Minneapolis-based paint and coatings giant Valspar posted first-quarter sales of $842.4 million, up 25.3% compared with the same quarter last year.
Net income for the quarter ended Jan. 28 was $33.4 million, down 1.5% from $33.9 million last year.
“Results for the quarter were in line with our expectations,” said William L. Mansfield, Valspar chairman and CEO. “Our Australian paints acquisition and the continued success of our pricing and new business efforts drove our double-digit top line growth."
In late January, Valspar announced price increases for its liquid coil and extrusion coatings product line effective April 1 and March 1, respectively. The increases range from 6% to 10% depending on the product type. The increases are the result of rising costs of raw materials, the company said.
"Looking ahead, we remain focused on addressing continuing upward pressure on raw material costs through pricing and productivity," Mansfield said.