MINNEAPOLIS, MN - The Valspar Corp. reported its results for the third quarter ended July 29, 2011.
Third-quarter sales totaled $1.07 billion, a 22.5 percent increase from the third quarter of 2010. Third-quarter adjusted net income per share increased to $0.80 in 2011, a 14.3 percent increase from $0.70 in 2010. Third-quarter adjusted net income per share in 2011 excludes a $0.10 per share restructuring charge. Third-quarter adjusted net income per share for 2010 excludes $0.08 per share gain on the sale of assets and a $0.04 per share restructuring charge. Net income for the third quarter of 2011 was $67.4 million and reported earnings per share were $0.70. Net income for the third quarter of 2010 was $75.1 million and reported earnings per share were $0.74.
"We were pleased with our improved sales and earnings performance for the quarter," said Gary E. Hendrickson, Valspar President and Chief Executive Officer. "Double-digit, top-line growth resulting from acquisitions, pricing and market share gains helped to mitigate the impact of higher raw material costs and a challenging demand environment. We made progress in restoring our operating margin by continuing to raise our selling prices and improving our productivity. Our ongoing investments in our brands and technology delivered new business in the quarter and position us well for the future. We continue to expect to deliver double-digit adjusted net income per share growth for fiscal year 2011 in the range of $2.47-$2.57."
"We were pleased with our improved sales and earnings performance for the quarter," said Gary E. Hendrickson, Valspar President and Chief Executive Officer. "Double-digit, top-line growth resulting from acquisitions, pricing and market share gains helped to mitigate the impact of higher raw material costs and a challenging demand environment. We made progress in restoring our operating margin by continuing to raise our selling prices and improving our productivity. Our ongoing investments in our brands and technology delivered new business in the quarter and position us well for the future. We continue to expect to deliver double-digit adjusted net income per share growth for fiscal year 2011 in the range of $2.47-$2.57."
