12 February 2013 13:31 [Source: ICIS news]
HOUSTON (ICIS)--Valspar reported fiscal 2013 first-quarter net income of $55.0m (€41.3m), down from $55.8m in the same period a year ago, as sales fell slightly amid weak international markets, the US-based coatings firm said on Tuesday.
Valspar’s sales for the three months ended 25 January were $875.2m, down from $885.6m in the same period the year before. Gross profit was $294.3m, up slightly from $293.3m.
“Although we made substantial progress this quarter on a number of key initiatives, international markets were weaker than anticipated,” said CEO Gary Hendrickson.
“We continued to invest in our long term opportunities and remain confident we will achieve our new business plans for the full year,” he said.
“However, weak demand in certain international markets is expected to continue and thus we are adjusting our full-year guidance to $3.60 to $3.80 to reflect these market conditions,” he added.
Valspar’s previous full-year fiscal 2013 guidance, issued last November, was $3.65 to $3.85.
($1 = €0.75)
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