Valspar Reports Q3 Sale Of $794.6m

The Valspar Corporation has reported its results for the third-quarter ended July 31, 2009. The company’s third-quarter sales totaled $794.6m, 17% lower than sales in the third quarter of 2008.

Third-quarter adjusted net income per share increased to $0.67 in 2009 from $0.50 in 2008. Net income for the third quarter of 2009 was $65m, or $0.61, compared to net income of $47m, or $0.44 for the third quarter of 2008.

William Mansfield, chairman and chief executive officer of Valspar, said: “We are pleased with our strong earnings performance for the quarter. Our restructuring actions have improved the efficiency of our operations and we continue to improve our competitive position. Valspar employees have done an outstanding job of controlling costs and remain focused on adding value for our customers. Looking ahead, we now expect to deliver fiscal year 2009 adjusted net income per share in the range of $1.67 to $1.72 excluding restructuring charges.”