- Fiscal 2015 Highlights:
- Diluted EPS (as adjusted) increased
6% to a record $4.62
- Net sales increased
1%2
- Coatings segment volume increased 3%
and Paints segment volume declined 4%
- Fiscal Fourth Quarter 2015
Highlights:
- Diluted EPS (as adjusted) decreased
2% to $1.35
- Net sales increased
1%2
- EBIT margin (as adjusted) improved
150 bps to 15.4%, driven by the Coatings segment
- Fiscal 2016 Guidance:
- Sales guidance of growth in the
“mid-single digits” in constant currency (sales including the
impact of foreign currency translation expected to be “up slightly”
compared to fiscal 2015)
- Diluted EPS (as adjusted) guidance
of $4.80 to $5.00 (range includes 20 cent impact from foreign
currency translation)
- Diluted EPS (as adjusted) guidance
range reflects 8% to 13% growth in constant currency
1 Fiscal 2015 highlights and fiscal 2016 guidance commentary
above includes “non-GAAP” financial measures as supplemental
information. Such non-GAAP information should be considered in
conjunction with the GAAP financial measures.
2 Fiscal Q4 and full year 2015 net sales results above
exclude the estimated impact of
foreign currency translation and the 53rd week in fiscal 4th
quarter of 2014 (53rd week impacted North America only). These
results should not be confused with the GAAP numbers in this
earnings release.
The Valspar Corporation today reported fiscal fourth quarter
2015 net sales of $1.15 billion, a decrease of 9 percent over the
prior year. This includes the effects of foreign currency
translation that negatively impacted net sales by 6 percent; the
estimated impact of the extra week in fiscal fourth quarter 2014
that reduced sales by 3 percent; and acquisitions that added 4
percent to net sales in the quarter. Total volume declined 2
percent in fiscal fourth quarter 2015. This includes the estimated
impact of the extra week in fiscal fourth quarter 2014 that reduced
volume by 3 percent and acquisitions that added 2 percent to volume
in the quarter. Reported net income of $102 million and earnings
per diluted share of $1.26 for fiscal fourth quarter 2015 include
nonrecurring items, which are detailed in the “Reconciliation of
Non-GAAP Financial Measures” included in this release. Fourth
quarter 2015 adjusted net income and earnings per diluted share,
excluding these nonrecurring items, were $109 million and $1.35,
respectively.
Fiscal year 2015 net sales were $4.4 billion, and decreased 5
percent versus the prior year. This includes the effects of foreign
currency translation that negatively impacted net sales by 5
percent; the estimated impact of the extra week in fiscal fourth
quarter 2014 that reduced sales by 1 percent; and acquisitions
added 2 percent to net sales in the year. Reported net income of
$400 million and earnings per diluted share of $4.85 for fiscal
2015 include nonrecurring items, which are detailed in the
“Reconciliation of Non-GAAP Financial Measures” included in this
release. Fiscal year 2015 adjusted net income and earnings per
diluted share, excluding these nonrecurring items, were $381
million and $4.62, respectively.
“2015 was another year of record earnings for Valspar,” said
Gary E. Hendrickson, chairman and chief executive officer.
“Adjusted EBIT grew 4 percent and EPS increased 6 percent for the
year. We delivered this growth while facing difficult comparisons
to the exceptional performance in 2014, a strengthening U.S. Dollar
and a product line adjustment at a significant customer. Our
performance in 2015 demonstrates the strength of Valspar’s diverse
portfolio of businesses and operating model. We’re executing well,
by winning new business and achieving significant productivity. In
addition, we leveraged the success of this performance, by
increasing our dividend 15 percent and repurchasing 5 percent of
our outstanding shares during the year. ”
“During the fourth quarter of 2015, the Coatings segment
continued its positive momentum, with new business wins in all
product lines.” Hendrickson added. “In the Paints segment,
international volume increased and sell-through trends improved in
North America. Consolidated EBIT margin (as adjusted) increased 150
basis points in the fourth quarter, driven by strong commercial
execution and significant productivity initiatives.”
Commenting on the company’s outlook Hendrickson said, “Looking
ahead to fiscal 2016, we expect sales to increase in the mid-single
digits and adjusted EPS growth of 8 to 13 percent, excluding the
impact of foreign currency.”
Fiscal Fourth Quarter and Full Year 2015
Segment Results
Fiscal fourth quarter 2015 net sales in the Coatings segment
decreased 11 percent to $638 million. This includes the effects of
foreign currency translation that negatively impacted net sales by
7 percent and the estimated impact of the extra week in fiscal
fourth quarter 2014 that reduced net sales by 3 percent in the
quarter. Volumes decreased 3 percent in the fiscal fourth quarter
of 2015. This includes the estimated impact of the extra week in
fiscal fourth quarter 2014 that reduced volume by 3 percent in the
quarter. Coatings segment adjusted earnings before interest and
taxes (EBIT) of $125 million increased 7 percent, driven by
benefits from productivity initiatives and improvements in
cost/price, partially offset by the impact of currency translation.
Adjusted EBIT as a percent of net sales increased to 19.5% from
16.4% in the prior year.
Fiscal 2015 net sales in the Coatings segment decreased 3
percent to $2.50 billion. This includes the effects of foreign
currency translation that negatively impacted net sales by 6
percent and the estimated impact of the extra week in fiscal fourth
quarter 2014 that reduced net sales by 1 percent in the year.
Coatings segment EBIT of $445 million increased 6 percent from $418
million. Adjusted EBIT as a percent of net sales increased to 17.8%
from 16.2% in the prior year.
Fiscal fourth quarter 2015 net sales in the Paints segment
decreased 7 percent to $452 million. This includes the effects of
foreign currency translation that negatively impacted net sales by
5 percent, the estimated impact of the extra week in fiscal fourth
quarter 2014 that reduced net sales by 3 percent and acquisitions
added 10 percent to net sales in the quarter. Volumes were down 2
percent in the fiscal fourth quarter of 2015. This includes the
estimated impact of the extra week in fiscal fourth quarter 2014
that reduced volume by 2 percent and acquisitions that added 5
percent to volume in the quarter. Paints segment adjusted EBIT of
$63 million declined 10 percent, driven by the lower sales,
partially offset by positive benefits from productivity initiatives
and the Quest acquisition. Adjusted EBIT as a percent of net sales
declined to 14.0% from 14.4% in the prior year.
Fiscal 2015 net sales in the Paints segment decreased 8 percent
to $1.7 billion. This includes the effects of foreign currency
translation that negatively impacted net sales by 4 percent, the
estimated impact of the extra week in fiscal fourth quarter 2014
that reduced net sales by 1 percent and acquisitions added 4
percent to net sales in the year. Paints segment adjusted EBIT of
$191 million decreased 7 percent from $204 million. Adjusted EBIT
as a percent of net sales increased to 11.5% from 11.3% in the
prior year.
Dividends and Share Repurchases
During the quarter, the company paid a quarterly dividend of
$0.30 per common share outstanding, or $24 million. For the full
year fiscal 2015, the company paid dividends of $97 million
(representing a per share increase of 15 percent). Valspar is a
member of the S&P High Yield Dividend Aristocrats®, which is
comprised of companies increasing dividends every year for at least
20 consecutive years. During the quarter, the company repurchased
900 thousand shares of its stock, for $77 million. For the full
year fiscal 2015, the company repurchased approximately 3.9 million
shares (or 5%) of the Company’s stock for $322 million.
Fiscal 2016 Guidance
The company is providing initial guidance for fiscal 2016, which
includes sales growth in the “mid-single digits” in constant
currency (sales including the estimated impact of foreign currency
translation expected to be “up slightly” compared to fiscal 2015).
The company expects annual Fiscal 2016 diluted EPS (as adjusted) of
$4.80 to $5.00. This guidance range includes a 20 cent unfavorable
impact from foreign currency translation. Annual Fiscal 2016
diluted EPS (as adjusted) guidance reflects growth of 8% to 13% in
constant currency.
An earnings conference call is scheduled for 11:00 a.m. Eastern
Time (10:00 a.m. Central Time) today and will be webcast and
accessible from the Investor Relations section of Valspar’s website
at http://investors.valspar.com.
Valspar: If it matters, we’re on it.®
Valspar is a global leader in the coatings industry providing
customers with innovative, high-quality products and value-added
services. Our 11,100 employees worldwide deliver advanced coatings
solutions with best-in-class appearance, performance, protection
and sustainability to customers in more than 100 countries. Valspar
offers a broad range of superior coatings products for the consumer
market, and highly-engineered solutions for the construction,
industrial, packaging and transportation markets. Founded in 1806,
Valspar is headquartered in Minneapolis. Valspar’s reported net
sales in fiscal 2015 were $4.4 billion and its shares are traded on
the New York Stock Exchange (symbol: VAL). For more information,
visit www.valspar.com and follow @valspar on Twitter.
FORWARD-LOOKING STATEMENTS
Certain statements contained in “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” and
elsewhere in this report constitute “forward-looking statements”
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. The Private Securities Litigation Reform Act of 1995
provides a safe harbor for forward-looking statements.
Forward-looking statements are based on management’s current
expectations, estimates, assumptions and beliefs about future
events, conditions and financial performance. Forward-looking
statements are subject to risks, uncertainties and other factors,
many of which are outside our control and could cause actual
results to differ materially from such statements. Any statement
that is not historical in nature is a forward-looking statement. We
may identify forward-looking statements with words and phrases such
as “expects,” “projects,” “estimates,” “anticipates,” “believes,”
“could,” “may,” “will,” “plans to,” “intends,” “should” and similar
expressions. These risks, uncertainties and other factors include,
but are not limited to, deterioration in general economic
conditions, both domestic and international, that may adversely
affect our business; fluctuations in availability and prices of raw
materials, including raw material shortages and other supply chain
disruptions, and the inability to pass along or delays in passing
along raw material cost increases to our customers; dependence of
internal sales and earnings growth on business cycles affecting our
customers and growth in the domestic and international coatings
industry; market share loss to, and pricing or margin pressure
from, larger competitors with greater financial resources;
significant indebtedness that restricts the use of cash flow from
operations for acquisitions and other investments; dependence on
acquisitions for growth, and risks related to future acquisitions,
including adverse changes in the results of acquired businesses,
the assumption of unforeseen liabilities and disruptions resulting
from the integration of acquisitions; risks and uncertainties
associated with operating in foreign markets, including achievement
of profitable growth in developing markets; impact of fluctuations
in foreign currency exchange rates on our financial results; loss
of business with key customers; damage to our reputation and
business resulting from product claims or recalls, litigation,
customer perception and other matters; our ability to respond to
technology changes and to protect our technology; possible
interruption, failure or compromise of the information systems we
use to operate our business; changes in governmental regulation,
including more stringent environmental, health and safety
regulations; our reliance on the efforts of vendors, government
agencies, utilities and other third parties to achieve adequate
compliance and avoid disruption of our business; unusual weather
conditions adversely affecting sales; changes in accounting
policies and standards and taxation requirements such as new tax
laws or revised tax law interpretations; the nature, cost and
outcome of pending and future litigation and other legal
proceedings; and civil unrest and the outbreak of war and other
significant national and international events. We undertake no
obligation to subsequently revise any forward-looking statement to
reflect new information, events or circumstances after the date of
such statement, except as required by law.
THE VALSPAR CORPORATION CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (UNAUDITED) For the Three Months and
Years Ended October 30, 2015 and October 31, 2014 (Dollars in
thousands, except per share amounts)
Three Months Ended Years Ended October 30, October 31,
October 30, October 31, 2015
2014 2015 2014 Net Sales1 $
1,149,538 $ 1,261,377 $ 4,392,622 $ 4,625,624 Cost of Sales1
727,842 828,040 2,822,798 3,058,107 Restructuring Charges - Cost of
Sales 6,609 10,794 14,007 28,471 Acquisition-related Charges - Cost
of Sales 1,476 — 4,428
— Gross Profit 413,611
422,543 1,551,389 1,539,046 Research
and Development 33,223 33,706 132,813 134,134 Selling, General and
Administrative 209,826 224,061 810,136 832,335 Restructuring
Charges - Operating Expenses 1,568 2,030 7,562 12,668
Acquisition-related Charges - Operating Expenses —
— 892 — Operating
Expenses 244,617 259,797
951,403 979,137 Gain on Sale of Certain Assets
— — 48,001 —
Income From Operations 168,994 162,746
647,987 559,909 Interest Expense 22,170
17,505 81,348 65,330 Other (Income) Expense, Net
2,039 196 2,838 2,697
Income Before Income Taxes 144,785
145,045 563,801 491,882 Income Taxes
42,429 36,989 164,295
146,481 Net Income $ 102,356 $ 108,056
$ 399,506 $ 345,401 Average Number of Shares
O/S - basic 79,147,730 82,434,042 80,429,741 83,710,111 Average
Number of Shares O/S - diluted 81,032,079
84,635,463 82,446,703 86,046,057
Net Income per Common Share - basic $ 1.29 $ 1.31 $ 4.97 $
4.13 Net Income per Common Share - diluted $ 1.26 $
1.28 $ 4.85 $ 4.01
1 Certain amounts in the 2014 financial
statements have been reclassified to conform to the 2015
presentation. In the first quarter of 2015, we reclassified freight
costs on shipments to customers as cost of sales. Previously these
costs were recorded as a deduction from net sales.
Reclassifications had no effect on net income (loss), cash flows or
stockholders’ equity as previously reported.
THE VALSPAR CORPORATION SEGMENT INFORMATION
(UNAUDITED AND SUBJECT TO RECLASSIFICATION) For the Three
Months and Years Ended October 30, 2015 and October 31, 2014
(Dollars in thousands) Three
Months Ended Years Ended October 30, October 31, October 30,
October 31, 2015
2014 2015 2014
Coatings
Segment
Net Sales1 $ 638,425 $ 714,291 $ 2,496,528 $ 2,585,416 Earnings
Before Interest and Taxes (EBIT) 122,707 106,494 483,649 389,390
Key Metrics (GAAP): Sales Growth1 (10.6 %) 15.3 % (3.4 %)
13.8 % EBIT, % of Net Sales1 19.2 % 14.9 % 19.4 % 15.1 % Key
Metrics (non-GAAP)2: Adjusted EBIT $ 124,772 $ 116,992 $ 445,222 $
418,292 Adjusted EBIT, % of Net Sales1 19.5 % 16.4 % 17.8 % 16.2 %
Paints
Segment
Net Sales1 $ 451,840 $ 484,095 $ 1,661,186 $ 1,806,051 EBIT 55,638
67,578 173,435 192,222 Key Metrics (GAAP): Sales Growth1
(6.7 %) 6.7 % (8.0 %) 6.9 % EBIT, % of Net Sales1 12.3 % 14.0 %
10.4 % 10.6 % Key Metrics (non-GAAP)2: Adjusted EBIT $
63,135 $ 69,877 $ 190,668 $ 204,156 Adjusted EBIT, % of Net Sales1
14.0 % 14.4 % 11.5 % 11.3 %
Other and
Administrative
Net Sales1 $ 59,273 $ 62,991 $ 234,908 $ 234,157 EBIT (11,390 )
(11,522 ) (11,935 ) (24,400 ) Key Metrics (GAAP): Sales
Growth1 (5.9 %) 5.3 % 0.3 % 0.3 % EBIT, % of Net Sales1 (19.2 %)
(18.3 %) (5.1 %) (10.4 %) Key Metrics (non-GAAP)2: Adjusted
EBIT $ (11,299 ) $ (11,495 ) $ (11,853 ) $ (24,097 ) Adjusted EBIT,
% of Net Sales1 (19.1 %) (18.2 %) (5.0 %) (10.3 %) 1 Certain
amounts in the 2014 financial statements have been reclassified to
conform to the 2015 presentation. In the first quarter of 2015, we
reclassified freight costs on shipments to customers as cost of
sales. Previously these costs were recorded as a deduction from net
sales. Reclassifications had no effect on net income (loss), cash
flows or stockholders’ equity as previously reported. 2 The
information on this page includes non-GAAP financial measures.
Please refer to the "RECONCILIATION OF NON-GAAP FINANCIAL MEASURES"
included in this release for detailed information.
THE VALSPAR CORPORATION CONDENSED CONSOLIDATED BALANCE
SHEETS (UNAUDITED) As of October 30, 2015 and October 31, 2014
(Dollars in thousands) October 30,
October 31, 2015
2014
Assets
Current Assets: Cash and Cash Equivalents $ 185,961 $ 128,203
Restricted Cash 1,307 2,868 Accounts and Notes Receivable, Net
857,256 840,447 Inventories 451,909 486,262 Deferred Income Taxes
37,707 28,898 Prepaid Expenses and Other
97,090 90,579 Total Current Assets
1,631,230 1,577,257 Goodwill 1,287,703
1,125,824 Intangibles, Net 643,100 592,512 Other Assets 112,735
83,072 Long-Term Deferred Income Taxes 11,042 10,184
Property, Plant & Equipment, Net 632,765
645,102 Total Assets $ 4,318,575 $ 4,033,951
Liabilities and
Stockholders' Equity
Current Liabilities: Short-term Debt $ 334,022 $ 443,854 Current
Portion of Long-Term Debt 131 162,502 Trade Accounts Payable
553,737 600,875 Income Taxes 36,010 26,017 Other
Accrued Liabilities 442,839 471,173
Total Current Liabilities 1,366,739
1,704,421 Long Term Debt, Net of Current Portion 1,706,933 950,035
Deferred Income Taxes 240,919 219,261 Other Long-Term
Liabilities 148,975 149,143 Total
Liabilities 3,463,566 3,022,860
Stockholders' Equity 855,009 1,011,091
Total Liabilities and Stockholders' Equity $ 4,318,575
$ 4,033,951
THE VALSPAR CORPORATION
SELECTED INFORMATION (UNAUDITED AND SUBJECT TO
RECLASSIFICATION) For the Three Months and Years Ended October
30, 2015 and October 31, 2014 (Dollars in thousands)
Three Months Ended Years Ended October 30,
October 31, October 30, October 31,
2015 2014 2015 2014
Depreciation and Amortization $ 24,545 $ 26,658 $ 92,603 $
100,910 Capital Expenditures 36,280 45,391 97,126 121,271
Dividends Paid 23,834 21,541 96,890 87,427
THE VALSPAR CORPORATION RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES (UNAUDITED) For the Three Months
and Years Ended October 30, 2015 and October 31, 2014 (Dollars in
thousands, except per share amounts)
The following information provides
reconciliations of non-GAAP financial measures from operations
presented in the accompanying news release to the most comparable
financial measures calculated and presented in accordance with
accounting principles generally accepted in the U.S. (“GAAP”). The
company has provided non-GAAP financial measures, which are not
calculated or presented in accordance with GAAP, as information
supplemental and in addition to the financial measures presented in
the accompanying news release that are calculated and presented in
accordance with GAAP. Such non-GAAP financial measures should not
be considered superior to, as a substitute for, or as an
alternative to, and should be considered in conjunction with, the
GAAP financial measures presented in the news release. The non-GAAP
financial measures in the accompanying news release may differ from
similar measures used by other companies. The following tables
reconcile gross profit, operating expense, earnings before interest
and taxes (EBIT), net income, net income per common share -
diluted, and diluted earnings per share (EPS) guidance for the
periods presented (GAAP financial measures) to adjusted gross
profit, adjusted operating expense, adjusted earnings before
interest and taxes (EBIT), adjusted net income, adjusted net income
per common share - diluted, and adjusted diluted earnings per share
(EPS) guidance (non-GAAP financial measures) for the periods
presented.
Three Months Ended Three Months Ended October 30, 2015
October 31, 2014 Dollars % of Net Sales
Dollars % of Net Sales
Coatings
Segment
EBIT $ 122,707 19.2 % $ 106,494 14.9 % Restructuring Charges - Cost
of Sales 680 0.1 % 8,760 1.2 % Restructuring Charges - Operating
Expense 1,385 0.2 % 1,738 0.2 %
Adjusted EBIT 2 $ 124,772 19.5 % $ 116,992 16.4 %
Paints
Segment
EBIT $ 55,638 12.3 % $ 67,578 14.0 % Restructuring Charges - Cost
of Sales 5,929 1.3 % 2,114 0.4 % Acquisition-related Charges - Cost
of Sales 1,476 0.3 % — 0.0 % Restructuring Charges - Operating
Expense 92 0.0 % 185 0.0 % Adjusted
EBIT 2 $ 63,135 14.0 % $ 69,877 14.4 %
Other and
Administrative
EBIT $ (11,390 ) (19.2 %) $ (11,522 ) (18.3 %) Restructuring
Charges - Cost of Sales — 0.0 % (80 ) (0.1 %) Restructuring Charges
- Operating Expense 91 0.2 % 107 0.2 %
Adjusted EBIT 2 $ (11,299 ) (19.1 %) $ (11,495 ) (18.2 %)
Total
Gross Profit $ 413,611 36.0 % $ 422,543 33.5 % Restructuring
Charges - Cost of Sales 6,609 0.6 % 10,794 0.9 %
Acquisition-related Charges - Cost of Sales 1,476 0.1
% — 0.0 % Adjusted Gross Profit $ 421,696 36.7 % $
433,337 34.4 % Operating Expenses $ 244,617 21.3 % $ 259,797
20.6 % Restructuring Charges - Operating Expense (1,568 ) (0.1 %)
(2,030 ) (0.2 %) Acquisition-related Charges - Operating Expense
— 0.0 % — 0.0 % Adjusted Operating
Expenses 2 $ 243,049 21.1 % $ 257,767 20.4 % EBIT $ 166,955
14.5 % $ 162,550 12.9 % Restructuring Charges - Total 8,177 0.7 %
12,824 1.0 % Acquisition-related Charges - Total 1,476
0.1 % — 0.0 % Adjusted EBIT 2 $ 176,608 15.4 %
$ 175,374 13.9 % Net Income $ 102,356 $ 108,056 After Tax
Restructuring Charges - Total 5,989 9,083 After Tax
Acquisition-related Charges - Total 925 —
Adjusted Net Income $ 109,270 $ 117,139 Net Income
per Common Share - diluted $ 1.26 $ 1.28 After Tax Restructuring
Charges - Total 0.07 0.10 After Tax Acquisition-related Charges -
Total 0.01 — Adjusted Net Income per
Common Share - diluted 2 $ 1.35 $ 1.38 1 Certain amounts in
the 2014 financial statements have been reclassified to conform to
the 2015 presentation. In the first quarter of 2015, we
reclassified freight costs on shipments to customers as cost of
sales. Previously these costs were recorded as a deduction from net
sales. Reclassifications had no effect on net income (loss), cash
flows or stockholders’ equity as previously reported. 2 The
data in this schedule has been individually rounded, and therefore
may not sum.
THE VALSPAR CORPORATION
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED)
For the Years Ended October 30, 2015 and October 31, 2014 (Dollars
in thousands, except per share amounts)
Year Ended Year Ended October 30, 2015 October 31, 2014
Dollars % of Net Sales Dollars
% of Net Sales
Coatings
Segment
Earnings Before Interest and Taxes (EBIT) $ 483,649 19.4 % $
389,390 15.1 % Restructuring Charges - Cost of Sales 4,456 0.2 %
18,269 0.7 % Restructuring Charges - Operating Expense 5,118 0.2 %
10,633 0.4 % Gain on Sale of Certain Assets (48,001 ) (1.9
%) — 0.0 % Adjusted EBIT 2 $ 445,222 17.8 % $ 418,292
16.2 %
Paints
Segment
EBIT $ 173,435 10.4 % $ 192,222 10.6 % Restructuring Charges - Cost
of Sales 9,551 0.6 % 10,216 0.6 % Acquisition-related Charges -
Cost of Sales 4,428 0.3 % — 0.0 % Restructuring Charges - Operating
Expense 2,362 0.1 % 1,718 0.1 % Acquisition-related Charges -
Operating Expense 892 0.1 % — 0.0 %
Adjusted EBIT 2 $ 190,668 11.5 % $ 204,156 11.3 %
Other and
Administrative
EBIT $ (11,935 ) (5.1 %) $ (24,400 ) (10.4 %) Restructuring Charges
- Cost of Sales — 0.0 % (14 ) 0.0 % Restructuring Charges -
Operating Expense 82 0.0 % 317 0.1 %
Adjusted EBIT 2 $ (11,853 ) (5.0 %) $ (24,097 ) (10.3 %)
Total
Gross Profit $ 1,551,389 35.3 % $ 1,539,046 33.3 % Restructuring
Charges - Cost of Sales 14,007 0.3 % 28,471 0.6 %
Acquisition-related Charges - Cost of Sales 4,428 0.1
% — 0.0 % Adjusted Gross Profit $ 1,569,824 35.7 % $
1,567,517 33.9 % Operating Expenses $ 951,403 21.7 % $
979,137 21.2 % Restructuring Charges - Operating Expense (7,562 )
(0.2 %) (12,668 ) (0.3 %) Acquisition-related Charges - Operating
Expense (892 ) (0.0 %) — 0.0 % Adjusted
Operating Expenses $ 942,949 21.5 % $ 966,469 20.9 % EBIT $
645,149 14.7 % $ 557,212 12.0 % Restructuring Charges - Total
21,569 0.5 % 41,139 0.9 % Acquisition-related Charges - Total 5,320
0.1 % — 0.0 % Gain on Sale of Certain Assets (48,001 ) (1.1
%) — 0.0 % Adjusted EBIT $ 624,037 14.2 % $ 598,351
12.9 % Net Income $ 399,506 $ 345,401 After Tax
Restructuring Charges - Total 15,158 28,941 After Tax
Acquisition-related Charges 3,637 — After Tax Gain on Sale of
Certain Assets (37,216 ) — Adjusted Net Income
$ 381,085 $ 374,342 Net Income per Common Share - diluted $
4.85 $ 4.01 After Tax Restructuring Charges - Total 0.18 0.34 After
Tax Acquisition-related Charges - Total 0.04 — After Tax Gain on
Sale of Certain Assets (0.45 ) — Adjusted Net
Income per Common Share - diluted 2 4.62 $ 4.35
Fiscal
2016 Annual Adjusted Diluted EPS Guidance (Non-GAAP) $4.80 -
$5.00 1 Certain amounts in the 2014 financial statements
have been reclassified to conform to the 2015 presentation. In the
first quarter of 2015, we reclassified freight costs on shipments
to customers as cost of sales. Previously these costs were recorded
as a deduction from net sales. Reclassifications had no effect on
net income (loss), cash flows or stockholders’ equity as previously
reported. 2 The data in this schedule has been individually
rounded, and therefore may not sum.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151124005231/en/
The Valspar CorporationInvestor Contact:Bill Seymour,
612-656-1328william.seymour@valspar.comorMedia Contact:Kimberly A.
Welch, 612-656-1347kim.welch@valspar.com
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