Financial News

Valspar reports weak results for first-quarter

March 11, 2011

The Valspar Corporation reported its results for the first-quarter ended January 28, 2011. First-quarter sales totaled $842.4 million, a 25.3 percent increase from the first quarter of 2010. Net income for the first quarter was down to $33.4 million in 2011 from $33.9 million in 2010. “Results for the quarter were in line with our expectations,” said William Mansfield, Valspar chairman and CEO. “Our Australian paints acquisition and the continued success of our pricing and new business efforts drove our double-digit top line growth. Looking ahead, we remain focused on addressing continuing upward pressure on raw material costs through pricing and pro6ductivity.”