AUG-17-2009

Valspar Reports Third-Quarter Results

Company Raises FY 2009 Guidance

MINNEAPOLIS, Minn., August 17, 2009 - The Valspar Corporation (NYSE-VAL) today reported its results for the third-quarter ended July 31, 2009.

Third-quarter sales totaled $794.6 million, 17.0 percent lower than sales in the third quarter of 2008. Third-quarter adjusted net income per share increased to $0.67 in 2009 from $0.50 in 2008. Third-quarter adjusted net income per share for both 2009 and 2008 excludes non-cash adjustments of $0.03 per share for Huarun minority interest shares and a $0.03 per share charge related to restructuring actions. Net income for the third quarter of 2009 was $65.0 million. Third-quarter reported earnings per share in 2009 were $0.61. Net income for the third quarter of 2008 was $47.0 million. Third-quarter reported earnings per share in 2008 were $0.44.

"We are pleased with our strong earnings performance for the quarter," said William L. Mansfield, Valspar chairman and chief executive officer. "Our restructuring actions have improved the efficiency of our operations and we continue to improve our competitive position. Valspar employees have done an outstanding job of controlling costs and remain focused on adding value for our customers. Looking ahead, we now expect to deliver fiscal year 2009 adjusted net income per share in the range of $1.67 to $1.72 excluding restructuring charges."

William L. Mansfield and Lori A. Walker, senior vice president and chief financial officer, will conduct a conference call for investors at 10:00 a.m. Central Time (11:00 a.m. Eastern Time) today. The call can be heard live over the Internet at Valspar's website at www.valsparglobal.com under Investor Relations. Those unable to participate during the live broadcast can access an archive of the call on the Valspar website. A taped delay of the call will also be available from 12:00 a.m. Central Time August 17 through Midnight on August 28 by dialing 1-800-475-6701 from within the U.S. or 320-365-3844 from outside of the U.S., using access code 109867.

Investor Contact: Tyler Treat, (612) 851-7358
Media Contact: Mike Dougherty, (612) 851-7802

2009 Q3 Balance Sheet
2009 Q3 Key Data