MINNEAPOLIS (AP) — Paint and coatings maker Valspar Corp. said Monday its fiscal third-quarter profit rose 38 percent, even as sales fell because it was able to cut costs.

The earnings beat analyst estimates, and the company boosted its guidance for fiscal 2009.

The Minneapolis-based company earned $65 million, or 61 cents per share, in the quarter ended July 31. That compares with a profit of $47 million, or 44 cents per share, in the same period a year earlier.

Excluding one-time costs for restructuring and other items, Valspar earned 67 cents per share in the latest quarter.

Analysts, who typically exclude one-time items from their estimates, predicted earnings per share of 53 cents, according to a Thomson Reuters survey.

Revenue fell 17 percent to $794.6 million from $957.7 million. Analysts had expected revenue of $807.5 million.

Shares of Valspar fell 21 cents to $26.20 in morning trading.