Valspar Q3 Results Miss Street; Revises FY13 Adj. EPS View - Quick Facts

(RTTNews) - Paint and coatings maker Valspar Corp. (VAL) reported an improvement in third-quarter net income to $93.81 million, or $1.04 a share, from $86.41 million, or $0.92 a share, in the prior-year quarter. Third-quarter 2013 adjusted net income, excluding nonrecurring items, totaled $96 million, or $1.07 per share. On average, 14 analysts polled by Thomson Reuters expected earnings per share of $1.09 for the quarter. Analysts' estimates typically exclude one-time items.

The firm clocked net sales of $1.09 billion in the period, up 1%, versus the prior year's $1.08 billion. Analysts estimated revenues of $1.13 billion for the quarter.

For fiscal 2013, the company has updated its adjusted per-share earnings guidance to $3.45 - $3.55, while it still expects improved sales and earnings growth in the fourth quarter, but not at the level it had expected earlier in the year. Fifteen analysts project annual earnings per share of $3.70.