valspar corp (VAL) Snapshot

The Valspar Corporation Presents at Goldman Sachs Basic Materials Conference 2013, May-22-2013 08:35 AM. Venue: Goldman Sachs Conference Center, 200 West Street, New York, New York, United States. Speakers: James L. Muehlbauer, Chief Financial & Administrative Officer and Executive Vice President.

The Valspar Corporation announced that its Board of Directors declared a quarterly dividend of $0.23 per share on the company's common stock. The dividend is payable on June 14, 2013, to shareholders of record on June 3, 2013.

The Valspar Corporation reported unaudited consolidated earnings results for the second quarter and six months ended April 26, 2013. For the quarter, the company reported net sales of $1.03 billion, equal to the prior year. Net income was $76.91 million or $0.84 per diluted share compared to net income of $76.54 million or $0.80 per diluted share a year ago. Reported net income and earnings per diluted share for the current and prior year include several nonrecurring items, which are detailed in the "Reconciliation of Non-GAAP Financial Measures" included in this release. Second quarter 2013 adjusted net income and earnings per diluted share, excluding these nonrecurring items, were $83 million and $0.91, respectively. Second quarter 2012 adjusted net income and earnings per diluted share were $80 million and $0.84, respectively. Income from operations was $130.52 million compared to $130.67 million a year ago. Income before income taxes was $114.51 million compared to $111.01 million a year ago. Total second quarter EBIT grew 4%. CapEx in the quarter was roughly $16 million. For the six months, the company reported net sales of $1.91 billion compared to $1.92 billion for the prior year. Net income was $131.94 million or $1.44 per diluted share compared to net income of $132.32 million or $1.39 per diluted share a year ago. Income from operations was $224.05 million compared to $221.38 million a year ago. Income before income taxes was $191.21 million compared to $186.46 million a year ago. Adjusted EBIT was $232.39 million compared to $231.05 million a year ago. Adjusted net income was $138.35 million or $1.51 per diluted share compared to net income of $139.14 million or $1.46 per diluted share a year ago. The company provided earnings guidance for the year 2013. For the year, the company expects diluted EPS of $3.45 to $3.65 and adjusted diluted EPS of $3.60 to $3.80. The company still anticipating 31% to 32% of effective tax rate. And effective tax rate to the first half of the year to be at 31%. The company will start the mass store rollout in about 4 to 6 weeks' time, and expects to have all 350 stores set in early 2014. So all systems go on the B&Q launch, and the company is all really excited both at Valspar and at B&Q. And the company still plans to open 150 stores.