Masco lowers outlook on projected fall in housing starts.(News)

Crain's Detroit Business, September, 2006

Byline: Sheena Harrison Masco Corp. lowered its earnings projections for 2006, citing fewer orders for building products and services and an expected 20 percent decline in housing starts through the end of the year. In a statement issued Wednesday, Masco said it expects earnings for the year to be $2.25 a share to $2.30 a share.

The company had previously forecasted $2.40 a share to $2.50 a share. Masco shares closed at $26.61 on Friday, down from $28.23 the Friday before. Taylor-based Masco (NYSE: MAS) makes building products. The company said it expects third-quarter sales to be flat and fourth-quarter sales to decline slightly compared to the same quarters last year.