Valspar's Third-Quarter Profits Fall on Charges

Valspar reported net income of $67.4 million in its fiscal third quarter ended July 29, down 10% from the same period last year. The 2011 quarter included a 10 cts/share restructuring charge, while the 2010 period included an 8 cts/share gain on the sale of assets and a 4 cts/share restructuring charge. Excluding charges and gains in each period, reported earnings were 80 cts/share, compared with 70 cts/share in the year-ago quarter, and in line with the consensus of analysts’ estimates, as reported by Thomson Reuters (New York). Sales rose 23%, to $1.07...

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