Valspar Corporation has reported that sales for fiscal 2003 rose 5.7% to $2.247 billion compared to $2.1 billion during fiscal year 2002. Fourth quarter sales rose 9.2% to $619 million compared to $566.7 million last year. Net income for the full year was $112.5 million, including a previously announced charge, compared with $120.1 million reported last year.
“We are pleased with our 2003 results in light of the challenging market conditions,” said Richard M. Rompala, chairman and chief executive officer. “Despite a weak industrial economy and raw material cost pressures, we achieved record results before the charge to earnings. Soft industrial coatings markets through most of the year restricted growth in this product line. This was more than offset by strong performances from our architectural and packaging coatings product lines.”
Rompala continued, “In addition, we generated very strong cash flow—enough to fund over $50 million of capital investments and to reduce debt by $150 million. As a result, we believe we are well positioned for both internal and external growth.”