Valspar reported net income of $56.3 million in its fiscal second quarter ended April 29, down 9% from the same period last year. Adjusted earnings, which exclude charges related to its acquisition of Wattyl and restructuring charges in its wood product business, rose 5%, to 64 cts/share. Sales rose 24%, to $992.7 million. "Double-digit tip-line growth resulting from acquisitions, pricing, and the continued success of our new business efforts helped to mitigate the impact of substantially higher raw material costs," says Valspar chairman and CEO William Mansfield.
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