Valspar Q4 Profit Down, But Tops Estimates - Quick Facts

(RTTNews) - Paint and coatings maker Valspar Corp. (VAL) announced lower fourth-quarter net income of $63.51 million, or $0.72 a share, compared with $73.77 million, or $0.79 a share, reported a year back. Excluding non-recurring items, adjusted net income totaled $86 million, or $0.97 per share in the quarter. On average, 15 analysts polled by Thomson Reuters expected earnings per share of $0.92 for the quarter. Analysts' estimates typically exclude one-time items.

The firm clocked quarterly net sales of $1.11 billion, up 8%, compared with the year-ago period's $1.02 billion, while ten analysts estimated revenues of $1.09 billion.

Looking ahead to fiscal 2014, the company sees stronger sales and earnings growth through continued new business, benefits from acquisitions, a stable U.S. market and through its productivity initiatives. Total sales are anticipated to increase seven to nine percent and adjusted annual per-share earnings would be in the range of $3.95 - $4.15 in fiscal 2014. Analysts project earnings per share of $4.12 for the year.