Valspar Reports Q1 EPS of $0.39 vs. $0.38

The Valspar Corporation VAL today reported its results for the first-quarter ended January 28, 2011. First-quarter sales totaled $842.4 million, a 25.3 percent increase from the first quarter of 2010. First-quarter adjusted net income per share increased to $0.39 in 2011 from $0.36 in 2010. First-quarter adjusted net income per share in 2011 excludes $0.05 per share in Wattyl acquisition-related charges. First-quarter adjusted net income per share in 2010 excludes a $0.02 per share charge related to restructuring actions. Net income for the first quarter was $33.4 million in 2011 and $33.9 million in 2010 and first-quarter reported earnings per share were $0.34 for both years.