Valspar’s Net Income Falls on Costs and a Weak U.S. Economy

Valspar reported net income for its fiscal second quarter ended April 25 down 17%, to $40.8 million (38 cts/share) including non-cash adjustments of 3 cts/share and 5 cts/share in 2008 and 2007, respectively, for Huarun minority interest shares. Sales rose 3.5%, to $836 million. “Results for the quarter were in line with our expectations and reflect the impact of operational discipline and tight control of expenses,” says William Mansfield, chairman and CEO. “Our packaging, coil and general industrial coatings product lines performed well. New...

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