Masco Corporation Announces a Reduction In Anticipated Earnings for 2006 as a Result of the Accelerated Decline In Housing Start
September 20 2006 - 8:00AM
PR Newswire (US)
TAYLOR, Mich., Sept. 20 /PRNewswire-FirstCall/ -- Masco Corporation
(NYSE: MAS) today announced lower earnings expectations for 2006.
"A softening of incoming orders for building products and services
in recent weeks, along with a forecasted deeper than expected
decline in year-over-year single family housing starts for the last
four months of 2006, currently projected to approximate twenty
percent, are expected to result in the Company's third quarter
sales being approximately flat, and fourth quarter sales being down
low- to mid-single digits compared to the third and fourth quarters
of 2005, respectively. Accordingly, full year earnings, excluding
costs and charges related to profit improvement programs and any
other items, may be closer to $2.25 to $2.30 per common share
rather than our most recent guidance of the lower end of the range
of $2.40 to $2.50 per common share," said Richard A. Manoogian,
Chairman and Chief Executive Officer of Masco Corporation. The
Company will host a conference call today at 9:00 a.m. ET.
Participants in the call are asked to register five to ten minutes
prior to the scheduled start time by dialing (719) 457-2645
(confirmation #4017834). The conference call will be webcast
simultaneously on the Company's website at http://www.masco.com/. A
replay of the call will be available on Masco's website or by phone
by dialing (719) 457-0820 (replay access code #4017834)
approximately two hours after the end of the call and will continue
through September 27, 2006. Headquartered in Taylor, Michigan,
Masco Corporation is one of the world's leading manufacturers of
home improvement and building products, as well as a leading
provider of services that include the installation of insulation
and other building products. Masco Corporation's press releases and
other information are available through the Company's toll free
number, 1-888-MAS-NEWS, or under the Investor Relations section of
Masco's website at http://www.masco.com/. Statements contained
herein may include certain forward-looking statements regarding
Masco's future sales, earnings growth potential and other
developments. Actual results may vary materially because of
external factors such as housing starts, commodity costs, interest
rate fluctuations, changes in consumer spending and other factors
over which management has no control. The Company believes that
certain non-GAAP performance measures and ratios, used in managing
the business, may provide users of this financial information with
additional meaningful comparisons between current results and
results in prior periods. Non-GAAP performance measures and ratios
should be viewed in addition to, and not as an alternative for, the
Company's reported results under accounting principles generally
accepted in the United States. Additional information about the
Company's products, markets and conditions, which could affect the
Company's future performance, is contained in the Company's filings
with the Securities and Exchange Commission and is available on
Masco's website at http://www.masco.com/. Masco undertakes no
obligation to update any forward-looking statements, whether as a
result of new information, future events or otherwise. DATASOURCE:
Masco Corporation CONTACT: Maria Duey, Masco Corporation,
+1-313-792-5500 Web site: http://www.masco.com/ Company News
On-Call: http://www.prnewswire.com/comp/535350.html
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