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Taylor, Mich-based building products manufacturer Masco reported second-quarter net income of $82 million, down 57 percent from $189 million last year.
Sales declined 14.6 percent to $2.64 billion from $3.09 billion in the year-ago period. Masco, which includes brands such as Behr paint, Delta faucet and KraftMaid cabinets, saw North American sales fall 19 percent, while international sales rose 6 percent.
“The … results were adversely affected by significantly lower sales volume to the new home construction market and a continued decline in consumer spending for home improvement products,” the company said in a statement.
Masco has helped control costs in a number of ways, including making changes to its sourcing programs, consolidating certain businesses, closing plants and making head count reductions to the tune of 17,000 since late 2006. Head count reductions affected about 30 percent of the North American work force, the company noted. Additionally, Masco has closed 11 manufacturing facilities since that time.
“Business conditions remain difficult in the company's markets,” the company said, further estimating that housing starts would continue to decline in the second half of 2008 and consumer spending on home improvement products would not improve in the coming year.
Based in Taylor, Mich., Masco is one of the world's leading manufacturers of home improvement and building products.