Valspar paints itself into the black

Minneapolis-based Valspar reported fourth-quarter net income of $49.9 million for the period ended Oct. 30, up 28.2% from $38.9 million as reported for the same period in 2008. Sales were $776.3 million, down 26.9% from $923.2 million as reported for the same period last year.

For the full year, the company reported net income of $160.2 million, up 6.2% from $150.8 million as reported last year. Sales were $2.9 billion, down 17.3% from $3.5 billion for 2008.

"Our strong earnings performance for the year, achieved under extremely challenging global economic conditions, reflects the operational discipline of Valspar employees," said William Mansfield, chairman and CEO. "During the year we maintained our investments in branding and development of leading-edge technologies, significantly lowered our cost structure and strengthened our global operations. By remaining focused on execution, we gained share in key markets, improved productivity and delivered strong cash flow."

Looking forward, Mansfield said the company is assuming modest revenue growth and ongoing pressure on raw materials.