VAL Valaris Limited

Coatings and paints company Valspar Corp. raised the bottom end of its full-year guidance as earnings rose more than expected in the July quarter.

For the year, the company now expects per-share earnings of $4.55 to $4.65, up from its previous range of $4.45 to $4.65.

Sales in the coatings segment fell 6% to $640 million, partly due to the negative effect of currency. Volumes were up 1%, led by the General Industrial product line and growth in the Coil product line.

Sales in the paints segment, meanwhile, fell 7% to $444 million as volumes were down 4%. Volume declined in North America due to a previously disclosed product-line adjustment.

Overall, the company posted a profit of $102.9 million, or $1.25 a share, compared to $97.8 million, or $1.14 a share, a year earlier.

Excluding one-time items, earnings were $1.33 a share.

Sales were $1.15 billion, compared to $1.23 billion a year earlier. Foreign currency fluctuations hurt sales by 5%, though acquisitions added 2%.

Analysts anticipated $1.26 in per-share earnings and $1.17 billion in sales, according to Thomson Reuters.

Shares were inactive premarket and have fallen about 12% this year through Monday's close.

Write to Angela Chen at angela.chen@wsj.com

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(END) Dow Jones Newswires

August 25, 2015 08:25 ET (12:25 GMT)

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