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Valspar reports stronger earnings but falls short of estimates

10:18 AM MDT | August 13, 2013 | Robert Westervelt

Valspar reports net income of $93.8 million for the quarter ended 26 July, up 8.6% from the year-ago quarter. Reported adjusted earnings were $1.07/share, up 10.3% year-on-year (YOY), but 2 cts below analyst estimates as reported by Thomson Reuters. Sales increased 1% YOY, to $1.1 billion. Valspar says strong US performance, where volumes increased by double digits, was offset by weakness in industrial markets and sluggish economic conditions in international markets. Overall, volumes increased 7% in the quarter, or 4% excluding the impact of a new supply...

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