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Masco hopes improved financials translate into credit-rating increase.(Brief Article)(Statistical Data Included)
Crain's Detroit Business, August, 2002 by Strong, Michael
Masco Corp. set new sales and net-income records for the second quarter but also is pushing to get an additional credit-rating upgrade in the next two years. Taylor-based Masco, which makes faucets, cabinets and other home-improvement products, reported that second-quarter net income increased 35 percent to $214.3 million on revenue of $2.3 billion.
The company reported $139 million in net income on revenue of $2.1 billion in the same quarter last year. For the first six months of 2002, net income was $272.1 million or 55 cents a share on revenue of $4.4 billion, compared with $254 million, or 63 cents on revenue of $4 billion for the first six months of 2001. Masco (NYSE: MAS) predicted earnings for the third quarter would be 41-44 cents a share. Chairman...
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