Paint and coatings giant Valspar has lowered its fourth-quarter guidance because of continued weakness in the housing market.
The company, which sells an exclusive line of interior and exterior paints through Lowe’s stores, adjusted fiscal year earnings projections to $1.67 to $1.70 per share, down from a previous estimate of $1.80 per share.
"We are taking aggressive steps to control costs in all areas of the company," said William Mansfield, Valspar’s chairman, president and CEO. "Our businesses in markets outside of the U.S., including our recent acquisitions, continue to perform well, and we are making significant progress with our branding and other growth initiatives. In response to the soft domestic sales environment, we have taken actions to reduce costs and our inventory levels."
The company said it expects the weak sales environment to continue in 2008.
The Minneapolis-based company sells products at Lowe’s under the Valspar brand, in addition to brands including Laura Ashley Home, Plasti-Kote, Cabot, Goof-Off and Quikrete.