First-quarter sales at Valspar dropped 16.4% from the same period last year to $639.5 million. Net income for the first quarter of 2009 dropped to $14.2 million from $24 million the year before. Excluding non-cash adjustments of $0.03 per share for Huarun minority interest shares in fiscal 2008 and 2009, and a $0.06 per share charge in fiscal 2009 related to restructuring actions, first-quarter adjusted net income per share was $0.20, lower than $0.24 in the prior-year quarter. Sales for its coatings segment was $374.7 million, compared to $471.4 million last year. Paint segment generated sales of $212.7 million compared to $228.7 million a year ago. Looking ahead, the company said it still expects adjusted net income per share for fiscal 2009 to be in the range of $1.55 to $1.65, excluding restructuring charges. Wall Street analysts estimate earnings of $1.50 per share.