The Valspar Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended October 30, 2015; Provides Earnings Guidance for the Year 2016
Nov 24 15
The Valspar Corporation reported unaudited consolidated earnings results for the fourth quarter and year ended October 30, 2015. For the quarter, the company reported net sales of $1,149,538,000 compared with $1,261,377,000 a year ago. Income from operations was $168,994,000 compared with $162,746,000 a year ago. Income before income taxes was $144,785,000 compared with $145,045,000 a year ago. Net income was $102,356,000 or $1.26 per diluted share compared with $108,056,000 or $1.28 per diluted share a year ago. Capital expenditures were $36,280,000 against $45,391,000 a year ago. EBIT was $166,955,000 compared with $162,550,000 a year ago. Adjusted EBIT was $176,608,000 compared with $175,374,000 a year ago. Adjusted net income was $109,270,000 or $1.35 per diluted share compared with $117,139,000 or $1.38 per diluted share a year ago.
For the year, the company reported net sales of $4,392,622,000 compared with $4,625,624,000 a year ago. Income from operations was $647,987,000 compared with $559,909,000 a year ago. Income before income taxes was $563,801,000 compared with $491,882,000 a year ago. Net income was $399,506,000 or $4.85 per diluted share compared with $345,401,000 or $4.01 per diluted share a year ago. Capital expenditures were $97,126,000 against $121,271,000 a year ago. EBIT was $645,149,000 compared with $557,212,000 a year ago. Adjusted EBIT was $624,037,000 compared with $598,351,000 a year ago. Adjusted net income was $381,085,000 or $4.62 per diluted share compared with $374,342,000 or $4.35 per diluted share a year ago. Cash flow from operations, excluding cash restructuring expenses, improved significantly in the fourth quarter to finish the fiscal year at approximately $404 million, which is an increase of 4%. Free cash flow, defined as cash flow from operations, less CapEx, improved approximately 15%, reflecting the improvement in operating cash flow and lower CapEx spending.
For the year 2016, the company expects sales guidance of growth in the mid-single digits in constant currency, sales including the impact of foreign currency translation expected to be up slightly compared to fiscal 2015. Diluted EPS as adjusted guidance of $4.80 to $5.00 representing growth of 4% to 8%. Included in the EPS guidance is a $0.20 unfavorable impact from FX. EPS is expected to grow 8% to 13%, excluding the impact of FX. The company expects an annual effective tax rate of between 30% and 31% and CapEx of approximately $110 million to $120 million and D&A of approximately $100 million.
Valspar Creates New Paints Specifically for Furniture and Cabinet Projects
Oct 13 15
The Valspar Corporation announced that two new specialty products developed by Valspar - Furniture Paint and Cabinet Enamel - offer consumers an economical and easy solution for bringing such castoffs back to life. So, now Valspar Furniture Paint and Cabinet Enamel is the perfect go-to. Both paints require minimal prep time and yield completed surfaces requiring little to no maintenance over time. Valspar's Furniture Paint is an oil-enriched satin finish paint formulated to provide smooth durable coverage that's resistant to spills, scuffs, stains and discoloration caused by moisture. It adheres to most surfaces, even laminate, with minimal priming and sanding needed, making it an ideal solution for upgrading furniture, whether for indoor or outdoor use. Two coats are required for best results. Cabinets found in bathrooms and kitchens typically require a coating that withstands frequent cleaning and exposure to steam, and Valspar's Cabinet Enamel delivers that in one fell swoop. The paint comes in a semi-gloss finish featuring a non-yellowing formula, and like Furniture Paint, the coating adheres most surfaces with no priming and minimal to no sanding needed. Drying to a smooth factory-finish quality, one of the added benefits is that doors and drawers will not stick. Furniture Paint and Cabinet Enamel are available in hundreds of Valspar color options and can be purchased for $24.99 per quart at Lowe's stores nationwide.