Paint manufacturer Valspar reported $1.07 billion in sales for its third quarter, a 22.5% increase from sales in the same quarter of 2010. Net income for the quarter, which ended July 29, 2011, was $67.4 million, compared to $75.1 million a year ago.
"We were pleased with our improved sales and earnings performance for the quarter," said Gary Hendrickson, Valspar president and CEO. "Double-digit top-line growth resulting from acquisitions, pricing and market share gains helped to mitigate the impact of higher raw material costs and a challenging demand environment. We made progress in restoring our operating margin by continuing to raise our selling prices and improving our productivity. Our ongoing investments in our brands and technology delivered new business in the quarter and position us well for the future.”