Valspar's third-quarter sales totaled $794.6 million, 17% lower than sales in the third quarter of 2008. Net income for the third quarter of 2009 was $65 million, up from $47 million in 2008.
"We are pleased with our strong earnings performance for the quarter," said William Mansfield, Valspar chairman and CEO. "Our restructuring actions have improved the efficiency of our operations and we continue to improve our competitive position. Valspar employees have done an outstanding job of controlling costs and remain focused on adding value for our customers. Looking ahead, we now expect to deliver fiscal year 2009 adjusted net income per share in the range of $1.67 to $1.72 excluding restructuring charges."
