Valspar Q3 Profit Rises, Results Top Estimates; Lifts FY14 Outlook - Quick Facts

(RTTNews) - Paint and coatings maker Valspar Corp. (VAL) reported third quarter 2014 net income of $97.83 million, up from $93.81 million in the year ago quarter. Net income per share rose to $1.14 from $1.04 last year.

Adjusted net income also increased to $103.45 million and $1.21 per share, from $96.42 million and $1.07 per share in the same quarter last year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.16 per share for the quarter. Analysts' estimates typically exclude special items.

Quarterly net sales grew to $1.20 billion from $1.09 billion in the year ago quarter. Wall Street expected revenues of $1.19 billion for the quarter.

The company updated its fiscal 2014 annual sales growth guidance to approximately 9% growth, compared to its previous guidance of 7% to 9% growth. The company also updated its fiscal 2014 adjusted earnings per share guidance to a range of $4.05 to $4.15, compared to its previous guidance of $3.95 to $4.15. Wall Street currently is looking for fiscal year 2014 earnings of $4.09 per share on annual revenues of $4.46 billion.