Valspar cuts earnings estimate
By Furniture Today Staff -- Furniture Today, April 21, 2003
Minneapolis — Finish supplier Valspar has reduced its fiscal second-quarter earnings estimate and said sales are expected to be flat with a year ago, reflecting a "significant business slowdown in response to recent world events."
Earnings are expected to be in the range of 60 to 65 cents per share for the quarter ending April 25, compared with 67 cents in the same period a year ago. In February, the company had projected the current quarter's earnings at 70 to 75 cents per share.
Architectural and packaging coatings sales are in line with expectations but industrial coatings sales are down, the company said. Because of business uncertainty, said Richard Rompala, chairman and chief executive officer, "We are taking aggressive actions to control expenses and offset raw material cost pressures."
