Masco sales down 7.9% in fourth quarter
One-time charges result in $151 million loss
By Furniture Today Staff -- Furniture Today, February 12, 2008
TAYLOR, Mich. — Facing a tough housing market, building products giant Masco Corp. reported a net loss of $151 million in the fourth quarter on a 7.9% decline in sales.
Masco, which also owns furniture makers Mill’s Pride and Tvilum-Scanbirk, said most of the weakness occurred in its North American operations, where sales dropped 13%. International sales, on the other hand, rose 11%.
Worldwide sales for the fourth quarter totaled $2.7 billion, down from $2.93 billion in last year’s fourth quarter.
The most recent quarter’s loss, which equals 42 cents per share, was an improvement from the fourth quarter of 2006, when the loss was $187 million or 49 cents per share. The most recent quarter included $227 million in various one-time charges, while last year’s fourth quarter included $307 million in one-time charges.
For the full year, sales were off 7.5% to $11.77 billion. Net income totaled $386 million or $1.03 per share. That was a 20.9% drop from 2006, when profits were $488 million or $1.22 per share.
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