Masco swings to profit in third quarter
Taylor, Mich.-based Masco Corp. reported third-quarter sales of $2 billion, up 3% from the same quarter last year. Masco's net income was $36 million for the quarter, compared with a net loss of $5 million in the third quarter of 2010.
CEO Tim Wadhams said the top line was lifted by "strong sales of plumbing-related products driven by share gains of our Hansgrohe and Delta brands, share gains in our Installation segment and foreign currency translation."
Growth for the home products manufacturer came despite near-record lows in residential construction and the general deferral of big-ticket items for the home, Wadhams said. The company expects housing starts will finish the year at about the same level as 2010, when the Commerce Department's tally was 585,000.
"Longer-term, however, we are confident about the fundamentals for the new-home construction and home improvement markets, and we are optimistic about the future," Wadhams said.