UPDATE 1-Valspar quarterly profit beats Street

Tue May 15, 2012 9:32am EDT

* Q2 adj EPS $0.84 vs est EPS $0.82

* Q2 rev up 4 pct

* Sees FY12 adj EPS $3.20-$3.30 vs est $3.18

May 15 (Reuters) - Paint and coatings maker Valspar Corp posted a quarterly profit above analysts' expectations for the seventh straight quarter, boosted by increased prices that offset high raw material costs, and raised its forecast for the full-year.

The company said it now expects an adjusted profit of $3.20 to $3.30 per share for the year ending October 2012. It had raised its forecast to $2.87 to $3.07 per share in February.

Analysts were expecting full-year earnings of $3.18 per share, according to Thomson Reuters I/B/E/S.

For the second quarter, the company posted a net profit of $76.5 million, or 80 cents per share, compared with $56.3 million, or 58 cents per share, last year.

Excluding items, Valspar earned 84 cents a share.

Revenue rose 4 percent to $1.03 billion.

Analysts had expected earnings of 82 cents per share on revenue of $1.07 billion.

Shares of the Minneapolis-based company, which have risen 13 percent in last three months, closed at $49.78 on Monday on the New York Stock Exchange. They touched a year high of $52.96 last week.

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