DOW JONES NEWSWIRES Masco Corp.'s (MAS) fourth-quarter loss--its third in 2009--narrowed on a smaller write-down than a year earlier, and the building-products maker said markets for most of its products showed modest improvement. The latest quarter was the first "in a long time where sales to key retailers and operating profit, adjusted for impairment charges, exceeded the prior-year quarter," said Chief Executive Tim Wadhams. He said the company expects to continue increasing market share in key segments this year, but it will not provide guidance on earnings or cash flow for 2010. Masco, whose product lines include KraftMaid kitchen cabinets and Delta faucets, has been hurt by a sharp drop in spending on new homes and renovations during the recession and housing downturn. The company has closed 19 facilities and cut jobs to improve margins. Home-remodeling spending fell 8.7% in 2009 and is expected to drop further in the current quarter before improving later this year, according to the latest research from Harvard University's Joint Center for Housing Studies. For the latest quarter, Masco reported a loss of $185 million, or 53 cents a share, compared with a year-earlier loss of $508 million, or $1.45 a share. The latest results included a $262 million goodwill write-down, compared with a prior-year $467 million goodwill write-down. Excluding write-downs and restructuring charges, earnings from continuing operations were 2 cents a share, compared with a loss of 17 cents. Revenue slid 3% to $1.9 billion. Analysts estimated a 3-cent loss on revenue of $1.79 billion, according to a poll by Thomson Reuters. Gross margin rose to 26.1% from 20.3%. North American revenue declined 6.9% while international sales grew by 12%, or 1% excluding changes in currency values. Masco's shares rose 0.7% to $14.60 in after-hours trading. The stock has nearly quadrupled from a more-than-two-decade low in March. -By Kathy Shwiff, Dow Jones Newswires; 212-416-2357; Kathy.Shwiff@dowjones.com
