Valspar finishes strong in fiscal 2013
Valspar reported fourth-quarter net sales of $1.1 billion, up 8% versus the prior year.
Fourth-quarter 2013 adjusted net income was $86 million, compared with $80 million a year ago.
"The fourth quarter was a good finish to the year as growth in both sales and operating income improved from previous quarters. Sales growth was led by strong performance in our U.S. Consumer, Wood and Coil product lines and by the acquisition of Inver,” said Gary E. Hendrickson, chairman and CEO. “We saw the benefit of new business wins in all product lines. These wins were partially offset by weakness in certain end markets and international regions, as has been the case throughout 2013.”
For the full year, the company reported sales of $4.1 billion, up 2%. Fiscal year 2013 adjusted net income was $320 million, compared with $310 million a year ago.
Looking ahead to fiscal 2014, Hendrickson said, “We expect stronger sales and earnings growth through continued new business, benefits from acquisitions, a stable U.S. market and through our productivity initiatives."
The company expects sales to increase 7% to 9% in fiscal 2014.