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Diversified building products giant Masco saw first-quarter net income fall to $2 million from $143 million in the same period last year. Masco’s companies include Delta Faucet, KraftMaid cabinets and Behr paints.
Net sales fell 13 percent to $2.45 billion, down from $2.8 billion in the same period last year.
“The first quarter of 2008 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.
The company also cut its full-year guidance due to a variety of factors, including impact from discontinued operations, currency losses and an increased tax rate.
The company saw nearly across the board declines in various businesses, including plumbing, cabinets and decorative architectural products. Sales in Europe and other international locales were up slightly, however.
“Although the company expects market conditions in its industry, over the next several quarters, to be very challenging, the company is confident that the long-term fundamentals for the new home construction and home improvement products markets are positive,” read the statement.