The Valspar Corporation reported fiscal fourth quarter 2016 ended October 28, 2016 net sales of $1.11 billion, a decrease of 4 percent over the prior year period.
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This includes the effects of foreign currency translation that negatively impacted net sales by 1 percent. Fiscal fourth quarter 2016 net income of $104 million and earnings per diluted share (EPS) of $1.27 both increased 1 percent.
Fiscal fourth quarter 2016 net income of $104 million includes the impact of the following after-tax items: restructuring and other asset-related charges of approximately $5 million and expenses related to the proposed merger with The Sherwin-Williams Company of approximately $3 million.
n total, these items negatively impacted fiscal fourth quarter 2016 diluted EPS by approximately $0.10. Fiscal fourth quarter 2015 net income of $102 million included the impact of the following after-tax items: restructuring charges of approximately $6 million and acquisition charges of approximately $1 million.
In total, these items negatively impacted fiscal fourth quarter 2015 diluted EPS by approximately $0.08.
Fiscal year 2016 net sales were $4.19 billion, a decrease of 5 percent over the prior year period.
This includes the effects of foreign currency translation that negatively impacted net sales by 3 percent, and acquisitions added 3 percent to net sales in the year.
Fiscal 2016 net income of $353 million decreased 12 percent and diluted EPS of $4.36 decreased 10 percent.
Fiscal 2016 net income of $353 million includes the impact of the following after-tax items: restructuring and other asset-related charges of approximately $19 million, expenses related to the proposed merger with The Sherwin-Williams Company of approximately $18 million and acquisition charges of approximately $1 million.
In total, these items negatively impacted fiscal 2016 diluted EPS by approximately $0.46.
Fiscal 2015 net income of $400 million included the impact of the following after-tax items: a gain on sale of certain assets of approximately $37 million, restructuring charges of approximately $15 million and acquisition charges of approximately $4 million.
In total, these items positively impacted fiscal 2015 diluted EPS by approximately $0.23. ■