TAYLOR, MI — Masco Corp. posted an 84% decline in the third Quarter of 2008, according to recently released results. Net income was reported as $33 million, or $0.09 a share, down from $205 million, or $0.56 cents a share, a year ago. Revenue fell 16% to $2.53 billion for Masco, whose product lines include Delta faucets and KraftMaid kitchen cabinets. 2008 per-share earnings estimates were dropped to $0.25 cents to $0.30 cents from $0.50 cents to $0.65 cents. Masco has closed 14 manufacturing facilities and cut 20,000 jobs since 2006.
Have something to say? Share your thoughts with us in the comments below.