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Letter to the Editor
Monday February 10
Valspar Reports Q1 Sales Up Almost 9%
The Valspar Corporation has reported net income for the first quarter ended January 24, 2003 of $15,618,000, versus net income of $12,608,000 for the comparable period last year. Diluted earnings were $0.30 per share, up 20 percent from $0.25 per share last year. Sales for the quarter increased 8.8 percent to $468,971,000, compared to $431,040,000 a year ago.Commenting on first quarter results and the outlook for the year, Richard M. Rompala, Chairman and Chief Executive Officer, said, "We have seen a continuation of the trends from last year, including soft demand in the industrial markets. Nevertheless, we achieved strong sales growth with market share gains in all of our product lines. We believe that our growth and cost initiatives will continue to augment our performance in this challenging business environment and that we remain on track to achieve 15 percent earnings growth in 2003."
Commenting on expectations for the second quarter, Rompala stated, "Political and economic uncertainties are clouding our short-term outlook. In the event of an outbreak of war such as we experienced in 1991, we would expect a temporary slowdown in sales and earnings momentum. Assuming a continuation of current business conditions, we expect diluted earnings for the second quarter of 2003 to be in the range of 70 cents to 75 cents per share, compared to 67 cents per share in the comparable period a year ago."
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