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Valspar Warns on First-Quarter Earnings

Published on 2005-02-04. Author : SpecialChem

MINNEAPOLIS (AP) -- Citing higher raw material costs, coatings manufacturer Valspar Corp. said Wednesday that it expects to report earnings for the first quarter of 20 cents to 23 cents per share, well below year-ago profit of 35 cents.

Sales for the quarter increased about 11 percent year-over-year. Analysts surveyed by Thomson First Call are currently looking for Valspar to post profit of 33 cents per share on sales of $535.8 million.

Richard M. Rompala, chairman and chief executive officer, said, "While we implemented across-the-board increases in selling prices in January, first-quarter gross margins declined about four percentage points as a result of unprecedented increases in raw material costs."

The company said manufacturing efficiencies and expense controls partially offset these cost pressures, but plans to take additional pricing actions to restore margins to "acceptable levels."

Valspar expects to report first-quarter results on Feb. 14.

Source: Valspar


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