Earnings fall 19 percent at Masco
Building materials giant Masco saw earnings fall 19 percent in the third quarter, to $205 million from $252 million in the same period last year.
Net sales fell 6.7 percent to $3.06 billion from $3.28 billion in the same period last year.
Masco saw lower sales of installation services, assembled cabinets and windows. Still, the company saw increased sales in its paints and stains category, which includes Home Depot’s exclusive line of Behr paint and the Kilz line of paint and coatings. International operations, especially in plumbing products, also contributed positively to the results.
North American sales from continuing operations declined 11 percent. International sales were strong, however, showing an increase of 13 percent with favorable exchange rates also bolstering the company’s income.
“Given the difficult housing environment, the company is very pleased with its third-quarter operating performance,” read a statement from Masco. The company said it expects market conditions to remain challenging “in the next several quarters.”
Masco makes building materials including Delta faucets, KraftMaid cabinets and Merillat cabinets.