Minneapolis-based Valspar Corp. reported fourth-quarter net income of $51.3 million, up 2.8% from $49.9 million reported for the same period last year.
Sales for the quarter ended Oct. 29 totaled $876.8 million, a 12.9% increase from the fourth quarter of 2009.
For the full year, the company reported net income of $222.05 million, up 38.7% from $160.15 million in the prior year. Sales for the full year were $3.23 billion, up 12.1% from $2.88 billion last year.
“Our strong earnings performance for the year reflects solid volume growth driven by new business and outstanding operational discipline by Valspar employees,” said William Mansfield, Valspar chairman and CEO. “During the year we continued to invest in branding and leading-edge technologies, maintained tight control of our cost structure and strengthened our global presence.”
Looking forward, Mansfield said the company is positioned to deliver strong results in 2011, based partly on the company's recent acquisition of Wattyl.