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Monday, November 23, 2009

Valspar Corp. 2010 Outlook In-Line; Earnings Rise

By Kathryn Glass

FOXBusiness

Valspar Corp. (VAL) gave fiscal 2010 guidance that was in-line with analyst expectations, and reported that earnings per share rose, while revenue fell compared to the year-ago quarter.

The coating and paint manufacturer said it expects fiscal 2010 earnings to range between $1.85 and $2.05 a share and is forecasting modest revenue growth. The company saw fiscal 2009 revenue of $2.879 billion. Analysts were projecting earnings of $1.93 a share on revenue of $3.048 billion in fiscal 2010.

In the fiscal fourth quarter, the company saw profit of $49.9 million or 49 cents a share, compared to earnings of $38.9 million or 35 cents a share during the fourth quarter of fiscal 2008. Adjusted earnings per share rose to 53 cents, compared to 42 cents a share last year. Analysts were expecting the company to see earnings of 48 cents a share, according to a poll by Thomson Reuters.

Revenue fell 15.9% during the quarter to $776.6 million, compared to sales of $923.2 million in the year-ago period; however, the quarter contained one less week than a year ago. When adjusted for the week difference, the company’s revenue fell just 11.8%.

Shares of Valspar fell 95 cents or 3.45% in Monday’s session, before gaining 5 cents or 0.17% in after-hours trading.

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