Valspar beats estimates despite sales decline

Valspar’s fiscal fourth-quarter net income totaled $73.8 million, or 79 cts/share, compared with a loss of $295.7 million in the year-ago quarter. Adjusted earnings of 86 cts/share beat analysts’ consensus of 84 cts/share, as reported by Thomson Reuters (New York). Adjsuted earnings rose 2.4% year-on-year (YOY). Year-ago results were adversely impacted by a $363.4 million non-cash goodwill impairment charge, Valspar says. The company’s fiscal fourth-quarter ended on 26 October.   Valspar expects earnings for fiscal 2013 to total...

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