NEW YORK (AP) — Valspar Corp. said Monday that income fell 10.3 percent in the company’s third quarter on higher restructuring expenses.
The Minneapolis paint company reported net income of $67.4 million, or 70 cents per share, for the three months ended July 29. That compares with $75.1 million, or 74 cents per share, for the same part of 2010. Revenue increased 22.5 percent to $1.07 billion.
Valspar said earlier in the year that it would restructure the company to cut costs and improve the profitability of Wattyl, the Australian paint maker Valspar acquired last year. Company restructuring cost Valspar 10 cents per share in the quarter. Excluding those expenses, Valspar said it would have earned 80 cents per share.
Analysts, who typically exclude special charges, had expected earnings of 79 cents per share on revenue of $1.04 billion.
The company said it continues to expect to earn between $2.47 and $2.57 per share in 2011 adjusted net income.
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