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Markets :: Specialty Chemicals :: Paints and Coatings

Valspar beats estimates

9:45 AM MST | February 12, 2014 | Vincent Valk

Valspar today reported fiscal first-quarter net income down 2.5% year-on-year (YOY), to $53.6 million, on sales up 9%, to $956 million. Excluding restructuring costs, adjusted net income totaled $61 million, or 70 cts/share, up 10.9% YOY and ahead of analysts’ consensus estimate of 66 cts/share, as reported by Thomson Reuters (New York). Valspar’s fiscal first-quarter ended on 24 January. “We are pleased to report a good start to our fiscal year, with first quarter sales increasing9% over the previous year and diluted [earnings per share] (as...

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