The Valspar Corp. reported income for the second quarter ended April 25 of $32.1 million versus net income of $34.5 million for the comparable period last year. Sales for the quarter increased 1.4% to $561.7 million compared to $554 million in the same quarter last year.
Net income for the first six months of 2003 was $47.7 million compared with $47.1 million for the same period a year ago. Sales for the first half increased 4.6% to $1.03 billion, compared to $985 million during the comparable period a year ago.
Commenting on second quarter results and the outlook for the second half of the year, Richard M. Rompala, chairman and chief executive officer of Valspar, said, “Our financial results for the second quarter were in line with our revised expectations. Our industrial coatings product line continues to experience uneven sales trends, corresponding to the industrial economy’s current softness, but we expect results to gradually improve through the balance of the year. Architectural and packaging coatings sales have continued to provide good growth and a positive influence on overall corporate results. We are beginning to realize the benefits of our expense control initiatives and we are focused on improving margins with actions to offset raw material cost increases. Assuming a stable economy, we