TAYLOR, MI -- Masco Corp. reported that net sales from continuing operations for its second quarter ended June 30, 2010 increased 2% to $2.0 billion.
North American sales and international sales each increased 2%.
Masco said it "continues to focus on the rationalization of our businesses, including business consolidations, plant closures, headcount reductions, system implementations and other initiatives." The companies cabinetry division includes Merillat and KraftMaid.
"We had a solid second quarter in terms of operating performance," said Masco's CEO Tim Wadhams. "If we exclude charges for business rationalizations and financial assets, and normalize our tax rate at 36 percent, many of our key measures show nice improvement compared to second quarter of 2009. Gross margins and operating margins would have exceeded 28 percent and eight percent, respectively, the highest levels achieved on an adjusted basis, since 2008."
Masco said it has lowered its estimate for 2010 housring starts from a prior estimate of 600,000 to 700,000 units to a range of 575,000 to 625,000 units.
Read Masco's press release.
North American sales and international sales each increased 2%.
Masco said it "continues to focus on the rationalization of our businesses, including business consolidations, plant closures, headcount reductions, system implementations and other initiatives." The companies cabinetry division includes Merillat and KraftMaid.
"We had a solid second quarter in terms of operating performance," said Masco's CEO Tim Wadhams. "If we exclude charges for business rationalizations and financial assets, and normalize our tax rate at 36 percent, many of our key measures show nice improvement compared to second quarter of 2009. Gross margins and operating margins would have exceeded 28 percent and eight percent, respectively, the highest levels achieved on an adjusted basis, since 2008."
Masco said it has lowered its estimate for 2010 housring starts from a prior estimate of 600,000 to 700,000 units to a range of 575,000 to 625,000 units.
Read Masco's press release.
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