Financial News
Valspar reports first quarter results
The Valspar Corporation reported its
results for the first-quarter ended
January 29, 2010. First-quarter sales
totaled $672.4 million, a 5.1% increase
from the same period last year. Adjusted
net income per share was 36 cents in
2010 and 20 cents in 2009, excluding
charges related to restructuring actions
of two cents and six cents, respectively,
and a non-cash adjustment of three
cents per share for Huarun minority
interest shares in 2009. First quarter
2010 results reflect a four cents per
share benefit from the settlement of certain tax audits. Net income for the first
quarter of 2010 was $33.9 million and
reported earnings per share were $0.34.
Net income for the first quarter of 2009
was $14.2 million and reported earnings
per share was eleven cents. “Improved
top-line results, particularly in our
paints segment and in Asia, contributed
to our strong earnings performance,”
said William L. Mansfield, Valspar
chairman and chief executive officer.
“New business and share gains, together with our focus on productivity and
cost control, are helping to offset ongoing
weakness in U.S. industrial markets.
Looking ahead to the remainder of the
year, we expect top-line growth consistent with our current results and continuing upward pressure on raw material costs. We are confident that we will
deliver fiscal year 2010 adjusted net
income per share in the range of $1.85 to
$2.05, excluding restructuring charges.”
PPG REPORTS FOURTH QUARTER
2009 FINANCIAL RESULTS
PPG Industries reported sales for the
fourth quarter 2009 of $3.1 billion, a
decline of two percent versus the prior
year’s fourth quarter. Reported net
income for the quarter increased to $142
million, or 85 cents per share. Fourth
quarter 2008 sales were $3.2 billion, and
reported net income was $71 million, or
43 cents per share. PPG’s fourth quarter
2009 adjusted net income was $144 million, or 86 cents per share. Fourth quarter 2008 adjusted net income was $68
million, or 41 cents per share. Fourth
quarter 2009 reported net income
included an aftertax charge of $2 million, or one cent per share, to reflect the
net increase in the current value of the
company’s obligation under its proposed
asbestos settlement, which is pending
court proceedings. Fourth quarter 2008
net income included aftertax earnings of
$3 million, or two cents per share, related to the proposed asbestos settlement.
SHERWIN-WILLIAMS REPORTS
2009 YEAR-END FINANCIAL RESULTS
Sherwin-Williams announced its finan-
cial results for the fourth quarter and
year ended December 31, 2009.
Compared to the same periods last year,
consolidated net sales decreased 5.9% to
$1.60 billion in the quarter and 11.1% to
$7.09 billion in the year due primarily to
weak paint sales volume. Currency
translation rate changes increased con-
solidated net sales two percent in the
quarter and decreased consolidated net
sales 1.3% in the year. Acquisitions were
not significant to consolidated net sales
in the quarter or year. Net sales in the
Paint Stores Group decreased 11.4% in
the quarter to $920.2 million and 12.9%
in the year to $4.21 billion due primarily
to decreased paint volume sales. Net
sales of the Consumer Group decreased
2.2% to $240.1 million in the quarter and
3.7% to $1.23 billion in the year. The
sales declines were due primarily to
lower volume sales to most of the
Group’s retail customers. Net sales of the
Global Finishes Group increased 5.5% to
$437.1 million in the quarter when stat-
ed in U.S. dollars due primarily to favor-
able currency translation rate changes.
Net sales decreased 11.4% in the year to
$1.65 billion when stated in U.S. dollars
due primarily to lower paint sales vol-
ume and unfavorable currency transla-
tion rate changes that were partially off-
set by acquisitions and selling price
increases.
AKZONOBEL REPORTS
2009 FINANCIAL RESULTS
AkzoNobel announced its 2009 fourth
quarter and full-year results. The company reported 2009 revenue of € 13.893
million, ten percent below the previous
year. For the full year, volumes were
down nine percent while revenue
dropped seven. Volumes stabilized in
Europe during the fourth quarter,
whereas the high growth markets outperformed the relatively weak final
quarter of 2008. Commercial markets
continued to be weak, particularly in
the mature markets. This was the
main reason for the EBITDA margin of
10.5%, compared with 11.9% in 2008.
Latin America and Asia delivered
strong performances, with Asian revenue slightly below 2008, while Latin
American revenue in constant curren-cies was slightly ahead of the previous
year. Although 2009 revenue for the
performance coatings division decreased by 12%, all businesses benefited from cost reduction and margin
management programs, with the
industrial activities unit closing six
sites during the year. This resulted in
an EBITDA margin of 14.5%, 2.1%
ahead of 2008. EBITDA was up four
percent from 2008 at €587 million.
JOTUN REPORTS RECORD
RESULTS FOR 2009
Jotun reported an operating profit of
$185 million in 2009 as compared with
$152 million for the previous year. Operating income increased from $1.76 billion to $1.89 billion. In liters and kilos,
Jotun sold two percent more paint than
it did in 2008. C W
