The Valspar Corp. (VAL, Financial) filed Quarterly Report for the period ended 2012-04-27.
Valspar Corp has a market cap of $4.28 billion; its shares were traded at around $48.41 with a P/E ratio of 14.8 and P/S ratio of 1.1. The dividend yield of Valspar Corp stocks is 1.7%. Valspar Corp had an annual average earning growth of 6.2% over the past 10 years. GuruFocus rated Valspar Corp the business predictability rank of 4.5-star.
Consolidated Operating Expenses (dollars) Second quarter and year-to-date consolidated operating expenses increased $8,778 or 4.1% and $15,854 or 3.9% compared to the second quarter and year-to-date periods of last year, respectively, primarily due to timing of incentive compensation accruals. Restructuring charges of $2,712 and $4,855, or 0.3% of net sales in both periods, were included in operating expenses in the second quarter and year-to-date periods of 2012, respectively. Restructuring charges of $933 or 0.1% of net sales were included in operating expenses in the second quarter and year-to-date periods of 2011. There were no acquisition-related charges included in operating expenses in the second quarter and year-to-date periods of 2012. For both the second quarter and year-to-date periods of 2011, acquisition-related charges of $1,859, 0.2% of second quarter net sales and 0.1% of year-to-date net sales, were included in operating expenses.
Consolidated EBIT EBIT for the second quarter of 2012 increased $30,769 or 30.9% from the prior year. Year-to-date EBIT increased $59,182 or 36.5% from the prior year. Restructuring charges of $4,418 or 0.4% of net sales and $9,515 or 0.5% of net sales were included in second quarter and year-to-date periods of 2012, respectively. Restructuring charges of $1,462 or 0.1% of net sales and $2,858 or 0.2% of net sales were included in second quarter and year-to-date periods of 2011, respectively. There were no acquisition-related charges in the second quarter and year-to-date periods of 2012. The 2011 second quarter and year-to-date periods included acquisition-related charges of $6,768 or 0.7% of net sales and $13,275 or 0.7% of net sales, respectively. Foreign currency exchange fluctuation had an immaterial effect on Consolidated EBIT, as well as EBIT of the segments discussed below.
Coatings Segment EBIT EBIT as a percent of net sales for the second quarter and year-to-date periods increased primarily due to our carryover selling price increases, benefits from our previously completed restructuring actions and acquisition-related charges recognized in the second quarter of 2011, which more than offset higher raw material costs. EBIT included restructuring charges of $646 and $1,035, or 0.1% of net sales in both periods, in the second quarter and year-to-date periods of 2012, respectively. The 2011 second quarter and year-to-date periods included restructuring charges of $1,462 or 0.3% of net sales and $2,458 or 0.3%, respectively. There were no acquisition-related charges in the second quarter and year-to-date periods of 2012. EBIT included acquisition-related charges of $1,859 or 0.4% of net sales in the second quarter and year-to-date periods of 2011.
Paints Segment EBIT EBIT as a percent of net sales for the second quarter increased primarily due to benefits from our previously completed restructuring actions, acquisition-related charges recognized in 2011 and productivity improvements, which more than offset higher raw material costs and higher restructuring charges incurred in 2012. EBIT as a percent of net sales year-to-date increased primarily due to carryover selling price increases, benefits from our previously completed restructuring actions, acquisition-related charges recognized in 2011 and productivity improvements, which more than offset higher raw material costs and higher restructuring charges incurred in 2012. EBIT included restructuring charges of $3,772 or 0.9% of net sales and $7,798 or 1.0% of net sales in the second quarter and year-to-date periods of 2012, respectively. There were no restructuring charges in the second quarter of 2011. EBIT included restructuring charges of $400 or 0.1% of net sales in the year-to-date period of 2011. There were no acquisition-related charges in the second quarter and year-to-date periods of 2012. Acquisition-related charges of $4,909 or 1.2% of net sales and $11,416 or 1.5% of net sales were included in EBIT in the second quarter and year-to-date periods of 2011, respectively.
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Valspar Corp has a market cap of $4.28 billion; its shares were traded at around $48.41 with a P/E ratio of 14.8 and P/S ratio of 1.1. The dividend yield of Valspar Corp stocks is 1.7%. Valspar Corp had an annual average earning growth of 6.2% over the past 10 years. GuruFocus rated Valspar Corp the business predictability rank of 4.5-star.
Highlight of Business Operations:
Gross Profit Second quarter and year-to-date gross profit as a percentage of net sales increased due to carryover selling price increases, the benefit from previously completed restructuring actions and acquisition-related charges recognized in 2011. These improvements were partially offset by higher raw material costs and higher restructuring charges incurred in 2012. There were no acquisition-related charges included in gross profit in the second quarter and year-to-date periods of 2012. Acquisition-related charges were $4,909 or 0.5% of net sales and $11,416 or 0.6% of net sales in the second quarter and year-to-date periods of 2011, respectively. Restructuring charges of $1,706 and $4,660, or 0.2% of net sales in both periods, were included in the second quarter and year-to-date periods of 2012, respectively. Restructuring charges of $529 and $1,925, or 0.1% of net sales in both periods, were included in the second quarter and year-to-date periods of 2011, respectively.Consolidated Operating Expenses (dollars) Second quarter and year-to-date consolidated operating expenses increased $8,778 or 4.1% and $15,854 or 3.9% compared to the second quarter and year-to-date periods of last year, respectively, primarily due to timing of incentive compensation accruals. Restructuring charges of $2,712 and $4,855, or 0.3% of net sales in both periods, were included in operating expenses in the second quarter and year-to-date periods of 2012, respectively. Restructuring charges of $933 or 0.1% of net sales were included in operating expenses in the second quarter and year-to-date periods of 2011. There were no acquisition-related charges included in operating expenses in the second quarter and year-to-date periods of 2012. For both the second quarter and year-to-date periods of 2011, acquisition-related charges of $1,859, 0.2% of second quarter net sales and 0.1% of year-to-date net sales, were included in operating expenses.
Consolidated EBIT EBIT for the second quarter of 2012 increased $30,769 or 30.9% from the prior year. Year-to-date EBIT increased $59,182 or 36.5% from the prior year. Restructuring charges of $4,418 or 0.4% of net sales and $9,515 or 0.5% of net sales were included in second quarter and year-to-date periods of 2012, respectively. Restructuring charges of $1,462 or 0.1% of net sales and $2,858 or 0.2% of net sales were included in second quarter and year-to-date periods of 2011, respectively. There were no acquisition-related charges in the second quarter and year-to-date periods of 2012. The 2011 second quarter and year-to-date periods included acquisition-related charges of $6,768 or 0.7% of net sales and $13,275 or 0.7% of net sales, respectively. Foreign currency exchange fluctuation had an immaterial effect on Consolidated EBIT, as well as EBIT of the segments discussed below.
Coatings Segment EBIT EBIT as a percent of net sales for the second quarter and year-to-date periods increased primarily due to our carryover selling price increases, benefits from our previously completed restructuring actions and acquisition-related charges recognized in the second quarter of 2011, which more than offset higher raw material costs. EBIT included restructuring charges of $646 and $1,035, or 0.1% of net sales in both periods, in the second quarter and year-to-date periods of 2012, respectively. The 2011 second quarter and year-to-date periods included restructuring charges of $1,462 or 0.3% of net sales and $2,458 or 0.3%, respectively. There were no acquisition-related charges in the second quarter and year-to-date periods of 2012. EBIT included acquisition-related charges of $1,859 or 0.4% of net sales in the second quarter and year-to-date periods of 2011.
Paints Segment EBIT EBIT as a percent of net sales for the second quarter increased primarily due to benefits from our previously completed restructuring actions, acquisition-related charges recognized in 2011 and productivity improvements, which more than offset higher raw material costs and higher restructuring charges incurred in 2012. EBIT as a percent of net sales year-to-date increased primarily due to carryover selling price increases, benefits from our previously completed restructuring actions, acquisition-related charges recognized in 2011 and productivity improvements, which more than offset higher raw material costs and higher restructuring charges incurred in 2012. EBIT included restructuring charges of $3,772 or 0.9% of net sales and $7,798 or 1.0% of net sales in the second quarter and year-to-date periods of 2012, respectively. There were no restructuring charges in the second quarter of 2011. EBIT included restructuring charges of $400 or 0.1% of net sales in the year-to-date period of 2011. There were no acquisition-related charges in the second quarter and year-to-date periods of 2012. Acquisition-related charges of $4,909 or 1.2% of net sales and $11,416 or 1.5% of net sales were included in EBIT in the second quarter and year-to-date periods of 2011, respectively.
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