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Masco Corporation Updates Earnings Guidance For Full-Year 2007

Published on 2007-09-24. Author : SpecialChem

TAYLOR, Mich. -- Masco Corporation, announced that while current third quarter results from operations are expected to be in line with previous full-year guidance of $1.60 to $1.70 per common share, the Company has reduced its estimate for 2007 housing starts from approximately 1.4 million to approximately 1.35 million, resulting in the Company's expected fourth quarter sales being down mid-single digits compared to the fourth quarter of 2006. Accordingly, full-year earnings are now expected to approximate $1.55 to $1.65 per common share. This revised guidance includes previously announced costs of approximately $70 million pre-tax ($.12 per common share, after-tax) related to plant start-up, severance, systems implementations and other initiatives.

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 building products.

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 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. Masco undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Source: Masco Corporation


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