Masco posts first-quarter growth
Taylor, Mich.-based Masco Corp. reported first-quarter net sales of $1.88 billion, up 3.9% from the same quarter last year.
Net income for the giant manufacturer of home improvement and building products was $47 million, up from $33 million in the prior-year quarter.
"We continued to benefit from strong growth in North American new home construction," said Masco president and CEO Tim Wadhams. "Despite a harsher winter this year in regions of North America and Europe, we improved our performance in the first quarter compared with 2012."
Wadhams pointed to successful new products and programs while describing the cabinet segment as "heading in the right direction."
Reducing costs also played a role in the company's strong performance, he said.
"We continue to believe that new home construction will show strong growth in 2013, and repair and remodel activity will grow modestly, with big ticket items continuing to lag. While the continued weakness in the Eurozone remains a concern, we believe our ability to leverage the growth in new home construction, along with the actions we have taken over the past several years, including investing in our brands, reducing our cost structure and paying down debt, will continue to strengthen our business for the future," said Wadhams.