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Valspar Raises Guidance as Income Jumps

1:23 PM MDT | August 17, 2009 | Nancy Seewald

Valspar reported net income of $65 million in its fiscal third quarter ended July 31, up 38% over the year-ago period. Adjusted net earnings were 67 cts/share, compared with 50 cts/share in third quarter 2008. Sales fell 17%, to $794.6 million. “Our restructuring actions have improved the efficiency of our operations and we continue to improve our competitive position,” says William Mansfield, Valspar chairman and CEO. Valspar has lifted its full year earnings guidance to $1.67-$1.72/share, excluding charges, compared with prior guidance of $1.55 to...

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