Sales, earnings decline at Masco
Masco, the Taylor, Mich.-based manufacturer and installer of building materials, reported net sales of $1.8 billion for the first quarter of 2009, a 26% drop from sales of $2.5 billion in sales during the same quarter in 2008. The net loss for the quarter, which ended on March 31, 2009, was $81 million, compared with $2 million during the first quarter of 2008.
Sales of cabinets and related products dropped 34%, to $395 million. Plumbing product sales fell 26%, to $606 million. Masco’s installation services division posted $317 million in sales, a 35% decline.
In response to lower sales of new home construction products and services, as well as a decline in consumer spending on home improvement products in both North America and international markets, Masco said it continued to consolidate its locations and staff. In the first quarter of 2009, the company closed two manufacturing facilities, reduced head count by approximately 3,000 people and closed six installation locations.