Minneapolis-based global paint company Valspar Corp. reported first-quarter net sales of $956 million, up 9% over the same quarter last year.
Net income declined to $53.5 million, compared with $55.0 million in the year-ago quarter.
CEO Gary Hendrickson reported "strong growth in both our paints and coatings segments, reflecting the benefits of new business wins, acquisitions and productivity improvements. We remain focused on executing our significant new business initiatives and productivity plans to drive growth in fiscal 2014.”
Net sales in the paints segment increased 10% to $361 million in the first quarter of 2014, primarily driven by strong volume growth in the U.S., China and improving volume in Australia.