FEB-16-2010

Valspar Reports First-Quarter Results

Company Reaffirms FY 2010 Guidance

MINNEAPOLIS, Minn., February 16, 2010 - The Valspar Corporation (NYSE-VAL) today reported its results for the first-quarter ended January 29, 2010.

First-quarter sales totaled $672.4 million, a 5.1 percent increase from the same period last year. Adjusted net income per share was $0.36 in 2010 and $0.20 in 2009, excluding charges related to restructuring actions of $0.02 and $0.06, respectively, and a non-cash adjustment of $0.03 per share for Huarun minority interest shares in 2009. 2010 results reflect a $0.04 per share benefit from the settlement of certain tax audits. Net income for the first quarter of 2010 was $33.9 million and reported earnings per share were $0.34. Net income for the first quarter of 2009 was $14.2 million and reported earnings per share were $0.11.

"Improved top-line results, particularly in our Paints segment and in Asia, contributed to our strong earnings performance," said William L. Mansfield, Valspar chairman and chief executive officer. "New business and share gains, together with our focus on productivity and cost control, are helping to offset ongoing weakness in U.S. industrial markets. Looking ahead to the remainder of the year, we expect top-line growth consistent with our current results and continuing upward pressure on raw material costs. We are confident that we will deliver fiscal year 2010 adjusted net income per share in the range of $1.85 to $2.05, excluding restructuring charges."

William L. Mansfield and Lori A. Walker, senior vice president and chief financial officer, will conduct a conference call for investors at 10:00 a.m. Central Time (11:00 a.m. Eastern Time) today. The call can be heard live over the Internet at Valspar's website at www.valsparglobal.com under Investor Relations. Those unable to participate during the live broadcast can access an archive of the call on the Valspar website. A taped delay of the call will also be available from 12:00 a.m. Central Time February 16 through Midnight on March 2 by dialing 1-800-475-6701 from within the U.S. or 320-365-3844 from outside of the U.S., using access code 145627.

Investor Contact: Tyler Treat, (612) 851-7358

Media Contact: Mike Dougherty, (612) 851-7802

2010 Q1 Balance Sheet
2010 Q1 Key Data