Valspar reports fourth consecutive year of earnings growth
Nov 20, 2012 (Star Tribune (Menafn - Minneapolis) - McClatchy-Tribune Information Services via COMTEX) --Minneapolis-based Valspar Corp. reported a fourth consecutive year of double-digit earnings growth, and it's predicting a fifth.
The maker of paints and coatings said sales for the fourth quarter, ended Oct. 26, dipped but annual sales increased 2 percent to 4.02 billion. Sales for the quarter were 1.02 billion compared with 1.05 billion in the fourth quarter last year. Excluding currency impact sales for the quarter were flat.
The company's net income for the fourth quarter was 73.8 million, or 82 cents per share, compared with a net loss of 295.7 million or 3.18 per share. Net income for the year was 292. 5 million, or 3.10 per share, compared with a net loss of 138.6 million or 1.47 per share last year.
Excluding restructuring charges and non-cash impairment charges for goodwill and intangibles, the company reported its fourth consecutive year of double-digit earnings growth. Adjusted net income per share increased 24 percent to 3.28 in 2012, up from 2.65 in 2011. Adjusted net income per share for the fourth quarter was 86 cents per share compared with 84 cents per share for the fourth quarter last year.
"We overcame the challenge of uneven global markets by winning significant new business and through relentless focus on productivity," Gary Hendrickson, Valspar chairman and CEO, said in a statement.
The company expects the international market to remain unsettled in 2013 but is predicting another year of double-digit earnings growth.
"We expect uneven global demand to continue, but we are well-positioned for growth in both our Coatings and Paints segments," Hendrickson said. "Our productivity initiatives and operating discipline will support further margin expansion. We estimate fiscal 2013 net income per share to be in the range of 3.65 to 3.85 per share."
Patrick Kennedy --612-673-7926
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