Valspar sales rise 11.1% in 1Q
By Furniture Today Staff -- Furniture Today, February 20, 2005
Minneapolis — Coatings supplier Valspar posted an 11.1% sales increase in its first quarter, coupled with a 36.4% drop in net income.
Sales in the quarter ended Jan. 28 were $557.1 million, measured against $501.6 million in the comparable 2004 period. Net profits in the latest quarter were $11.7 million, compared with $18.4 million a year ago.
Earnings per share for the 2005 quarter were 22 cents, consistent with company's expectations announced earlier this month, and down from 35 cents in the year-earlier period.
Higher raw materials prices resulted in Valspar's gross margin dipping from 31.2% a year ago to 27.4% in the latest quarter.
Chairman and CEO Richard Rompala said, "First-quarter results reflect continuing sales strength in all our businesses, and the impact of significantly higher raw material costs on our profit margins. While we expect these trends to continue in the second quarter, we also anticipate that additional pricing actions will begin to restore our margins to acceptable levels."
| Quarter ended 1/28 | 2005 | 2004 | Change |
|---|---|---|---|
| Sales | $557,144,000 | $501,591,000 | 11.1% |
| Operating income | 30,695,000 | 40,252,000 | (23.7%) |
| Net income | 11,698,000 | 18,386,000 | (36.4%) |
| Earnings per share | 0.22 | 0.35 | (37.1%) |
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