Sluggish international sales pull down sales at Valspar

  • Article by: JACKIE CROSBY , Star Tribune
  • Updated: February 12, 2013 - 1:37 PM

Paint manufacturer downgrades full-year outlook

Minneapolis paint-maker Valspar Corp. missed its first-quarter profit mark and lowered full-year guidance Tuesday after weak international sales.

Revenue fell 1.2 percent to $875 million, compared with a year earlier. Profits for the quarter ended Jan. 26 were down 1.4 percent to $55.8 million, or 60 cents per share. The capital IQ Consensus estimate was 67 cents.

The company adjusted full-year guidance to $3.60 to $3.80 to reflect weak demand overseas.

“Although we made substantial progress this quarter on a number of key initiatives, international markets were weaker than anticipated,” CEO Gary Hendrickson said in a statement. “We continued to invest in our long-term opportunities and remain confident we will achieve our new business plans for the full year.”

Shares were down about 6 percent in premarket trading.

 

Jackie Crosby • 612-673-7335

 

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