Valspar reported net income for the first quarter ended January 27 of $22,541,000 versus net income of $11,698,000 for the comparable period last year. Sales for the quarter increased 13.0% to $629,765,000, compared to $557,144,000 last year.
“We are pleased with our first quarter results in light of the challenging raw material environment,” said William L. Mansfield, president and CEO. “Both our paint and coatings segments delivered strong sales growth in the quarter with exceptional growth in our architectural product line due to continued retail sales momentum and favorable weather conditions. Margin improvement reflects significant progress in recovering raw material cost increases experienced over the past two years. We expect full year sales growth of nine to 10%.”