Valspar Plummets After Disappointing Earnings
Shares of Valspar (NYSE: VAL) were down over 8% at one point Tuesday after the company reported poor earnings. Valspar is one of the world's largest producers of paint.
Valspar posted earnings of $0.60, much less than the $0.67 estimate. Revenue also came in light at $875.20 million -- the Street had been looking for $922.05 million.
Further, Valspar trimmed its guidance. The company currently anticipates fiscal-year 2013 earnings in the range of $3.65-3.80, lower than the company's previous guidance range of $3.65-3.85 and less than the consensus estimate of $3.80
On the subsequent earnings call, Valspar lowered its outlook for fiscal-year 2013 free cash flow from $184-205 million to $180-200 million.
Valspar blamed its poor results on its international operations. The company's chairman and CEO cited “weak demand in certain international markets.”
Shares of Valspar traded near $61.60 late Tuesday.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.