations," said William L. Mansfield, Valspar Chairman and CEO. "While we do not expect industrial markets to improve for the balance of the year, the earnings momentum generated by the strong execution and operational discipline of Valspar employees globally gives us confidence in our ability to deliver fiscal-year 2009 adjusted net income per share, excluding restructuring charges, in the range of $1.55 to $1.65."