Valspar revenues dip 1% in Q3

The third fiscal quarter wasn't the best three months for Valspar's top-line growth, but the company did manage to increase its net income by 14%.

Net sales for the third quarter ended July 29 came in at $1.14 billion, down from the previous year's $1.15 billion.

That's the end result of 2% growth due to acquisitions, which was offset by a 2% negative impact from foreign currency translation.

Net income jumped 14% to $117.0 million, and gross profit was also up 3% to $421.9 million.

“In the third quarter, adjusted EBIT increased 7% and adjusted EPS grew 18%," said chairman and CEO Gary Hendrickson. "These results were highlighted by volume growth, new business wins across the portfolio and effective cost management."

"Coatings segment performance was led by strong volume growth in the Coil and Wood product lines," he added. "In the Paints segment, volumes grew 3% led by each of our International regions, and EBIT increased 28%."