The Valspar Corporation (NYSE:VAL), a Minneapolis paint company, today said that its net income during the 3rd quarter went down by 10.3% on account of higher restructuring expenses.
The company reported its net income for the quarter ending on 29th July at $67.4 million, or 70 cents per share, in comparison with $75.1 million, or 74 cents per share earned in 2010. However the company’s Revenue went up by 22.5% to $1.07 billion.
The company’s restructuring cost was 10 cents per share during the quarter. The company stated that after excluding all such expenses, it has earned 80 cents per share.
Analysts expected an earning of 79 cents per share on revenue of $1.04 billion.
The company expects to earn in a range between $2.47 to $2.57 per share in 2011.
The Valspar Corporation is a global coating and paint manufacturer and distributor. The Company manufactures and distributes a range of coatings, paints and related products. It operates its business in two segments: Coatings and Paints. In September 2010, the Company completed the acquisition of Australian paint manufacturer Wattyl Limited. In June 2010, it sold non-strategic metal decorating inks assets, including inventory and intellectual property, to DIC Corporation of Japan. In June 2010, it acquired DIC Coatings India Limited and metal packaging coatings inventory in other countries from DIC Corporation.
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