Valspar Corp., a maker of paints and coatings based in Minneapolis, reported a slight drop in first-quarter profit, the Associated Press reports.
For the three-month period that ended Jan. 25, the company earned $55 million. That's down 1.4 percent from $55.8 million a year ago.
“Although we made substantial progress this quarter on a number of key initiatives, international markets were weaker than anticipated,” Gary E. Hendrickson, chairman and chief executive officer, said in a news release. “We continued to invest in our long term opportunities and remain confident we will achieve our new business plans for the full year"
However, Valspar adjusted its full-year guidance to $3.60 to $3.80 to reflect the weak demand that is expected to continue in certain international markets.
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