Masco loss widens in first quarter
Energy costs and slow job growth are tempering expectations at Taylor, Mich.-based Masco, which posted a loss of $46 million in the first quarter, compared to a loss of $7 million in the same quarter last year.
Masco saw sales decline 4% to $1.8 billion in its first quarter of 2011. North American sales decreased seven percent and International sales increased four percent.
"While we still believe that the second half of 2011 will be stronger than the first half, our enthusiasm has been tempered somewhat," said Masco CEO Tim Wadhams.
Plumbing products were strong in the first quarter, he said. "And we believe that our North American cabinet business and our installation business, while still depressed, were able to gain share sequentially, compared to fourth quarter of 2010," he said.
Depressed new home construction, the deferral of "big ticket" repair and remodel activity and commodity cost pressures have continued into 2011, according to Wadhams.
Masco Corporation is one of the world's leading manufacturers of home improvement and building products, as well as a leading provider of services that include the installation of insulation and other building products.