Valspar's Q2 net income down 24% as sales fall in weak markets

18 May 2009 15:07  [Source: ICIS news]

LONDON (ICIS news)--Valspar’s second-quarter net income was down 24% year on year at $31.1m (€23m) as sales declined due to continuing poor demand, the US paints and coatings company said on Monday.

Sales amounted to $668.4m for the quarter, around a 20% fall from the same period in 2008, Valspar said.

“Despite a very difficult demand environment, we were able to deliver earnings for the quarter consistent with our expectations,” said CEO William Mansfield.

Earnings per share were also significantly down at $0.28, compared with $0.38 in the second quarter of 2008.

($1 = €0.74)

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By: Graeme Paterson
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