Masco sees net income decline
Taylor, Mich.-based manufacturer Masco reported income of $36 million, down 83 percent from $206 million in the same period last year.
Net sales were $2.5 billion, down 16 percent from $3.0 billion for the third quarter of 2007.
North American sales declined 18 percent, and international sales declined 6 percent.
The company’s third-quarter results were hurt by lower sales volume to the new home construction market and a decline in consumer spending for home improvement products. The quarter was also affected by a higher tax rate.
In addition, Masco decided in the first quarter of 2008 to sell off several European business units that “were not core to the company's long-term growth strategy,” generating proceeds of $174 million.