The Valspar Corporation Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended July 31, 2015; Revises Earnings Guidance for the Year of 2015
Aug 25 15
The Valspar Corporation reported unaudited consolidated earnings results for the third quarter and nine months ended July 31, 2015. For the quarter, the company reported net sales of $1,149,126,000 compared with $1,229,304,000 a year ago. Income from operations was $165,728,000 compared with $158,529,000 a year ago. Income before income taxes was $143,036,000 compared with $140,580,000 a year ago. Net income was $102,862,000 or $1.25 per diluted share compared with $97,833,000 or $1.14 per diluted share a year ago. Capital expenditures were $19,647,000 against $25,259,000 a year ago. EBIT was $165,658,000 compared with $156,717,000 a year ago. Adjusted EBIT was $174,101,000 compared with $164,370,000 a year ago. Adjusted net income was $108,776,000 or $1.33 per diluted share compared with $103,449,000 or $1.21 per diluted share a year ago.
For the nine months, the company reported net sales of $3,243,084,000 compared with $3,364,247,000 a year ago. Income from operations was $478,993,000 compared with $397,163,000 a year ago. Income before income taxes was $419,016,000 compared with $346,837,000 a year ago. Net income was $297,150,000 or $3.58 per diluted share compared with $237,345,000 or $2.74 per diluted share a year ago. Capital expenditures were $60,846,000 against $75,880,000 a year ago. EBIT was $478,194,000 compared with $394,662,000 a year ago. Adjusted EBIT was $447,429,000 compared with $422,977,000 a year ago. Adjusted net income was $271,815,000 or $3.28 per diluted share compared with $257,203,000 or $2.97 per diluted share a year ago.
The company is updating its fiscal 2015 annual diluted EPS (as adjusted) guidance range to $4.55 to $4.65 from the previous range of $4.45 to $4.65. The company expects total fiscal 2015 annual sales to decline in the mid single-digits from fiscal 2014, compared to the previous expectation of a low single-digits sales decline. Excluding the negative impact of currency translation, fiscal 2015 annual sales are expected to be approximately flat compared to fiscal 2014. The company expected diluted EPS to be in the range of $4.76 to $4.81. The company now expects annual adjusted tax rate for fiscal 2015 to be closer to 30% against previous range of 31% to 32%.