Valspar Profit Hurt By Falling Demand

Paint- and coatings-maker Valspar(VAL Quote) saw a 24% drop in second-quarter earnings, as demand waned.

During the quarter, the company earned $31.1 million, or 28 cents per share, compared with $40.8 million, or 38 cents, a year earlier.

Excluding one-time costs for restructuring and other items, Valspar earned 36 cents per share, matching analysts' target.

Revenue fell 20% to $668.4 million from $836.4 million.

While the company does not expect industrial markets to improve over the year, they reaffirmed guidance of $1.55 to $1.65 a share, citing strong execution and operational discipline of employees.