TAYLOR, MI — Building product manufacturer Masco Corp. reported a 57% drop in 2nd Quarter net income due primarily to reduced demand generated by the housing slump.
The maker of Delta faucets, Kraft aid cabinets, Behr paint and other building products reported net income of $82 million, or $0.23 a share, down from $189 million, or $0.51 cents a share, a year earlier.
Masco is the largest supplier to Home Depot Inc. for non-commodity products, and derives 40% of its business from new-home construction. North American sales dropped 19%, while overseas sales showed a 6% increase. Foreign revenue would have dropped 6% if not for the weak dollar. Read more.
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