Valspar 4Q profit slips on restructuring charge

Earnings after preferred dividends for the period ended Oct. 31 fell to $35.6 million, or 35 cents per share, compared with $45.4 million, or 45 cents per share, a year ago.

Excluding a restructuring charge of 13 cents per share and other items, net income totaled 42 cents per share.

Analysts expected a profit of 43 cents per share, according to a Thomson Reuters survey. Analysts' estimates typically exclude one-time items.

Quarterly revenue grew 8 percent to $923.2 million from $852.8 million, helped by one extra week in the period.

The results beat Wall Street's estimate of $909.6 million.

Full-year profit after preferred dividends slipped 10 percent to $138.6 million, or $1.38 per share, compared with $153.5 million, or $1.50 per share.

Stripping out one-time items, adjusted earnings totaled $1.57 per share.

Annual sales increased to $3.48 billion, up 7 percent from $3.25 million in the prior year.

The company also forecast 2009 adjusted earnings which were below Wall Street expectations. Valspar said the outlook accounts for a worldwide recession.