Valspar Corporation (VAL) has reported 1.21 percent rise in profit for the quarter ended Oct. 28, 2016. The company has earned $103.59 million, or $1.27 a share in the quarter, compared with $102.36 million, or $1.26 a share for the same period last year.
Revenue during the quarter dropped 3.78 percent to $1,106.06 million from $1,149.54 million in the previous year period. Gross margin for the quarter contracted 40 basis points over the previous year period to 35.58 percent. Total expenses were 87.88 percent of quarterly revenues, up from 85.30 percent for the same period last year. That has resulted in a contraction of 258 basis points in operating margin to 12.12 percent.
Operating income for the quarter was $134.06 million, compared with $168.99 million in the previous year period.
Working capital increasesValspar Corporation has recorded an increase in the working capital over the last year. It stood at $330.47 million as at Oct. 28, 2016, up 24.94 percent or $65.97 million from $264.49 million on Oct. 30, 2015. Current ratio was at 1.26 as on Oct. 28, 2016, up from 1.19 on Oct. 30, 2015.
Debt comes downValspar Corporation has recorded a decline in total debt over the last one year. It stood at $1,778.40 million as on Oct. 28, 2016, down 12.87 percent or $262.69 million from $2,041.09 million on Oct. 30, 2015. Total debt was 41.22 percent of total assets as on Oct. 28, 2016, compared with 47.26 percent on Oct. 30, 2015. Debt to equity ratio was at 1.60 as on Oct. 28, 2016, down from 2.39 as on Oct. 30, 2015. Interest coverage ratio deteriorated to 6.02 for the quarter from 7.62 for the same period last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
