Amid strong performance in the U.S. and challenges on the demand side of the general industrial market, The Valspar Corporation reported third quarter growth of 1% in net sales and 5.5% in net income.
Net sales for the company came in at $1.1 billion for the third quarter. Meanwhile, Paints sales increased 3% to $455 million, while Coatings experienced a 1% bump in sales to $573 million.
Adjusted net income came in at $96 million, compared to year-ago figures of $91 million.
“We continue to drive strong volume growth from our new business initiatives in the consumer paint, packaging and wood product lines,” said Gary E. Hendrickson, chairman and CEO. “However, sales and earnings finished slightly below our expectations for the quarter due to continued macro-economic headwinds in key general industrial market segments and certain international regions. Based on our third quarter results and the anticipated impact of these trends, we have updated our annual adjusted EPS guidance to $3.45 to $3.55. We continue to expect improved sales and earnings growth in the fourth quarter, but not at the level we had anticipated earlier in the year.”