Masco Corporation (NYSE: MAS), the Taylor Mich.-based supplier of building products, on Tuesday reported an 84% drop in net income to $33 million for the third quarter ended Sept. 30 as net sales from continuing operations for the quarter ended September 30, 2008 declined 16% percent to $2.5 billion.
North American sales declined 18% and international sales declined 6%, but, with currency fluctuations figured in, the international drop was effictively 11%. Income from continuing operations was $36 million after subtraction of $3 million in losses assocated with discontinued operations.
The company said 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. It said it "continues to focus on the rationalization of its businesses, including sourcing programs, business consolidations, plant closures, headcount reductions and other initiatives."