FEB-11-2008

Valspar Reports First Quarter Results

Adjusted Earnings Per Share Rise 9.1 Percent on 10.2 Percent Sales Increase Company Reaffirms FY 2008 Guidance

MINNEAPOLIS, Minn., February 11, 2008 - The Valspar Corporation (NYSE-VAL) today reported its results for the first-quarter ended January 25, 2008.

First-quarter sales totaled $765.1 million, a 10.2 percent increase from the first quarter of 2007. Net income for the first quarter was $24.0 million. Adjusted earnings per share were $0.24 for the quarter, which excludes a non-cash adjustment of $0.03 per share for Huarun minority interest shares. Reported earnings per share were $0.21. In 2007, first-quarter net income was $23.6 million, or $0.23 adjusted earnings per share, which included a $0.01 per share benefit for favorable tax adjustments and excluded a $0.05 per share non-cash adjustment for Huarun minority interest shares.

"Results for the quarter were in line with our expectations," said William L. Mansfield, Valspar president and chief executive officer. "Our international operations, packaging and industrial coatings, and recently acquired businesses are performing well. In the United States, new business and operational discipline are offsetting the impact of a softening economy. We continue to expect Valspar's fiscal 2008 adjusted earnings per share to be in the range of $1.65 to $1.75."

The company also announced today that in December 2007 it acquired Aries Coil Coatings S.A. de C.V., located in Monterrey, Mexico. "Aries builds on Valspar's growing international presence and extends our leading position in coil and packaging coatings in the Americas." said Mansfield. Aries had 2007 sales of approximately $40 million. Valspar expects the acquisition to be slightly accretive to earnings in 2008. Terms of the transaction were not disclosed.

William L. Mansfield and Paul C. Reyelts, executive 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 1:30 p.m. Central Time February 11 through Midnight on February 29 by dialing 1-800-475-6701 from within the U.S. or 320-365-3844 from outside of the U.S., using access code 909442.

Investor Contact: Lori A. Walker, (612) 375-7350
Media Contact: Mike Dougherty, (612) 375-7802