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Letter to the Editor
Tuesday January 16
Valspar Sees Lower First Quarter Earnings
MINNEAPOLIS -- Industrial coatings maker Valspar Corporation has announced it sees first quarter earnings well below a year-ago due to dilution from its $762 million merger with Lilly Industries and soft retail demand for some of its products.
Valspar said it sees earnings for the first quarter ending Jan. 26 to be in the range of 10 cents per share, compared with 26 cents per share in the same quarter a year-ago. Analysts had expected the company to report a first quarter profit of 22 cents a share.
The company also said that the improved sales trends reflected in its fiscal 2000 fourth quarter have not continued and it has seen a decline in sales in its architectural coatings product line due to softening retail demand and renewed customer inventory reduction efforts.
Valspar stock has traded in a range for $19.75 to $40.44 in the last 52 weeks.
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