On the brink of further growth given its recent debut with Ace's Paint Studio concept, Valspar made solid gains in the second fiscal quarter of 2014.
Net sales of $1.13 billion reflected a year-over-year increase of 9.60% for the quarter ended April 25. The boost was carried mainly by the Coatings segment, which was up 12%; the Paints segment was also up 8%.
Net income came in at about $86.0 million, an 11.8% jump from last year's net of $76.9 million.
“We are pleased to report another strong quarter of volume and sales growth from both our Coatings and Paints segments,” said chairman and CEO Gary Hendrickson. “We are successfully executing our growth plans by integrating acquisitions, scaling new business wins and improving productivity. These efforts are evident in our results as sales for the first half of the fiscal year increased 9% and adjusted diluted EPS is up 17%. We remain focused on executing these initiatives to achieve our full year sales and earnings growth objectives.”