20 November 2012 13:41 [Source: ICIS news]
LONDON (ICIS)--Valspar’s net income for the fiscal fourth quarter of the year rose to $73.8m (€57.6m) year on year, compared to a $295.7m loss in the fourth quarter of 2011, the US-based paint and coatings firm said on Tuesday.
The company’s full-year net income was also up strongly compared to 2011, reaching $292.5m from a $138.6m loss the previous year.
The company was hit in the fourth quarter of 2011 with $409.7m in impairment charges, relating to goodwill and intangibles for its wood coatings and gelcoat product lines.
Net sales for the quarter were down slightly at $1.02bn, compared to $1.05bn over the same period in 2011. Net income was down quarter on quarter, compared to the $86.4m generated in the third quarter of 2012.
The company is predicting adjusted net income per share of $3.65-3.85 in 2013, compared to the $3.28 generated for the fiscal year 2012.
Valspar CEO Gary Hendrickson said: “We expect uneven global demand to continue, but we are well-positioned for growth in both our Coatings and Paints segments. We have a strong new product pipeline to help gain new market share.
($1 = €0.78)
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