Valspar Corp. reported slightly higher second-quarter net income as paint sales in North America climbed 13 percent, the Associated Press reports.
The Minneapolis-based paint and coatings maker earned $76.9 million, compared with $76.5 million during the three month period a year ago. Net sales totaled $1.03 billion, equal to the prior year.
“Strong volume growth in the quarter was driven by new business wins. The seven percent growth in total volumes, inclusive of Ace volumes, was a significant accomplishment especially given the uneven demand this year in several markets,” Gary Hendrickson, chairman and chief executive officer, news release. “We saw improving momentum in the U.S., driven by solid performance in our consumer paints, packaging, wood and coil product lines. The strengthening U.S. housing market, coupled with our continued new business initiatives, should provide further improvements in the second half of the year."
The company also announced restructuring actions focused on improving its North American paint manufacturing footprint, RTTNews.com notes.
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