Paint and coatings maker Valspar Corp. laid down a strong second quarter and is raising its guidance for the remainder of the year. The Minneapolis-based company's second-quarter earnings rose 35.9 percent to $76.5 million or 83 cents per share while sales rose 4 percent to $1.03 billion
In the company's earnings release Valspar President and CEO Gary Hendrickson said "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.
The company reported second-quarter adjusted net income of 84 cents per share, a 31 percent increase from 64 cents per share in the second quarter of last year. The adjusted earnings excludes restructuring charges of 4 cents per share in the second quarter of 2012 and 5 cents per share for acquisition related charges and 1 cent per share for restructuring charges in the second quarter of 2011.
Earnings for the six months ended April 27, 2012 were were $132.3 million, or $1.39 per share, up 47.5 percent and 52.7 percent over the same six-month period last year. Sales for the period were $1.92 billion, up 4.5 percent over sales of $1.84 billion in the year-ago period.
Looking ahead to the rest of the fiscal year, the company is increasing its adjusted earnings per share guidance to the range of $3.20 to $3.30, up from the $2.92 to $3.12 range it announced in its first quarter earnings release.
Patrick Kennedy 612-673-7926