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BRIEF-Valspar Corp reports Q2 earnings per share $0.99
May 24, 2016 / 11:46 AM / a year ago

BRIEF-Valspar Corp reports Q2 earnings per share $0.99

May 24 (Reuters) - Valspar Corp

* Valspar reports fiscal second quarter 2016 results

* Q2 adjusted earnings per share $1.22

* Q2 earnings per share $0.99

* Q2 earnings per share view $1.26 -- Thomson Reuters I/B/E/S

* Foreign currency translation negatively impacted net sales by 3% for fiscal q2 2016

* Says in light of proposed merger transaction, company is withdrawing its financial and earnings guidance for fiscal 2016

* Suspended share repurchases in fiscal Q2 of 2016 and for balance of fiscal year

* Sherwin-Williams, Valspar believe that no or minimal divestitures should be required to complete deal where Sherwin will buy co for $113per share

* Qtrly net sales $1.06 billion versus $1.08 billion

* If divestitures are required totaling more than $650 million of valspar’s 2015 revenues deal price to be adjusted to $105per share in cash

* Q2 earnings per share view $1.26, revenue view $1.12 billion -- Thomson Reuters I/B/E/S

* Sherwin-Williams would have right to terminate transaction in event that required divestitures exceed $1.5 billion of Valspar’s 2015 revenues Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1-646-223-8780)

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