Valspar announced its third-quarter earnings on Tuesday, posting double-digit sales growth that warranted an increase in the company's fiscal 2014 sales growth guidance.
Net sales of $1.20 billion for the quarter represented a 10.5% year-over-year increase.
The company reported net income of $97.83 million, up from $93.81 in the same quarter last year.
“Our diverse business portfolio continues to deliver strong results, as sales increased 10% and adjusted EPS increased 13% in the third quarter,” said Gary Hendrickson, chairman and CEO. “These results were driven by the successful integration of acquisitions; strong performance from China and Europe; improved sales and profitability in our Coatings segment; benefits of new growth initiatives; investments in innovative products; and the positive impact of productivity initiatives.”
Hendrickson added that the Coatings segment experienced growth across the board, with the strongest momentum in the General Industrial product line.
Valspar now expects approximately 9% growth for the year, up from its previous guidance of 7% to 9%. Its 2014 annual diluted EPS guidance now stands at $4.05 to $4.15, up from the previous range of $3.95 to $4.15.