Valspar Q2 Profit Rises, Results Top Estimates; Reaffirms FY14 Adj. EPS View

(RTTNews) - Paint and coatings maker Valspar Corp. (VAL) reported that its second-quarter net income increased to $85.96 million or $0.99 per share, from $76.91 million or $0.84 per share in the same quarter last year.

Quarterly adjusted net income were $92.62 million and $1.07 per share, up from $83.32 million and $0.91 per share in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.04 per share. Analysts' estimates typically exclude special items.

Net sales for the quarter rose to $1.13 billion from $1.03 billion in the prior year quarter. Ten analysts had consensus revenue estimate of $1.11 billion for the quarter.

The company reaffirmed its fiscal 2014 adjusted earnings per share guidance in a range of $3.95 to $4.15. Analysts project annual earnings per share of $4.07.