Valspar loses ground in Q4

The Valspar Corporation was behind year-ago levels on most counts for the fourth quarter and full fiscal year of 2016.

Much of this reflects the impact of restructuring due to the proposed merger with The Sherwin-Williams Company.

Net sales for the fourth quarter came in at $1.11 billion, down 4% from the previous year, and partially impacted by negative effects from foreign currency translation.

However, net income for the fourth quarter increased 1% to $104 million and earnings per diluted share (EPS) of $1.27.

For the full fiscal year, net sales were $4.19 billion, down 5% over 2015. Negative foreign currency effects impacted net sales by 3%, and acquisitions added 3% to net sales in the year.

Fiscal 2016 net income of $353 million decreased 12%, and diluted EPS of $4.36 decreased 10%.

The Paints segment was harder hit than the Coatings segment, decreasing 7% and 2%, respectively, during the fourth quarter. They were down 6% and 4%, respectively, for the full fiscal year.