Earnings fall 19 percent at Masco
Building materials giant Masco saw earnings fall 19 percent in the third quarter, to $205 million from $252 million in the same period last year.
Net sales fell 6.7 percent to $3.06 billion from $3.28 billion in the same period last year.
Masco saw lower sales of installation services, assembled cabinets and windows. Still, the company saw increased sales in its paints and stains category, which includes Home Depot’s exclusive line of Behr paint and the Kilz line of paint and coatings. International operations, especially in plumbing products, also contributed positively to the results.
North American sales from continuing operations declined 11 percent. International sales were strong, however, showing an increase of 13 percent with favorable exchange rates also bolstering the company’s income.
“Given the difficult housing environment, the company is very pleased with its third-quarter operating performance,” read a statement from Masco. The company said it expects market conditions to remain challenging “in the next several quarters.”
Masco makes building materials including Delta faucets, KraftMaid cabinets and Merillat cabinets.
Lowe’s offers matching funds for California disaster relief
Eighty-five California Lowe’s stores have announced they will serve as official cash donation sites for the American Red Cross Disaster Relief Fund through Nov. 30.
In light of the seven wildfires that burned more than half a million acres across seven counties in Southern California, Lowe’s said it will match the in-store donations up to a total of $50,000.
In addition, Lowe’s stores in communities hit hardest by the disaster have donated bottled water and other products to firefighters and local emergency shelters, the company said.
“Lowe’s is a long-time, valued and committed partner of the American Red Cross. This relationship is critical to our ability to respond to disasters such as the California wildfires,” said Kristine Templin, director of corporate partnerships at the American Red Cross.
“Money raised through the Lowe’s customer donation program will help the Red Cross provide for people’s basic needs such as food, shelter, counseling and other assistance following any disaster,” she added.
Since partnering with the American Red Cross in 1999, Lowe’s has donated more than $17.5 million to aid relief efforts.
Menards store on deck in western Illinois
Menards is planning a new 162,340-square-foot store in Quincy, Ill., according to a report in the Quincy Herald-Whig newspaper.
The total store would encompass 240,000 square feet, including a garden center and lumberyard. The store also will sell groceries, according to the report. Several new Menards stores throughout the Midwest have begun offering convenience grocery items in the past year.
Marv Prochaska, vp-real estate for Menards, told the newspaper the store is expected to open in 2009.
Quincy, Ill., is located on the far western border of Illinois near Hannibal, Mo.