Valspar Shares Dip Premarket After Company's Sales Fall Short Of Estimates

Valspar Corp. shares slipped 1.4% in premarket trade Wednesday, after the company reported weaker-than-expected third-quarter sales. The paint company said it had net income of $117 million, or $1.44 a share, in the quarter, up from $102.9 million, or $1.25 a share, in the year-earlier period. Adjusted per share earnings came to $1.57. Sales dipped to $1.142 billion from $1.149 billion. The FactSet consensus was for EPS of $1.44 and sales of $1.179 billion. "Coatings segment performance was led by strong volume growth in the coil and wood product lines," Chief Executive Gary Hendrickson said in a statement. Shares have gained 27% in the year so far, while the S&P 500 has gained about 7%.