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Valspar reports second quarter earnings

By Tim Wright | May 15, 2006

Valspar has reported net income for the second quarter ended April 28, 2006 of $47,935,000 versus net income of $39,241,000 for the comparable period last year. Sales for the quarter increased 8.6% to $766,816,000, compared to $705,942,000 last year.

Net income for the first six months of fiscal 2006 was $70,476,000 compared with $50,939,000 for the same period a year ago. Sales for the first half increased 10.6% to $1,396,581,000 compared to first half sales of $1,263,086,000 a year ago.

Commenting on the second quarter and outlook for the year, William L. Mansfield, president and CEO, said, "Our improved second quarter performance was driven by continued sales strength in our paints and coatings segments, progress in recovering raw material cost increases and improved manufacturing efficiencies."