Valspar Q3 Adj. EPS Tops View - Quick Facts

(RTTNews) - Paint and coatings maker Valspar Corp. (VAL) reported that third-quarter net income was $102.86 million or $1.25 per share, compared to $97.83 million or $1.14 per share in the prior-year quarter.

Excluding certain items, adjusted net income for the quarter rose to $108.78 million, or $1.33 per share from $103.45 million, or $1.21 per share in the year-ago period. On average, 16 analysts polled by Thomson Reuters expected the company to report earnings of $1.26 per share for the quarter. Analysts' estimates typically exclude special items.

Sales for the latest third quarter decreased 7 percent to $1.15 billion from $1.23 billion in the comparable quarter last year. Wall Street expected revenues of $1.17 billion.

Net sales decreased 1 percent in local currency and volumes were flat.

Looking ahead to fiscal 2015, the group now expects adjusted earnings to be in the range of $4.55 to $4.65 per share, compared to its previous range of $4.45 to $4.65 per share. The company expects total fiscal 2015 annual sales to decline in the mid single-digits from fiscal 2014, compared to the previous expectation of a low single-digits sales decline. Excluding the negative impact of currency translation, fiscal 2015 annual sales are expected to be approximately "flat" compared to fiscal 2014.

Street is currently looking for full-year 2015 earnings of $4.58 per share, on annual sales of $4.49 billion.