Valspar Corp. (VAL) Tops Q1 EPS by 1c

Valspar Corp. (NYSE: VAL) reported Q1 EPS of $0.66, $0.01 better than the analyst estimate of $0.65. Revenue for the quarter came in at $885.8 million versus the consensus estimate of $906.3 million.

GUIDANCE:

Valspar Corp. sees FY2016 EPS of $4.80-$5.00, versus the consensus of $4.88.

“The results in the first quarter were in line with our expectations. The quarter was highlighted by new business wins in many of our product lines and strong EBIT growth in our Coatings segment,” said Gary E. Hendrickson, chairman and chief executive officer.

“Our Coatings segment is well positioned for growth, with a robust pipeline of new business and a strong product portfolio, enhanced by the recent acquisition of ISVA Vernici, a European coil coatings manufacturer. In our Paints segment, we have several key new business wins this year, including the introduction of Cabot® stain at Lowe’s. In addition, we expect to benefit from improved productivity and easing year over year comparisons in the balance of the fiscal year. Based on our outlook, we are reaffirming our fiscal 2016 guidance.” Hendrickson added.

For earnings history and earnings-related data on Valspar Corp. (VAL) click here.

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