Valspar fiscal Q3 net income rises 28%, sales rise 1%

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 North America in its current fiscal fourth quarter, he added.

($1 = €0.81)

By: Stefan Baumgarten
+1 713 525 2653

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