MINNEAPOLIS - The Valspar Corp. reported its results for the first quarter ended January 27, 2012.
First-quarter sales totaled $885.6 million, a 5.1 percent increase from the first quarter of 2011. First-quarter adjusted net income per share increased to $0.62 in 2012, a 59 percent increase from $0.39 in 2011. First-quarter adjusted net income per share in 2012 excludes a $0.04 per share restructuring charge. First-quarter adjusted net income per share in 2011 excludes $0.05 per share in acquisition-related charges. Net income for the first quarter of 2012 was $55.8 million and reported earnings per share were $0.58. Net income for the first quarter of 2011 was $33.4 million and reported earnings per share were $0.34.
"We are pleased to report strong earnings for the quarter, which were the result of excellent execution and generally in line with our expectations. We continue to make progress in restoring our operating margins through pricing, productivity and cost management," said Gary E. Hendrickson, President and Chief Executive Officer. "In the quarter, we strengthened our balance sheet by issuing a $400 million bond at attractive rates. Despite higher interest expense and challenging global markets, we are raising our full-year earnings guidance to $2.92-$3.12."