Third-quarter sales totaled $1.07 billion, a 22.5 percent increase from the third quarter of 2010. However, net income for the quarter was $67.4 million, down from $75.1 million a year ago due mostly to increased raw material costs.
To counter higher costs, paint companies have been hiking prices. Valspar last raised prices in July.
Valspar is increasing its presence in the emerging markets. It opened around 100 new warrant stores in China during the quarter. Earlier this year, Valspar acquired a Brazil-based coatings company to strengthen its foothold in Latin America.
“We were pleased with our improved sales and earnings performance for the quarter,” said Gary Hendrickson, Valspar president and chief executive officer. “Double-digit top-line growth resulting from acquisitions, pricing and market share gains helped to mitigate the impact of higher raw material costs and a challenging demand environment.”