Paints and coatings maker Valspar Corp. (VAL: Quote) reported Tuesday a higher profit for its third quarter. Adjusted earnings topped analysts' estimates, while sales missed their view. Further, the company backed fiscal 2012 forecast.
For the third quarter, net income climbed to $86.41 million or $0.92 per share from prior year's $67.39 million or $0.70 per share. Adjusted net income, which excluded certain charges, climbed 21 percent to $0.97 per share from prior year's $0.80 per share.
On average, 12 analysts polled by Thomson Reuters expected earnings of $0.96 per share for the quarter. Analysts' estimates typically exclude special items.
Third-quarter sales edged up 1 percent to $1.08 billion from $1.07 billion last year, while analysts were looking for $1.13 billion.
Gary Hendrickson, chairman and chief executive officer, said, "Excluding negative currency impact, our revenue increased three percent and our strong earnings growth is the outcome of excellent execution in a challenging global environment."
Looking ahead to fourth quarter, the company said it expects continued softness in some international markets and modest growth in North America.
"However, we are confident the strength of our portfolio, our growth initiatives and our proven ability to drive productivity improvements will offset these challenges," it said.
Looking ahead to fiscal 2012, the company confirmed its adjusted earnings guidance of $3.20 to $3.30 per share. Street is currently looking for full-year 2012 earnings of $3.27 per share.
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by RTT Staff Writer
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