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Letter to the Editor
Tuesday April 15
Valspar Lowers Second Quarter Earnings Outlook
The Valspar Corporation has announced that it expects diluted earnings for the second quarter ending April 25, 2003 to be in the range of 60 cents to 65 cents per share, compared to 67 cents per share in the comparable period a year ago.Valspar had previously announced on February 10, 2003 that it expected second quarter earnings to be in the range of 70 cents to 75 cents per share.
Sales for the second quarter are expected to be approximately equal to the second quarter of 2002, reflecting a significant business slowdown in response to recent world events. While sales of architectural and packaging coatings have been in line with expectations, industrial coatings sales are expected to decline from the comparable period a year ago.
Commenting on the current outlook, Richard M. Rompala, Chairman and Chief Executive Officer, said, "Because of continuing political and economic uncertainties, the entire industrial economy has experienced a dramatic slowdown and we do not have a clear outlook on when business conditions will improve. In this period of uncertainty, we are taking aggressive actions to control expenses and to offset raw material cost pressures."
Valspar expects to report actual second quarter results on May 12, 2003.
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