By: Valassis Communications Inc., a marketing company mostly focused on newspaper inserts, on Monday lowered its earnings guidance for the second quarter and full year, citing sales weakness.
Valassis decreased its second quarter earnings per share guidance to a range of 38 cents to 42 cents, versus earlier guidance of 49 cents to 55 cents. Full-year expectations were trimmed to a range of $1.60 to $1.80 from a previously range of $1.95 to $2.15.
Analysts polled by Thomson Financial were expecting earnings of 51 cents for the quarter and $1.99 for the full year.
The company cited a slowdown in sales and pricing pressure in both its free-standing insert business and neighborhood-specific advertising. The company also said a suspension of its stock buyback program would effect earnings per share.
Valassis said it plans to provide third- and fourth-quarter earnings guidance when it reports its second-quarter financial results on July 27.
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