UPDATE: Valspar Posts Better-Than-Expected FQ3 Earnings, Raises FY14 Forecast

The Valspar

reported upbeat fiscal third-quarter earnings and lifted its forecast for the year. For the year, Valspar now projects earnings of $4.05 to $4.15 per share on revenue growth of 9%. Analysts expected earnings of $3.95 to $4.15 per share on revenue growth of 7% to 9%. The Minneapolis, Minnesota-based company posted a quarterly profit of $97.8 million, or $1.14 per share, versus a year-ago profit of $93.8 million, or $1.04 per share. Excluding certain items, its earnings climbed to $1.21 per share from $1.07 per share. Its sales surged 10% to $1.2 billion. However, analysts were projecting earnings of $1.16 per share on revenue of $1.19 billion. Valspar's coatings segment sales surged 16% to $666 million, while sales in the paints segment climbed 4% to $474 million. During the quarter, Valspar repurchased 1.1 million shares for $81 million. Gary E. Hendrickson, chairman and chief executive officer said, “These results were driven by the successful integration of acquisitions; strong performance from China and Europe; improved sales and profitability in our Coatings segment; benefits of new growth initiatives; investments in innovative products; and the positive impact of productivity initiatives.” Valspar shares rose 0.89% to close at $77.89 yesterday.