The Valspar Corp. reported net income of $33.9 million for the company’s first quarter ended Jan. 29, up sharply from net income of $14.2 million for the same period a year earlier. Sales for the quarter rose 5.1%, to $672.4 million.
William L. Mansfield, Valspar’s chairman and CEO, said “Improved top-line results, particularly in our Paints segment and in Asia, contributed to our strong earnings performance.” He added, “New business and share gains, together with our focus on productivity and cost control, are helping to offset ongoing weakness in U.S. industrial markets.”
First-quarter sales for the company’s Coatings segment were $391.3 million, an increase of 4.4% from the same period a year earlier. The segment’s earnings before interest and taxes (EBIT) were $43 million, up from $24.9 million a year earlier.
First-quarter sales for the company’s Paint segment were $233.4 million, a 9.7% increase from the year-earlier period. EBIT was $27.8 million, compared to $16 million in the same period a year earlier.
Commenting on the outlook for the rest of the year, Mansfield said the company anticipates continued improvement in sales and earnings, “consistent with our current results.” He forecast fiscal-year 2010 per-share net income in the range of $1.85 to $2.05, excluding restructuring charges. Earnings per share for the company’s 2009 fiscal year, ended Oct. 30, 2009, were $1.77 per share.