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Letter to the Editor
Tuesday February 21
Valspar Reports Good Q1 Earnings
The Valspar Corporation, the coatings manufacturer, has reported net income for the first quarter ended January 27, 2006 of $22,541,000 or $0.22 per diluted share versus net income of $11,698,000 or $0.11 per diluted share for the comparable period last year. This year's results include expenses of $0.01 per diluted share related to the manufacturing rationalization plan announced in 2005 and $0.01 per diluted share related to expensing of stock based compensation. Sales for the quarter increased 13 percent to $629,765,000, compared to $557,144,000 last year.Commenting on the first quarter, William L. Mansfield, President and Chief Executive Officer, said, "We are pleased with our first quarter results in light of the challenging raw material environment. Both our Paint and Coatings segments delivered strong sales growth in the quarter with exceptional growth in our Architectural product line due to continued retail sales momentum and favorable weather conditions. Margin improvement reflects significant progress in recovering raw material cost increases experienced over the past two years."
Commenting on the outlook for the balance of the year, Mansfield said, "We expect full year sales growth of nine to ten percent, second quarter earnings in the range of $0.39 to $0.43 per share and full year earnings per share in the range of $1.45 to $1.55. These earnings estimates include expensing stock based compensation and the net cost of manufacturing rationalization."
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