14 August 2012 13:42 [Source: ICIS news]
HOUSTON (ICIS)--Valspar’s fiscal third-quarter net income rose by 28% year on year to $86.4m (€70.0m) as sales rose while cost of sales fell, the US-based paint and coatings firm said on Tuesday.
Valspar’s sales for the three months ending on 27 July rose by 1% to $1.08bn. Gross profit rose by 12% year on year to $364m.
“We were pleased with our performance in the quarter,” said CEO Gary Hendrickson.
“Excluding negative currency impact, our revenue increased 3% and our strong earnings growth is the outcome of excellent execution in a challenging global environment,” Hendrickson said.
Looking ahead, Valspar expects continued softness in some international markets and modest growth in ?xml:namespace>
($1 = €0.81)
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