Valspar Raises 2009 Guidance Above Wall Street

MINNEAPOLIS (AP) — Paint and coatings maker Valspar Corp. raised its guidance on Monday, after reporting its fiscal third-quarter profit beat estimates because it was able to cut costs.

The Minneapolis-based company said it now expects fiscal 2009 adjusted earnings per share to range from $1.67 to $1.72, excluding restructuring charges. Previously, the company forecast income of $1.55 to $1.65 per share.

On average, analysts polled by Thomson Reuters expect a profit of $1.57 per share.

Valspar said Monday its third-quarter profit rose 38 percent, even as sales fell because of its cost-cutting efforts.

Shares fell 18 cents to $26.23 in morning trading.