The Valspar Corp. Names David Lumley to Board of Directors
Jun 21 15
The Valspar Corp. reported that its board of directors has elected David R. Lumley to serve as a director of
the corporation, effective June 10. Lumley, 60, was appointed to serve on the board's Audit committee. Lumley recently retired as President and Chief Executive Officer of Spectrum Brands, where he served in executive leadership since 2006. Lumley's background includes more than 25 years of experience in the consumer products industry, including executive leadership roles at Newell Rubbermaid, EAS, Brunswick Bicycles, Outboard Marine Corp., Wilson Sporting Goods Co. and other companies. Lumley currently serves as a director of Spectrum Brands Holdings and Husqvarna AB.
The Valspar Corporation Elects David R. Lumley to Serve as Director of the Corporation
Jun 12 15
The Valspar Corporation announced that its board of directors has elected David R. Lumley to serve as a Director of the Corporation, effective June 10, 2015. Lumley, 60, was appointed to serve on the board's Audit committee. Lumley recently retired as President and Chief Executive Officer of Spectrum Brands, a global and diversified consumer products company where he served in executive leadership since 2006.
The Valspar Corporation Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended May 01, 2015; Provides Earnings Guidance for the Fiscal Year 2015 and 2016
May 27 15
The Valspar Corporation reported unaudited consolidated earnings results for the second quarter and six months ended May 01, 2015. For the quarter, the company reported net sales of $1,079,289,000 compared to $1,155,826,000 a year ago. Income from operations was $155,909,000 compared to $143,074,000 a year ago. Income before income taxes was $133,974,000 compared to $127,000,000 a year ago. Net income was $90,314,000 or $1.09 per diluted share compared to $85,959,000 or $0.99 per diluted share a year ago. Capital expenditures were $23,360,000 compared to $29,630,000 a year ago. Adjusted EBIT was $156,465,000 compared to $151,612,000 a year ago. Adjusted net income was $92,163,000 or $1.11 per diluted share compared to $92,620,000 or $1.07 per diluted share a year ago. Fiscal second-quarter net income rose 5% year over year to but sales fell 7% because of currencies effects and lower volumes in the company's North American paints business.
For the six months period, the company reported net sales of $2,093,958,000 compared to $2,134,943,000 a year ago. Income from operations was $313,265,000 compared to $238,634,000 a year ago. Income before income taxes was $275,980,000 compared to $206,257,000 a year ago. Net income was $194,288,000 or $2.33 per diluted share compared to $139,512,000 or $1.60 per diluted share a year ago. Capital expenditures were $41,199,000 compared to $50,621,000 a year ago. Adjusted EBIT was $273,328,000 compared to $258,607,000 a year ago. Adjusted net income was $163,039,000 or $1.96 per diluted share compared to $153,754,000 or $1.77 per diluted share a year ago.
The company provided earnings guidance for the fiscal year 2015. For the year, the company expects diluted EPS of $4.79 to $4.94 and adjusted diluted EPS guidance of $4.45 to $4.65. The company is updating its fiscal 2015 annual sales guidance to reflect a sales decline in the “low single-digits” from fiscal 2014, compared to the previous guidance of “approximately flat sales”. Excluding the expected impact of currency translation, fiscal 2015 annual sales are expected to increase “low single digits”.
More importantly, looking forward into fiscal 2016, preliminarily expect the acquisition to add approximately $35 million in EBITDA. From an EPS perspective, this would result in approximately $0.07 to $0.09 of adjusted EPS in fiscal 2016.
The Valspar Corporation Declares Quarterly Dividend, Payable on June 15, 2015
May 21 15
The Valspar Corporation announced that its Board of Directors declared a quarterly dividend of $0.30 per share on the company's common stock. The dividend is payable on June 15, 2015, to shareholders of record on June 1, 2015.