Valspar Reports Third-Quarter Results/Raises Full-Year 2009 Guidance
August 18, 2009
MINNEAPAPOLIS -- The Valspar Corp. has reported its results for the third quarter ended July 31, 2009.
Third-quarter sales totaled $794.6 million, 17.0 percent lower than sales in the third quarter of 2008. Third-quarter adjusted net income per share increased to $0.67 in 2009 from $0.50 in 2008. Third-quarter adjusted net income per share for both 2009 and 2008 excludes non-cash adjustments of $0.03 per share for Huarun minority interest shares and a $0.03 per share charge related to restructuring actions. Net income for the third quarter of 2009 was $65.0 million. Third-quarter reported earnings per share in 2009 were $0.61. Net income for the third quarter of 2008 was $47.0 million. Third-quarter reported earnings per share in 2008 were $0.44.
“We are pleased with our strong earnings performance for the quarter,” said William L. Mansfield, Valspar Chairman and Chief Executive Officer. “Our restructuring actions have improved the efficiency of our operations, and we continue to improve our competitive position. Valspar employees have done an outstanding job of controlling costs and remain focused on adding value for our customers. Looking ahead, we now expect to deliver fiscal year 2009 adjusted net income per share in the range of $1.67 to $1.72 excluding restructuring charges.”