Masco Posts Losses in First Quarter

The national housing crisis continues to haunt those companies in the housing industry. Masco, a Fortune 500 company that sells products for home construction and home improvement, lost more than $80 million in the first quarter of 2009. In 2008, Masco posted a $14 million profit in the first quarter of the year, which means that company experience a swing of almost $100 million.

Masco (Image: Flickr)

The losses by Masco were more than most experts predicted. In fact, one national poll had predicted about a $40 million loss. Masco’s revenue dipped more than 30% internationally and almost 25% domestically.

The number of homes being built in the United States is at a low not seen in decades. Home improvements are also down significantly. Although there’s been some positive news in those two areas as of late, the year-over-year numbers continue to be poor.

Masco’s stock price is nearing $9.50 after starting the day at over $10 before the release of this news.