Valspar Posts Soft 4Q; We Still Expect Acquisition to Close in Early 2017
Valspar posted soft fourth-quarter results, with sales down 4% year on year largely because of a 2% decline in volume. Earnings per diluted share increased 1% year on year to $1.27, including a $0.10 impact from charges related to the pending acquisition by Sherwin-Williams (the company stopped reporting adjusted earnings per share).Trading in a range of $104-$108 since the deal was announced, Valspar's shares briefly dropped to roughly $98 in late October after a news article alleged that the...
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