MINNEAPOLIS - The Valspar Corp., Minneapolis, reported second-quarter 2013 net sales of $1.03 billion, equal to the prior year. Reported net income and earnings per diluted share for the current and prior year include several nonrecurring items. Second-quarter 2013 adjusted net income and earnings per diluted share, excluding these nonrecurring items, were $83 million and $0.91, respectively. Second quarter 2012 adjusted net income and earnings per diluted share were $80 million and $0.84, respectively.
“Strong volume growth in the quarter was driven by new business wins. The seven percent growth in total volumes, inclusive of Ace volumes, was a significant accomplishment especially given the uneven demand this year in several markets,” said Gary E. Hendrickson, Chairman and Chief Executive Officer. “We saw improving momentum in the U.S., driven by solid performance in our consumer paints, packaging, wood and coil product lines. The strengthening U.S. housing market, coupled with our continued new business initiatives, should provide further improvements in the second half of the year. We are affirming our full-year adjusted EPS guidance of $3.60 to $3.80.”