May 14, 2013 (Star Tribune (Minneapolis) - McClatchy-Tribune Information Services via COMTEX) -- Citing new business deals and a recovering U.S. housing market, paint manufacturer Valspar Corp. on Tuesday reported flat second-quarter earnings and revenue that were in line with Wall Street expectations.

The Minneapolis firm earned $76.9 million, or 84 cents a share, on revenue of $1.03 billion. Adjusted earnings were 91 cents a share, slightly above the 90 cents anticipated by Wall Street analysts. Revenue fell just short of the $1.05 billion Wall Street had expected.

"Strong volume growth in the quarter was driven by new business wins," said CEO Gary Hendrickson. "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 reaffirmed its fiscal year adjusted earnings guidance of $3.60 to $3.80 per share. Wall Street has been expecting full-year adjusted earnings of $3.68 per share.

Steve Alexander --612-673-4553

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