Welcome Guest to Coatings World    Login || Register
Last Updated Wednesday, October 22 2014
Print

Valspar reports $992.7 M sales in second quarter



Published June 16, 2011

The Valspar Corporation reported its results for the second-quarter ended April 29, 2011. Second-quarter sales totaled $992.7 million, a 23.5 percent increase from the second quarter of 2010. Second-quarter adjusted net income per share increased to $0.64 in 2011 from $0.61 in 2010. Second-quarter adjusted net income per share in 2011 excludes $0.05 per share in acquisition-related charges and a $0.01 per share charge related to restructuring actions. Net income for the second quarter of 2011 was $56.3 million and reported earnings per share were $0.58. Net income for the second quarter of 2010 was $61.7 million. 


The company announced restructuring actions related to improving the profitability of its Wattyl acquisition and further reducing the cost structure of its global wood product line. These actions are expected to result in charges to earnings of $0.30-$0.35 per share over the next 12 months and generate annual savings of $0.12-$0.14 per share by fiscal 2013.


“We were pleased with our improved sales and earnings performance for the quarter, a particularly solid accomplishment given the strength of our results in the second quarter of 2010,” said William Mansfield, Valspar chairman and chief executive officer.
“Double-digit top-line growth resulting from acquisitions, pricing and the continued success of our new business efforts helped to mitigate the impact of substantially higher raw material costs. We are continuing to raise our selling prices and taking st EPS to further reduce our cost structure while maintaining investments in our brands and technology. We continue to expect fiscal year 2011 adjusted net income per share in the range of $2.45 to $2.65.”



blog comments powered by Disqus
Receive free Coatings World emails
Sign up now to receive the weekly newsletter, and more!

Enter your email address:
Company Spotlight
Sunin Machine Co., Ltd.
No.96, Chiao Ho Rd ,Chungho Dist
New Taipei City, Taiwan , 235
Taiwan Roc
View Profile
Lubrizol Advanced Materials, Inc.
9911 Brecksville Road
Cleveland, OH, 44141
US
View Profile
Micro Powders, Inc.
580 White Plains Rd.
Tarrytown, NY, 10591
US
View Profile
Shamrock Technologies, Inc.
Foot of Pacific Street
Newark, NJ, 07114
USA
View Profile
Keeneyes
18F, No.85, Sec. 1, Chung-Shiao E. Rd.
Taipei, Taiwan, 100
R.O.C.
View Profile
BASF Corporation
100 Campus Drive
Florham Park, NJ, 07932
US
View Profile
Siltech Corporation
225 Wicksteed Avenue
Toronto, ON, M4H 1G5
Canada
View Profile
AZ Electronic Materials Co., Ltd.
No. 458-6, Sinsing Road Hu Kou Township Hsinchu Country 303, Taiwan
Hsinchu Country, Taiwan, 303
Taiwan
View Profile
Houchi Chemical Co., Ltd
No.56, Fu Chow Street
Taipei, Taipei, 100
Taiwan
View Profile
Follow Coatings World On