MINNEAPOLIS - The Valspar Corp. has reported its results for the first quarter ended January 28, 2011.
First-quarter sales totaled $842.4 million, a 25.3 percent increase from the first quarter of 2010. First-quarter adjusted net income per share increased to $0.39 in 2011 from $0.36 in 2010. First-quarter adjusted net income per share in 2011 excludes $0.05 per share in Wattyl acquisition-related charges. First-quarter adjusted net income per share in 2010 excludes a $0.02 per share charge related to restructuring actions. Net income for the first quarter was $33.4 million in 2011 and $33.9 million in 2010 and first-quarter reported earnings per share were $0.34 for both years.
"Results for the quarter were in line with our expectations," said William L. Mansfield, Valspar Chairman and Chief Executive Officer. "Our Australian paints acquisition and the continued success of our pricing and new business efforts drove our double-digit top line growth. Looking ahead, we remain focused on addressing continuing upward pressure on raw material costs through pricing and productivity. We continue to expect fiscal year 2011 adjusted net income per share in the range of $2.45 to $2.65."