Valspar Reports Fourth-Quarter EPS of $.56

The Valspar Corporation VAL today reported its results for the fourth-quarter and fiscal-year ended October 29, 2010. Fourth-quarter sales totaled $876.8 million, a 12.9 percent increase from the fourth quarter of 2009. Fourth-quarter adjusted net income per share increased to $0.56 in 2010 from $0.53 in 2009. Fourth-quarter adjusted net income per share in 2010 excludes a $0.03 per share charge for fees related to the acquisition of Wattyl and a $0.02 per share charge related to restructuring actions. Fourth-quarter adjusted net income per share in 2009 excludes a $0.04 per share charge related to restructuring actions. Net income for the fourth quarter of 2010 was $51.3 million and reported earnings per share were $0.51. Net income for the fourth quarter of 2009 was $49.9 million and reported earnings per share were $0.49.