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Letter to the Editor
Wednesday May 14
Valspar Q2 Profit Down 7%
The Valspar Corporation, a leading coatings manufacturer, has reported net income for the second quarter ended April 25, 2003 of $32,157,000, versus net income of $34,534,000 for the comparable period last year, down seven percent. Diluted earnings were $0.62 per share, down from $0.67 reported a year ago. Sales for the quarter increased 1.4 percent to $561,770,000, compared to $554,002,000 last year. Net income for the first six months of 2003 was $47,776,000 or $0.92 per diluted share, compared with $47,142,000 or $0.92 per diluted share for the same period a year ago. Sales for the first half increased 4.6% to $1,030,741,000, compared to $985,042,000 during the comparable period a year ago.Commenting on second quarter results and the outlook for the second half of the year, Richard M. Rompala, Chairman and Chief Executive Officer, said, "Our financial results for the second quarter were in line with our revised expectations. Our industrial coatings product line continues to experience uneven sales trends, corresponding to the industrial economy's current softness, but we expect results to gradually improve through the balance of the year. Architectural and packaging coatings sales have continued to provide good growth and a positive influence on overall corporate results. We are beginning to realize the benefits of our expense control initiatives and we are focused on improving margins with actions to offset raw material cost increases. Assuming a stable economy, we expect third quarter earnings to be up modestly from last year's earnings of 74c per share and full year earnings to be in the range of $2.40 to $2.50 per share versus last year's results of $2.34 per share."
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