Valspar reports three percent growth
in Q3 revenue
The Valspar Corporation reported its results
for the third-quarter ended July 27, 2012.
Third-quarter sales totaled $1.08 billion, an
increase of one percent from the third quarter of 2011. Net income for the third quarter of 2012 was $86.4 million, up from 67. 4
million in the same period the year before.
“We were pleased with our performance in
the quarter,” said Gary Hendrickson, chairman and CEO. “Excluding negative currency impact, our revenue increased three
percent and our strong earnings growth is
the outcome of excellent execution in a challenging global environment. Looking ahead
to our fourth quarter, we expect continued
softness in some international markets and
modest growth in North America.”
DuPont reports drop in 2Q
coatings sales
DuPont Performance Coatings reported
sales of $1.1 billion in the second quarter,
down one percent, with two percent lower
volume partially offset by one percent
higher selling prices. OEM volume growth
in North America and Asia Pacific was
more than offset by lower refinish and powder coatings volume, particularly in European markets the company said. Higher
local selling prices across all regions and
market segments were partially offset by
the impact of unfavorable currency.
Sherwin-Williams reports
consolidated net sales rise by
11. 9 percent in Q2
The Sherwin-Williams Company announced
its financial results for the second quarter
and six months ended June 30, 2012. Compared to the same periods in 2011, consolidated net sales increased $218.3 million, or
9. 3 percent, to $2.57 billion in the quarter
and increased $499 million, or 11. 9 percent,
to $4.71 billion in six months due primarily
to higher paint sales volume in their paint
stores group and selling price increases.
Net sales in the paint stores group increased 14. 6 percent to $1.49 billion in the
quarter and increased 17.2 percent to $2.61
billion in six months due primarily to higher
paint sales volume across all end market segments as well as selling price increases. Paint
stores group segment profit increased $60.4
million to $267 million in the quarter from
$206.6 million last year and increased to
$379.7 million in six months from $275.5
million last year. Segment profit in the quarter and six months increased due primarily
to higher paint sales volume and selling price
increases partially offset by increases in raw
material costs and selling, general and administrative expenses. Segment profit as a
percent to net sales increased in the quarter
to 17. 9 percent from 15. 9 percent last year
and increased in six months to 14. 5 percent
from 12. 4 percent in 2011.
Net sales of the consumer group increased 5. 9 percent to $397.7 million in the
quarter and increased 7.1 percent to $718.1
million in six months due primarily to selling price increases and higher volume sales
to most of the group’s retail customers. Segment profit increased to $80.8 million in
the quarter from $61.4 million last year and
increased to $136.1 million in six months
from $102.5 million last year due primarily
to selling price increases and good cost control partially offset by increasing raw material costs. As a percent to net external
sales, segment profit increased in the quarter to 20. 3 percent from 16. 3 percent last
year and increased in six months to 18. 9
percent from 15. 3 percent in 2011.
The global finishes group’s net sales
stated in U.S. dollars increased 3. 3 percent
to $498.7 million in the quarter and increased 6. 9 percent to $981.8 million in six
months due primarily to selling price increases, acquisitions and higher paint sales
volume. Stated in U.S. dollars, segment profit
increased in the quarter to $48 million from
$30.2 million last year and increased in six
months to $76.7 million from $49.7 million
last year due primarily to selling price increases and higher paint sales volume partially offset by raw material cost increases.
As a percent to net external sales, segment
profit was 9. 6 percent in the quarter versus
6. 3 percent last year and 7. 8 percent in six
months compared to 5. 4 percent in 2011.
The Latin America coatings group’s net
sales stated in U.S. dollars decreased 4. 5
percent to $187.3 million in the quarter due
primarily to unfavorable currency translation rate changes partially offset by selling
price increases and higher paint sales volume. Six month net sales stated in U.S. dollars increased 1.2 percent to $395.9 million
due primarily to selling price increases and
higher paint sales volume partially offset by
unfavorable currency translation rate
changes. Stated in U.S. dollars, segment
profit decreased to $9.3 million in the quarter from $15.8 million last year and decreased to $29.2 million in six months from
$33.2 million last year due primarily to raw
material cost increases and unfavorable
currency translation rate changes partially
offset by selling price increases and increased paint sales volume. As a percent to
net external sales, segment profit was five
percent in the quarter versus 8.1 percent
last year and 7. 4 percent in six months versus 8. 5 percent in 2011.
“We are pleased to report record sales
and earnings per share in the second quarter and first half of 2012 on the continued
positive sales volume and strong operating
results of our paint stores, consumer and
global finishes groups,” said Christopher
Connor, chairman and CEO.
AkzoNobel reports eight
percent rise in Q2 revenue
Akzo Nobel N.V. reported an eight percent
increase in second quarter revenue compared
with the same period in 2011, mainly driven
by pricing actions to offset higher raw material costs and currency effects the company
said. The EBITDA for the second quarter
was eight percent higher at €593 million.
Decorative paints achieved a revenue increase of six percent in the second quarter,
mainly due to favorable price/mix effects and
positive currency effects. EBITDA was down
eight percent, reflecting weaker European
market conditions. Restructuring continues
