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Valspar reports a 36 percent rise in Q2 profits

May 16, 2012

The Valspar Corporation reported its results for the second quarter ended April 27, 2012. Second-quarter sales totaled $1.03 billion, a four percent increase from the second quarter of 2011. Net income for the second quarter of 2012 was $76.5 million, up from $56.3 million a year ago. "We were pleased with our performance in the quarter," said Gary Hendrickson, president and CEO, Valspar. "Our earnings growth was driven by new business in our industrial product lines, better price-to-cost balance, productivity improvements and benefits from last year's restructuring actions. Our volume trend improved sequentially in both our coatings and paint segments in the quarter. Looking ahead to the rest of the year, we are raising adjusted full year earnings per share guidance to $3.20 to $3.30, reflecting our expectation of further volume growth and continued execution of our key operational initiatives."