Valspar sales, earnings up in third quarter
Valspar, the paint and coatings maker with an exclusive line of products in Lowe’s stores, saw net income grow to $58.2 million, up 10.6 percent from $52.6 million in the same period last year.
Sales grew 12.1 percent to $893.5 million from $797.4 million last year.
"This was a solid quarter for Valspar with broad-based contributions from across our product lines," said William Mansfield, Valspar president and CEO. "Results were driven by strong sales growth from acquisitions, improved operational efficiency, good performance from our architectural team in a challenging market and improvement in our wood business."
Mansfield said that in the third quarter the company did begin to see weakness in the housing sector spill over into related coatings markets. But he added a long-term, global growth strategy should continue to drive sales growth.
Minneapolis-based Valspar’s brands include Laura Ashley Home Colour Collection, Plasti-Kote coatings, Goof Off and Cabot Stains.