Thursday, April 28, 2011

MASCO'S LOSES WIDEN IN 1ST QUARTER OF 2011

Masco Corp. said its loss widened in the first quarter, as the manufacturer of home improvement and building products saw sales soften amid lingering weakness in new home construction and remodeling.


Masco owns the following companies that supply the housing industry:
Kraft Maid Kitchen Cabinets
Merrilat Kitchen Cabinets
Delta & Peerless Faucets
Aquaglass
Behr and Kilz Paints
Arrow Fasteners
Milgard Windows and Doors
The company reported a loss of $46 million, or 13 cents a share, for the three months ended March 31. That compares with a loss of $7 million, or 2 cents a share, in the prior-year quarter.

Masco's North American sales fell 7 percent, while international sales rose 4 percent.

Depressed new home construction, homeowners deferring major home repair and remodeling plans and commodity cost pressures contributed to the weaker sales, the company said.

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