The Valspar Corporation’s second quarter sales totaled $808.5 million, a 5.4% increase from the second quarter of 2006. Net income for the second quarter was $41.5 million. In 2006, second-quarter earnings were $47.9 million.
Sales for the first six months of fiscal 2007 were $1,503 million, up 7.6% from the same period a year ago. Net income for the first half was $65.1 million. First-half 2006 net income was $70.5 million.
“Results for the quarter were right in line with our expectations,” said William L. Mansfield, Valspar president and CEO. “We are successfully managing through the current challenges in our architectural paints and wood coatings businesses and remain confident that we will deliver on our second-half expectations.
“Our long-term growth agenda is advancing,” Mansfield continued.