Valspar Reports Third-Quarter Results, Reaffirms Fiscal 2012 Guidance
MINNEAPOLIS - The Valspar Corp. reported its results for the third quarter ended July 27, 2012.
Third-quarter sales totaled $1.08 billion, an increase of one percent from the third quarter of 2011. Third-quarter adjusted net income per share was $0.97 in 2012, an increase of 21 percent from $0.80 in 2011. Third-quarter adjusted net income per share in 2012 excludes $0.05 per share in restructuring charges. Third-quarter adjusted net income per share in 2011 excludes $0.10 per share in restructuring charges. Net income for the third quarter of 2012 was $86.4 million, and reported earnings per share were $0.92. Net income for the third quarter of 2011 was $67.4 million, and reported earnings per share were $0.70.
"We were pleased with our performance in the quarter," said Gary E. Hendrickson, Chairman and Chief Executive Officer. "Excluding negative currency impact, our revenue increased three percent, and our strong earnings growth is the outcome of excellent execution in a challenging global environment. Looking ahead to our fourth quarter, we expect continued softness in some international markets and modest growth in North America. However, we are confident the strength of our portfolio, our growth initiatives and our proven ability to drive productivity improvements will offset these challenges, and we are reaffirming our adjusted full year earnings per share guidance of $3.20 to $3.30."