15 May 2012 15:01 [Source: ICIS news]
HOUSTON (ICIS)--Valspar’s fiscal 2012 second-quarter net income rose 36% year on year to $76.5m (€59.7m), driven by new business in its industrial products lines as well as cost savings and restructuring, the US-based paints and coatings firm said on Tuesday.
Valspar’s sales for the three months ended 27 April were up 4% year on year to $1.03bn. Gross profit was $355.4m, up almost 13% from $315.5m in the same period a year ago.
“Our earnings growth was driven by new business in our industrial product lines, better price-to-cost balance, productivity improvements and benefits from last year’s restructuring actions,” CEO Gary Hendrickson said.
Valspar’s volumes improved sequentially from the fiscal 2012 first quarter in both its coatings and its paint segments, Hendrickson said.
“Looking ahead to the rest of the year, we are raising adjusted full year earnings per share guidance to $3.20-$3.30, reflecting our expectation of further volume growth and continued execution of our key operational initiatives,” Hendrickson added.
Valspar’s previous earnings per share guidance was for $2.92-$3.12.
($1 = €0.78)
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