TAYLOR, MI - Masco Corp. reported that net sales from continuing operations for the year ended Dec. 31, 2009 declined 18% to $7.8 billion from $9.5 billion for 2008.
North American sales declined 18% and international sales declined 17%. "
We are very encouraged by our 2009 financial and operating performance in one of the more difficult economic environments Masco has ever experienced,” said Masco’s CEO Tim Wadhams. “Although our sales were down 18 percent, compared to 2008, we were able to offset a significant portion of our volume declines, primarily as a result of innovative new product introductions and market share gains.”
Results for 2009 were adversely affected by lower sales volume of new home construction products and services, as well as a decline in consumer spending for home improvement products in both North American and international markets. Masco officials said they expect business conditions in 2010 will improve compared to 2009.
The company is concerned about the impact of current unemployment levels, foreclosure activity and access to financing, and believes that housing starts will improve in 2010 and will increase to a range of 600,000 to 700,000 units. The company also anticipates an uptick in repair and remodel activity compared to 2009.
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