The Valspar Corporation
reported its results for the first-quarter ended Jan. 25, 2013. First-quarter sales totaled $875.2 million compared to $885.6 million in the first quarter of 2012. First-quarter net income per share was $0.60 in 2013 compared to adjusted net income per share of $0.62 in 2012, which excludes a $0.04 per share restructuring charge. Net income for the first quarter of 2013 was $55.0 million. Net income for the first quarter of 2012 was $55.8 million and reported earnings per share were $0.58.
“Although we made substantial progress this quarter on a number of key initiatives, international markets were weaker than anticipated,” said Gary E. Hendrickson, chairman and CEO. “We continued to invest in our long term opportunities and remain confident we will achieve our new business plans for the full year. However, weak demand in certain international markets is expected to continue and thus we are adjusting our full-year guidance to $3.60 to $3.80 to reflect these market conditions.”