Valspar Q1 Results Top Estimates, Backs 2014 Outlook - Quick Facts

(RTTNews) - Paint and coatings maker Valspar Corp. (VAL) announced lower first-quarter net income of $53.55 million or $0.61 per share, compared to $55.03 million or $0.60 per share in the prior-year quarter.

Excluding non-recurring items, adjusted net income for the quarter was $61.13 million or $0.70 per share, compared to $55.03 million or $0.60 per share in the year-ago quarter.

On average, 14 analysts polled by Thomson Reuters expected the company to report earnings of $0.66 per share for the quarter. Analysts' estimates typically exclude one-time items.

Net sales for the quarter grew 9 percent to $956.12 million from $875.24 billion in the same quarter last year, and topped ten Wall Street analysts' consensus estimate of $948.61 million. Sales growth was led by acquisitions and new business wins.

Looking ahead to fiscal 2014, the company reaffirmed its adjusted earnings guidance in the range of $3.95 to $4.15 per share. Street is currently looking for full-year 2014 earnings of $4.06 per share.