Valspar Reports Second-Quarter Results
Company Raises Fiscal 2012 Guidance to $3.20 to $3.30 from $2.92 to $3.12
MINNEAPOLIS, Minn. - May 15, 2012 - The Valspar Corporation (NYSE-VAL) today reported its results for the second-quarter ended April 27, 2012.Second-quarter sales totaled $1.03 billion, a 4 percent increase from the second quarter of 2011. Second-quarter adjusted net income per share increased to $0.84 in 2012, a 31 percent increase from $0.64 in 2011. Second-quarter adjusted net income per share in 2012 excludes $0.04 per share in restructuring charges. Second-quarter adjusted net income per share in 2011 excludes $0.05 per share in acquisition-related charges and $0.01 per share in restructuring charges. Net income for the second quarter of 2012 was $76.5 million and reported earnings per share were $0.80. Net income for the second quarter of 2011 was $56.3 million and reported earnings per share were $0.58.
"We were pleased with our performance in the quarter," said Gary E. Hendrickson, president and chief executive officer. "Our earnings growth was driven by new business in our industrial product lines, better price-to-cost balance, productivity improvements and benefits from last year's restructuring actions. Our volume trend improved sequentially in both our Coatings and Paint segments in the quarter. Looking ahead to the rest of the year, we are raising adjusted full year earnings per share guidance to $3.20 to $3.30, reflecting our expectation of further volume growth and continued execution of our key operational initiatives."
Hendrickson 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.valsparcorporate.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 12:30 p.m. Central Time May 15 through Midnight on May 31 by dialing 1-800-475-6701 from within the U.S. or 320-365-3844 from outside of the U.S., using access code 247418.
Media Contact: Mark Goldman, (612) 851-7802
Investor Contact: Tyler Treat, (612) 851-7358
2012 Q2 Balance Sheet
2012 Q2 Key Data