Valspar reports strong quarter

Paint manufacturer Valspar Corp. reported sales of $1.03 billion for its second fiscal quarter, a 4% rise over sales in the second quarter of 2011. Net income for the second quarter, which ended April 27, was $76.5 million compared with $56.3 million a year ago.

“We were pleased with our performance in the quarter,” said Gary Hendrickson, Valspar’s president and CEO. “Our earnings growth was driven by new business in our industrial product lines, better price-to-cost balance, productivity improvements and benefits from last year’s restructuring actions. Our volume trend improved sequentially in both our coatings and paint segments in the quarter.”