Valspar Corp. reported net income for the third quarter ending July 30 of $44.9 million, up 12% from net income of $40.1 million for the comparable period last year. Sales for the quarter increased 9.6% to $655.6 million, compared to $598.2 million last year.
Net income for the first nine months of fiscal 2004 was $102.4 million, compared with $87.9 million for the same period a year ago.
“Core sales growth was strong across all our product lines, particularly industrial and architectural coatings. We have initiated pricing action in all of our businesses, but raw material cost pressures have intensified” said Richard M. Rompala, chairman and CEO. “While we continue to implement cost reduction measures and productivity improvements, the acceleration in raw material costs has outpaced our pricing actions. As a consequence, we expect this year’s fourth quarter earnings to be flat to up slightly compared with last year’s fourth quarter earnings of $0.76 per share, which excludes last year’s fourth quarter charge of