Residential Construction Supplier Posts Fourth Quarter Loss
- Feb 12, 2008
Taylor, Mich.–Home building supplier Masco Corp., which makes Behr Paint and Delta faucets, attributed its fourth quarter loss to the U.S. housing decline Tuesday, Bloomberg reports.The Taylor, Mich.-based company’s net loss was $151 million, or 42 cents a share. Sales dropped 7.9 percent to $2.7 billion in the quarter.U.S. housing starts may decline by a third this year, according to Masco, as the housing slump continues to drag down new construction and remodeling. About 40 percent of Masco’s revenue comes from home building; the company said installation service sales had dropped 19 percent.Overall, sales declined 13 percent in North America, which comprises roughly four-fifths of Masco’s revenue.