Building materials supplier Masco this morning is parroting the downbeat comments of home builders recently. They're down 13 percent pre-open, on an earnings report that was below expectations.
The 2008 guidance of $0.85 to $1.15 was well below expectations of $1.65; revenue projections were also below expectations.
Comments: "The Company expects a further decline in housing starts in 2008 and continued softness in sales of existing homes...the Company anticipates a decline in consumer spending for home improvement products..."
They estimate that 2008 housing starts will decline an additional 25 to 33 percent, after declining 25 percent in 2007.
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