TAYLOR, MI - Masco Corp. net sales increased three percent to $2.0 billion for the third quarter ended Sept. 30.
North American sales were flat while international sales increased 12 percent, an improvement boosted by exchange rates. Income for the three months ended Sept. 30, 2011 also included $19 million of pre-tax gains from distributions from private equity funds.
"We continue to focus on the rationalization of our businesses, including business consolidations, plant closures, headcount reductions, system implementations and other initiatives," said CEO Tim Wadhams in announcing the results.
During the third quarter of 2011, Masco, maker of KraftMaid and Merillat cabinets, incurred $13 million in charges.
"The foreclosure process, credit availability, declining home values, and consumer confidence continue to dampen the U.S. economy and hinder any housing recovery," said Wadhams. "We continue to believe that housing start levels in 2011 will be flat with 2010. Longer-term, however, we are confident about the fundamentals for the new home construction and home improvement markets and we are optimistic about the future."
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