MBA
LAW
LANGUAGES

Industries > Industrials

Masco slashes 2008 outlook due to weak economy

Comments 0
Rating Unrated (0)

EMAIL
PRINT
RSS
SHARE
TEXT SIZE: A A A

By AP
29 April 2008 @ 08:21 am EST

Next Industries Article

TAYLOR, Mich. - Masco Corp., a manufacturer of home improvement and building products, said Tuesday it cut its 2008 outlook because of continued uncertainty in the economy.

Quotes

MAS

12.97

-1.02

Masco now expects to earn between 50 cents and 65 cents per share for the year, down from prior estimates of 85 cents to $1.15 per share.

Analysts polled by Thomson Financial, on average, forecast earnings of $1.03 per share for the year.

The outlook also takes into account increasing competitive market conditions and rising costs for freight and logistics of certain commodities.

Shares of Masco fell $1.71, or 8.7 percent, to $17.99 in premarket trading. Shares have traded between $17.78 and $31.58 during the past year.

Next Article: Masco 1Q earnings plunge on waning housing demand

Click!

Rate this article:

EMAIL
PRINT
RSS
SHARE
TEXT SIZE: A A A

More News

It's Over - Madonna and Guy to Split

Retail sales plunge 1.2 percent in September

Defense in Sen. Stevens corruption trial nears end

Comments

Post Your Comment

You must be an IBTimes member to post a comment. Login | Register

Latest:

Play of the Day: Heels off, sneakers on for Palin

Popular

Rated

Comments

- McCain and Obama go face-to-face tonight in final presidential debate
  Republican John McCain and Democrat Barack Obama are heading into the final pres...

Suicides from financial crisis cause concern
Julian Robertson Sees Poor Economy for Next 10 to 15 Years
Lincoln Financial cuts dividend to preserve cash
Retail sales plunge 1.2 percent in September
Tata Communications Announces $2 bln Global Expansion
Oil dips below $75 as OPEC cuts demand forecast

RSS

See Complete List >>

- Pizza Eating Record: Joey Chestnut eats 45 slices in 10 minutes
  Joey Chestnut set a new fast-eating record when he ate 45 pizza slices in 10 min...

Columbus Day Parade Marches Through Manhattan
Bush to announce expanded bank bailout details
Matt Stairs Boosts Phillies to Victory with Two-Run Home Run
Johnston speaks about Bristol Palin, Obama, baby
Suicides from financial crisis cause concern
Chris Ortloff faces child porn charges

RSS

See Complete List >>

- Oil rebounds in Asia on Europe bank rescue plan
  Oil prices rebounded from a 13-month low to rise above $81 a barrel Monday in As...

Suicides from financial crisis cause concern
Gov't eyes plan to take ownership stakes in banks
Norbert weakens to tropical depression over Mexico
Exit poll: conservatives ahead in Lithuania vote
Bombers strike in Mosul and Baghdad, killing 13
Fire burns 2,000 acres northeast of Los Angeles

RSS

See Complete List >>

More Industries

Meltdown 101: What is the beige book?

The Federal Reserve provided fresh evidence Wednesday that the financial crisis is hammering the economy, sending the stock market plummeting as fears of...

Brookfield Homes CFO is stepping down

Brookfield Homes Corp. said Wednesday its chief financial officer is stepping down at the end of next month. Paul Kerrigan, a 12-year veteran of the home...

AIG executives spent thousands during hunting trip

A handful of top executives from American International Group Inc. spent thousands of dollars during a recent English hunting trip, even as the New York-...