US Valspar fiscal Q2 net income flat at $77m, but volumes rise 7%

14 May 2013 13:44  [Source: ICIS news]

HOUSTON (ICIS)--Valspar reported fiscal 2013 second-quarter net income of $77m (€59m) on sales of $1.03bn - with both net income and sales unchanged from the same period a year ago, the US-based paint and coatings firm said on Tuesday.

However, Valspar said that sales volumes for the three months ended 26 April rose 7% year on year, driven by an acquisition and new business wins.

After adjusting for non-recurring items, second-quarter net income was $83m, compared with adjusted net income of $80m in the year-earlier period.

"We saw improving momentum in the US, driven by solid performance in our consumer paints, packaging, wood and coil product lines," said CEO Gary Hendrickson.

"The strengthening US housing market, coupled with our continued new business initiatives, should provide further improvements in the second half of the year," Hendrickson added.

($1 = €0.77)

By: Stefan Baumgarten
+1 713 525 2653

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