Valspar Posts Muted 1Q Results; We Expect Acquisition by Sherwin-Williams to Close by Next Quarter
Valspar posted muted first-quarter results, with sales up 2.5% year on year. Gross profit margins contracted to 34% in the first quarter of 2017 from 36% a year earlier due to an unfavorable sales mix. Earnings per diluted share decreased 23% year on year to $0.50. The majority of this decline stems from an $0.11 impact from charges related to the pending acquisition by Sherwin-Williams.We expect the deal to close within the next quarter. In its fourth-quarter 2016 earnings release on Jan. 26, ...
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