MINNEAPOLIS - The Valspar Corp. has reported its results for the first quarter ended Jan. 29, 2010.
First-quarter sales totaled $672.4 million, a 5.1 percent increase from the same period last year. Adjusted net income per share was $0.36 in 2010 and $0.20 in 2009, excluding charges related to restructuring actions of $0.02 and $0.06, respectively, and a non-cash adjustment of $0.03 per share for Huarun minority interest shares in 2009. 2010 results reflect a $0.04 per share benefit from the settlement of certain tax audits. Net income for the first quarter of 2010 was $33.9 million and reported earnings per share were $0.34. Net income for the first quarter of 2009 was $14.2 million and reported earnings per share were $0.11.
"Improved top-line results, particularly in our Paints segment and in Asia, contributed to our strong earnings performance," said William L. Mansfield, Valspar Chairman and Chief Executive Officer. "New business and share gains, together with our focus on productivity and cost control, are helping to offset ongoing weakness in U.S. industrial markets. Looking ahead to the remainder of the year, we expect top-line growth consistent with our current results and continuing upward pressure on raw material costs. We are confident that we will deliver fiscal year 2010 adjusted net income per share in the range of $1.85 to $2.05, excluding restructuring charges."