24 November 2008 19:44 [Source: ICIS news]
HOUSTON (ICIS news)--US paints and coatings maker Valspar’s fiscal fourth-quarter net earnings fell 20% to $38.9m (€30.7m) from $48.8m in the fourth quarter of 2007 amid higher costs, the company said on Monday.
Sales for the quarter ended on 31 October totalled $923.2m, up 8.3% from $852.8 in the fourth quarter of 2007.
However, the cost of sales rose to $675.2m from $605.5m in the 2007 fourth quarter, the company said.
"We were pleased with our performance in difficult market conditions," said Valspar chairman and chief executive William Mansfield. "By focusing on execution and operational discipline, we gained share in key markets, improved productivity and delivered strong cash flow.”
Valspar’s net income for the entire fiscal year was $150.8m, down from $172.1m in fiscal 2007.
Sales for the fiscal year totalled $3.5bn, compared with $3.3bn in fiscal 2007.
($1 = €0.79)
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