said its earnings rose 93% in the first quarter thanks to a strong performance from its paint segment.
The company earned $22.5 million, or 22 cents a share, for the quarter ended Jan. 27, compared with $11.7 million, or 11 cents a share, in the year-ago period. Adjusted for items, earnings were 24 cents a share in the most recent quarter. Analysts surveyed by Thomson First Call were expecting a profit of 17 cents.
First-quarter revenue rose 13% from a year ago to $629.8 million, driven by an 18.4% increase in paint sales to $187.7 million. Analysts were estimating revenue of $604.3 million.
For the second quarter, Valspar expects to earn 39 cents to 43 cents a share, and for the full year it projected a profit of $1.45 to $1.55 a share. Analysts are calling for earnings of 41 cents a share in the second quarter and $1.56 a share in the year.
"We are pleased with our first-quarter results in light of the challenging raw material environment," the company said. "Both our paint and coatings segments delivered strong sales growth in the quarter with exceptional growth in our architectural product line due to continued retail sales momentum and favorable weather conditions."
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