When Masco reports earnings tomorrow at 8:00 a.m. EST, the performance of MasterBrands will be of particular interest as a guide to the state of the housing and the economy.
Fortune Brands Home & Security (NYSE: FBHS) will release first quarter 2013 financial results after the market close on Thursday, May 2, 2013.
Masco last quarter found cabinetry a challenging segment as sales declined 5 percent worldwide - 2 percent excluding currency shifts. European sales fell a steep 12 percent (in local currency) and 21 percent in U.S. dollars. Conditins are only worsening in that market.
The North American market was a bright spot last quarter for Masco, with cabinet sals up 2 percent. Cabinet sales in North America, however, were up 2 percent in the quarter, jumping a healthy 4 percent.
"We continue to experience sluggish demand for big ticket repair/remodel products, especially cabinets," the company said during an earnings announcement." Previously announced plant closures and headcount reductions were expected to yield $20 million of improved operating results in 2013, according to Masco.
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