Valspar's Earnings Slide on Weak U.S. Economy

Valspar reported net income for the fourth quarter, ended October 26, of $48.8 million (45 cts/share), down 6.4% compared to the year-ago period, on sales up 8.8%, to $852.8 million. The company had projected earnings for the fourth quarter of 47 cts-50 cts/share. "2007 was a challenging year, with difficult economic conditions in the U.S. housing sector significantly impacting our results," says William Mansfield, Valspar chairman, president and CEO. "Our businesses in markets outside of the U.S., including our recent acquisitions, performed well...

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