TAYLOR, Mich., (Sept. 21, 2007) - Masco Corporation,
(NYSE: MAS) 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.
Masco Corporation's press releases and other information are available
through the Company's toll free number, 1-888-MAS-NEWS, or under the
Investor Relations section of Masco's website at www.masco.com.
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. Additional information about the
Company's products, markets and conditions, which could affect the
Company's future performance, is contained in the Company's filings with
the Securities and Exchange Commission and is available on Masco's
website at www.masco.com. Masco
undertakes no obligation to update any forward-looking statements,
whether as a result of new information, future events or otherwise.
Media Contact
Sharon Rothwell
Vice President - Corporate Affairs
313.792.6028
Investor Contact
Maria Duey
Vice President - Investor Relations
313.792.5500