Net sales at Masco Corp. declined 7% in the third quarter of 2007 compared to the same period last year, to $3.1 billion. North American sales dipped 11%, while international sales increased 13%, due to stronger European economies, market share gains and the favorable effect of currency translation.
Quarter to quarter, sales of cabinets and related products slipped 11%; plumbing products sales increased 4%; and installation and other services declined 15%.
The conglomerate reduced its full-year 2007 housing starts estimate to approximately 1.35 million from 1.4 million and expects further declines in housing starts over the next several quarters. In addition, Masco continues to see a moderation in consumer spending for certain "big ticket" home improvement items, such as cabinets, and currently estimates that its fourth quarter and full-year 2007 sales will decline mid-to-high single digits compared with the same periods in 2006.
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