Valspar posts $73.8M 4Q net income
MINNEAPOLIS (AP) — Valspar posted fourth-quarter net income of $73.8 million, reversing a loss from the same quarter last year when the paint company was weighed down by one-time charges.
For the quarter ended Oct. 26, the Minneapolis company had profits amounting to 79 cents per share, compared with a loss of $295.7 million, or $3.18 per share, in the same quarter last year.
The year-ago period included $363.4 million in non-cash impairment charges, along with restructuring charges and a one-time gain from a favorable tax ruling. Excluding restructuring charges, the company posted an adjusted net income of 86 cents per share for the recent quarter.
Revenue edged down 2 percent to $1.02 billion from $1.05 billion.
Analysts, on average, expected a profit of 85 cents per share on $1.07 billion in revenue, according to a FactSet poll.
Valspar's cost of sales, selling general and administrative expenses, and operating expenses all fell.
For the full year, the company earned $292.5 million, or $3.10 per share, compared with a loss of $138.6 million, or $1.47 per share, in fiscal 2011. Revenue fell to $2.67 billion from $2.72 billion.
The Valspar Corp. said it expects continued "uneven" global demand, but added that it has a strong lineup of new products that will help it pick up market share. The company projected a fiscal 2013 net income of $3.65 to $3.85 per share, while analysts expect $3.76 per share.