Sales, profits rise at Valspar in Q1

Paint manufacturer Valspar reported first-quarter sales of $885.6 million, a 5.1% increase from the first quarter of 2011. Net income for the first quarter, which ended Jan. 27, was $55.8 million, compared with net income of $33.4 million in the same quarter a year ago.

“We are pleased to report strong earnings for the quarter, which were the result of excellent execution and generally in line with our expectations,” said Gary Hendrickson, president and CEO of the Minneapolis-based company. “We continue to make progress in restoring our operating margins through pricing, productivity and cost management.”