Valspar sees earnings drop, cuts full-year guidance

Valspar’s net income for the first quarter of fiscal 2013 declined 1.4% year-on-year (YOY), to $55 million, or 60 cts/share, the company says. Earnings fell short of analysts’ consensus of 67 cts/share, as reported by Thomson Reuters (New York). Sales were down 1.2% YOY, to $875.2 million. Valspar’s fiscal first quarter ended on 25 January.   The company is also cutting its full-year earnings guidance about 1.3%, to $3.60–3.80/share, because of weak demand in international paints and coatings markets. Analysts’ consensus...

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