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Letter to the Editor
Monday October 22
Valspar Lowers Q4 Earnings Outlook
The Valspar Corporation has announced that it expects adjusted earnings for the fourth quarter ending October 26, 2007 to be in the range of 47 to 50 cents per share, compared to earnings of 51 cents per share in the fourth quarter of 2006. For the full year, the company expects adjusted earnings per share to be approximately $1.67-$1.70. This fourth quarter and full year guidance excludes any adjustments for Huarun minority interest shares and includes an estimated 10 cents per share after-tax gain from the sale of assets.The company noted that fourth quarter sales and profits will be lower due to the continuing weakness in the U.S. housing market and the impact on the company's Paints segment and related industrial markets in the company's Coatings segment.
"We expect the weak sales environment affecting our domestic business to continue into 2008. As a result, we are taking aggressive steps to control costs in all areas of the company," said William L. Mansfield, Valspar chairman, president and chief executive officer. "Our businesses in markets outside of the U.S., including our recent acquisitions, continue to perform well, and we are making significant progress with our branding and other growth initiatives. In response to the soft domestic sales environment, we have taken actions to reduce costs and our inventory levels. We will continue to strengthen our business under challenging conditions and we are confident we can deliver on our long-term growth objectives."
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