PaintSquare.com


The First Word in Protective & Marine Coatings

A Product of Technology Publishing / PaintSquare
JPCL | PaintSquare News | Durability + Design | Paint BidTracker

Free Download of

Paint and Coatings Industry News

Main News Page


Valspar Delivers Double-Digit Gains

Monday, November 22, 2010

Comment | More

Fourth-quarter sales for the Valspar Corp. increased by nearly 13% over 2009, lifting the company to a 12.1% sales increase for fiscal year 2010 and a promise of a strong 2011.

Net income for the fourth quarter (ended Oct. 29) of 2010 was $51.3 million, and reported earnings per share were $0.51. This compared with net income of $49.9 million for Q4 of 2009 and reported earnings per share of $0.49.

Net income for 2010 was $222.1 million, and reported earnings per share were $2.20. Net income for 2009 totaled $160.2 million, and reported earnings per share were $1.49.

“Our strong earnings performance for the year reflects solid volume growth driven by new business and outstanding operational discipline by Valspar employees,” said William L. Mansfield, Valspar chairman and chief executive officer. “During the year, we continued to invest in branding and leading-edge technologies, maintained tight control of our cost structure and strengthened our global presence.”

PSN_11.23_Valspar_Mansfield
Valspar’s 2010 performance augurs well for 2011, says CEO William L. Mansfield.

Segment Sales Growth

Fourth-quarter sales totaled $876.8 million, a 12.9% increase from the fourth quarter of 2009. Fiscal year 2010 sales totaled $3.2 billion, a 12.1% increase.

Gross profit totaled $290.5 million in the fourth quarter of 2010, up from $278 million the year before. Gross profit for the year was $1.07 billion, up from $978 million for FY2099.

Coatings sales increased to $497 million in the fourth quarter of 2010 from $435 million in the same quarter of 2009; coatings sales for FY2010 totaled $1.81 billion, compared with $1.58 billion for FY2009.

Fourth-quarter paint sales totaled $316 million, up from $283 million in 2009. Paint sales for FY2010 were $1.17 billion, up from $1.07 billion in fiscal year 2009.

Wattyl Acquisition

The fourth quarter included Valspar’s acquisition of Australian paint manufacturer Wattyl Ltd. Minneapolis-based Valspar acquired all outstanding Wattyl shares for about $142 million and assumed Wattyl’s existing debt. Wattyl had 2009 sales of $381.4 million, Valspar said.

Fourth-quarter adjusted net income per share in 2010 excluded a $0.03 per-share charge for fees related to the acquisition of Wattyl and a $0.02 per-share charge related to restructuring actions. Adjusted net income per share for 2010 excluded an $0.08 per-share charge related to restructuring actions, a $0.03 per-share charge for fees related to the acquisition of Wattyl, and an $0.08 per-share gain from the sale of assets.

2011 Outlook

Mansfield sounded an upbeat note about the next fiscal year. “Revenue growth from our new business initiatives and our Wattyl acquisition, together with pricing and productivity to offset ongoing pressure on raw material costs, position us to deliver another strong year,” he said.

“We currently anticipate fiscal 2011 adjusted net income per share in the range of $2.45 to $2.65.”

   

Tagged categories: Coatings manufacturers; Earnings reports; Valspar; Wattyl Limited

Comment Join the Conversation:

Sign in to our community to add your comments.

Polyval Coatings
Polyflex® Polyurea Linings

exhibit outstanding versatility in use; providing abrasion resistance, superior seamless waterproofing and high-chem corrosion protection. www.polyflexlinings.com


Wasser High-Tech Coatings Inc.
Wasser Coatings Protect

some of the most important bridges in the country; learn about our NEPCOAT-approved system and our entire range of MCU & Polyurea coatings. 1-800-627-2968 www.wassercoatings.com


Hempel (USA) Inc.
HEMPEL PROTECTIVE COATINGS

Efficient systems and high quality products to reduce your maintenance costs. Visit Hempel Protective for more information.


Carboline Company
Hyrdrocarbon Fire & Jet Fire Protection

Pyroclad X1 is the latest breakthrough in epoxy based intumescent fireproofing technology


Modern Safety Techniques
Modern Safety Techniques

With our unique LTCat, we can help to provide clean, safe breathing air to your workers. Take a look at our Breathing Air Systems, we supply at least twice as much charcoal as our competitors! Modern


Harsco
BLACK BEAUTY® App

Download the free app for BLACK BEAUTY® Abrasives. Explore all the features from the palm of your hand.
Toll Free: 1-888-733-3646


Dampney Co., Inc.
Solar Coating

High Temperature Resistant for Solar Panels/Collectors/Tubes. Achieve selectivity with the economy and ease
of application of a paint.

 
 
 
Technology Publishing

The Technology Publishing Network

The Journal of Protective Coatings & Linings (JPCL) PaintSquare
Durability + Design Paint BidTracker JPCL Europe

 
EXPLORE:      JPCL   |   PaintSquare News   |   Interact   |   Buying Guides   |   Webinars   |   Resources   |   Classifieds
REGISTER AND SUBSCRIBE:      Free PaintSquare Registration   |   Subscribe to JPCL   |   Subscribe to PaintSquare News
MORE:      About PaintSquare.com   |   Privacy policy   |   Terms & conditions   |   Site Map   |   Search   |   Contact Us
 

© Copyright 2000-2014, Technology Publishing / PaintSquare, All rights reserved
2100 Wharton Street, Suite 310, Pittsburgh PA 15203-1951; Tel 1-412-431-8300; Fax 1-412-431-5428; E-mail webmaster@paintsquare.com