Masco Corporation (Taylor, MI) reported a 23% decline in net sales for the second quarter of 2009, which ended on June 30. Net sales were $2.0 billion for Q2, as compared with $2.6 billion for the second quarter or 2008. North American sales declined by 21%, and international sales fell by 30%.
Second quarter results were affected by lower sales in the volume of new home construction products and services as well as continued decline in consumer spending for home improvement products. The company says that the negative market conditions were partially offset by increased sales volume of paints and stains, improved relationship between selling prices and commodity costs, and cost savings initiatives.
The company continues to estimate that 2009 housing starts will decline by 40% to approximately 550,000 units and that its sales will decrease by about 18–22% compared to 2008. The company also estimates that its free cash flow will be relatively strong at around $360 million.
For details, visit www.masco.com