TAYLOR, MI — Masco Corporation, the parent company of several leading kitchen and bath product manufacturers, based here, has reported that net sales for the quarter ended Sept. 30, 2005 rose to a record $3.4 billion, compared with $3.2 billion for the third quarter of 2004. However, income from the three-month period declined to $262 million, down from the $289 million posted during the comparable period of 2004, the company said.
“While third-quarter 2005 sales and earnings benefited from the strong new construction market and certain selling price increases, the company's third-quarter results were adversely affected by recent increases in commodity, energy and freight costs, and product mix,” said the publicly traded company.
Masco officials said the company is pursuing a variety of initiatives to offset cost increases and increase operating profit, including sourcing programs, the restructuring of certain businesses (including consolidations), headcount reductions and other initiatives. The company reiterated its belief that those initiatives, which began in early 2005, will reduce annual costs by $200 million by the end of 2007.
Masco’s holdings include KraftMaid Cabinetry, Merillat Industries and Delta Faucet Co., among other companies.