The Valspar Corp. (NYSE: VAL) reported results for the second-quarter ended April 29. The financial highlights for the quarter are:
- Sales totaled $992.7 million, a 23.5 percent increase from the second quarter of 2010.
- Adjusted net income per share increased to $0.64 in 2011 from $0.61 in 2010. The 2011 figure excludes $0.05 per share in acquisition-related charges.
- Net income was $56.3 million and reported earnings per share were $0.58. Net income for the second quarter of 2010 was $61.7 million.
- Gross profit increased to $315 million as compared with the comparable year's $273 million.
- Research and development expenses were increased to $30 million as compared with $24.7 million in the comparable period last year.
- Selling, general and administrative expenses increased to $186 million as compared with $144 million in the comparable period last year.
- Income from operations decreased to $99.5 million, compared with $104.30 million in the comparable period last year.
- Interest expense increased marginally from $14.72 million in the prior year's period to $15.5 million.
Cash and cash equivalents at the end of the period were $120 million as compared with $167 million in the comparable period last year. Gross profit as a percent of sales was decreased to 31.8 percent from 34 percent in the same period last year. Restricted cash at the end of the second quarter of fiscal 2011 was reported as $17 million as compared to the prior year's figure of $12.6 million.
Shares were trading at $38.79, up 0.13 percent with a 52-week range of $29.07 to $40.60.