We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Valspar Shareholders Approve Buyout by Sherwin-Williams
Read MoreHide Full Article
The Valspar Corporation (VAL - Free Report) said that its shareholders have voted in favor of the company's proposed acquisition by The Sherwin-Williams Co. (SHW - Free Report) at the former’s Special Meeting of Shareholders.
The transaction is expected to conclude by the end of the first quarter of calendar year 2017. The deal is subject to customary closing conditions, including the expiration or termination of the applicable waiting period under the U.S. Hart-Scott-Rodino Antitrust Improvements Act and regulatory approvals in various other jurisdictions.
Valspar saw its profits decline roughly 9.2% year over year to 99 cents per share in second-quarter fiscal 2016 (ended Apr 29). Adjusted earnings of $1.22 per share missed the Zacks Consensus Estimate of $1.26. Revenues of $1.06 billion also trailed the Zacks Consensus Estimate of $1.12 billion. However, revenues from the paints segment saw an increase of 1% year over year to $407 million, although currency headwinds hurt sales by 2%.
Valspar, which is one of the prominent paint makers, along with Akzo Nobel (AKZOY - Free Report) and PPG Industries (PPG - Free Report) , withdrew its guidance for fiscal 2016 in May 2016 in light of the impending merger with Sherwin-Williams.
Valspar is exposed to currency headwinds and volatility in raw material costs which can invariably reduce the company's profit margins. Moreover, the overall demand environment remains uneven.
Valspar currently holds a Zacks Rank #4 (Sell).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>
See More Zacks Research for These Tickers
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
Valspar Shareholders Approve Buyout by Sherwin-Williams
The Valspar Corporation (VAL - Free Report) said that its shareholders have voted in favor of the company's proposed acquisition by The Sherwin-Williams Co. (SHW - Free Report) at the former’s Special Meeting of Shareholders.
The transaction is expected to conclude by the end of the first quarter of calendar year 2017. The deal is subject to customary closing conditions, including the expiration or termination of the applicable waiting period under the U.S. Hart-Scott-Rodino Antitrust Improvements Act and regulatory approvals in various other jurisdictions.
VALSPAR CORP Price
VALSPAR CORP Price | VALSPAR CORP Quote
Valspar saw its profits decline roughly 9.2% year over year to 99 cents per share in second-quarter fiscal 2016 (ended Apr 29). Adjusted earnings of $1.22 per share missed the Zacks Consensus Estimate of $1.26. Revenues of $1.06 billion also trailed the Zacks Consensus Estimate of $1.12 billion. However, revenues from the paints segment saw an increase of 1% year over year to $407 million, although currency headwinds hurt sales by 2%.
Valspar, which is one of the prominent paint makers, along with Akzo Nobel (AKZOY - Free Report) and PPG Industries (PPG - Free Report) , withdrew its guidance for fiscal 2016 in May 2016 in light of the impending merger with Sherwin-Williams.
Valspar is exposed to currency headwinds and volatility in raw material costs which can invariably reduce the company's profit margins. Moreover, the overall demand environment remains uneven.
Valspar currently holds a Zacks Rank #4 (Sell).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>