MINNEAPOLIS - The Valspar Corp. reported results for the first-quarter ended January 25, 2013, with first-quarter sales totaling $875.2 million compared to $885.6 million in the first quarter of 2012. First-quarter net income per share was $0.60 in 2013 compared to adjusted net income per share of $0.62 in 2012, which excludes a $0.04 per share restructuring charge. Net income for the first quarter of 2013 was $55.0 million. Net income for the first quarter of 2012 was $55.8 million, and reported earnings per share were $0.58.
“Although we made substantial progress this quarter on a number of key initiatives, international markets were weaker than anticipated,” said Gary E. Hendrickson, Chairman and Chief Executive Officer. “We continued to invest in our long-term opportunities and remain confident we will achieve our new business plans for the full year. However, weak demand in certain international markets is expected to continue and thus we are adjusting our full-year guidance to $3.60 to $3.80 to reflect these market conditions.”