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Valspar 2Q Profit Falls 24 Percent As Sales Fall

The Associated Press

MINNEAPOLIS (AP) — Paint and coatings maker Valspar Corp. said Monday its second-quarter profit fell 24 percent as demand weakened.

The Minneapolis-based company earned $31.1 million, or 28 cents per share, in the quarter ended May 1. That compares to a profit of $40.8 million, or 38 cents per share, a year earlier.

Excluding one-time costs for restructuring and other items, Valspar earned 36 cents per share, matching an estimate from Wall Street analysts.

Revenue fell 20 percent to $668.4 million from $836.4 million. Analysts had expected $742 million.

Valspar said it still expects an adjusted 2009 profit of $1.55 to $1.65 per share. Analysts polled by Thomson Reuters expect a profit of $1.52 per share.