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Valspar corp.-Paint maker makes headway against rising mater
In fiscal year (FY) 1989, which ends October 28, Valspar Corp. (Minneapolis, Minnesota) has raised prices in an attempt to recoup cost increases from 1988. The company has found some help in a moderation of price increases of paint materials in FY 1989. If such expenses can be kept from rising much more in FY 1989, there is a good possibility that Valspar will regain much of what it lost from profit margins in 1988. Valspar’s net income for 1988 rose from $18.1 million to $18.3 million. Sales increased 7% to $480 million. In the first quarter of FY 1989, the company’s net income jumped 44% to $2.6 million, or 23 cents a share. Management has indicated that, in the present economic climate, sales and earnings should continue to grow for the remainder of 1989. Valspar’s main objective is to one of the 3 top paint manufacturers in the 4 segments of its business. It has been pursuing this goal primarily through acquisitions. forex picks
Byrne, Harlan S.
Full text: [Barron's National Business and Financial Weekly] May 8, 1989
TX: NEW YORK Stock prices kept falling Friday, weighed down by new signs of stepped-up inflation and weak consumer spending. The Dow Jones average of 30 industrials dropped 18.56 to 2,564.11, extending its loss for the week to 55.44 points. The Treasury’s benchmark 30-year bond fell 19|32 point, or $5.94 per $1,000 face amount. forex picks