The Valspar Corporation Declares Quarterly Dividend, Payable on September 15, 2014
Aug 19 14
The Valspar Corporation announced that its Board of Directors declared quarterly dividend of $0.26 per share on the company's common stock. The dividend is payable on September 15, 2014, to shareholders of record on September 2, 2014.
The Valspar Corporation Presents at Credit Suisse Basic Materials Conference 2014, Sep-17-2014 09:25 AM
Aug 19 14
The Valspar Corporation Presents at Credit Suisse Basic Materials Conference 2014, Sep-17-2014 09:25 AM. Venue: Credit Suisse, One Madison Avenue - between 23rd and 24th streets, New York, NY 10010, United States. Speakers: Jim Muehlbauer, CFO.
The Valspar Corporation Completes Successful 27-Month Field Trial with Valde Edge Coverage Powder Coating Technology
Aug 18 14
The Valspar Corporation announced that its Valspar Valde(TM) Edge Coverage Powder (ECP) coating technology has delivered as promised in the real-world environment, achieving corrosion resistance for the Heavy Machinery market. In May 2014, nearly two and a half years after the first Valde ECP coated machine went into field testing, the company conducted its latest field audit of a skid steer loader. This skid steer loader was deployed for a variety of extreme uses, including asphalt grinding. Results show that the edges of the loader held up as well or better than anticipated, especially when compared to sharp edges on machines coated with traditional coatings. Valspar Valde ECP is coating designed to provide edge corrosion resistance for the Heavy Machinery market while achieving the same smooth appearance customers have come to expect, and all at the lowest possible applied cost. The company designed Valde ECP as a technology with the Heavy Machinery market as a key customer segment. With Valde ECP, the powder primer and top coat are applied in a single cure stage, eliminating the capital and operational expenses associated with a second curing oven. Valde ECP provides tough, longer-lasting edge corrosion protection than traditional products while delivering a smooth coating finish.
The Valspar Corporation Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended July 25, 2014; Updates Earnings Guidance for the Year 2014
Aug 12 14
The Valspar Corporation reported unaudited consolidated earnings results for the third quarter and nine months ended July 25, 2014. For the quarter, the company reported net sales of $1,203,062,000 compared to $1,089,013,000 a year ago. Income from operations was $158,529,000 compared to $155,574,000 a year ago. Income before income taxes was $140,580,000 compared to $138,509,000 a year ago. Net income was $97,833,000 or $1.14 per diluted compared to $93,808,000 or $1.04 per share basic and diluted a year ago. Adjusted EBIT was $164,370,000 compared to $157,757,000 a year ago. Adjusted net income was $103,449,000 or $1.21 per diluted share compared to $96,419,000 or $1.07 per diluted share a year ago. Inventory at the end of the third quarter was $526 million, an increase of 26% versus the prior year. This increase was the result of the addition of Inver and investment in inventory to support new growth initiatives, like Valspar Reserve, Ace and B&Q and other new business wins in the portfolio.
For the nine months period, the company reported net sales of $3,289,359,000 compared to $2,995,474,000 a year ago. Income from operations was $397,163,000 compared to $379,625,000 a year ago. Income before income taxes was $346,837,000 compared to $329,722,000 a year ago. Net income was $237,345,000 or $2.74 per diluted compared to $225,745,000 or $2.48 per share basic and diluted a year ago. Adjusted EBIT was $422,977,000 compared to $390,151,000 a year ago. Adjusted net income was $257,203,000 or $2.97 per diluted share compared to $234,771,000 or $2.58 per diluted share a year ago. Adjusted cash flow from operations, which excludes restructuring expenses, was approximately $183 million, a decline of 16%, which reflected the timing of inventory and other working capital investments related to growth initiatives.
The company is updating its fiscal 2014 annual sales growth guidance to approximately 9% growth, compared to its previous guidance of 7% to 9% growth. The company is also updating its fiscal 2014 annual diluted EPS (as adjusted) guidance to $4.05 to $4.15, compared to its previous guidance of $3.95 to $4.15.
The Valspar Corporation to Report Q3, 2014 Results on Aug 12, 2014
Jul 9 14
The Valspar Corporation announced that they will report Q3, 2014 results at 9:00 AM, Eastern Standard Time on Aug 12, 2014