Masco Down 12.7% on Worse Than Expected Earnings

Masco Corporation MAS is trading lower on the session following its Q4 earnings announcement. The company reported EPS of $(0.09) vs $(0.02) estimate and revenues of $1.74 billion vs $1.78 billion estimate. CEO of Masco, Tim Wadhams said: “While 2011 was a difficult year, we head into 2012 with cautious optimism. The major restructuring activities impacting our Installation segment and our North American cabinet operations are behind us and those businesses experienced improving operational trends in the fourth quarter. While our efforts to reduce costs and increase revenues did not improve performance as quickly as we anticipated in 2011, we firmly believe that these actions will drive significant improvement in 2012, even if we see no improvement in the housing markets. In cabinetry, we have taken significant actions to drive improvement both in North America and Europe, but do remain concerned about general economic conditions in the UK and Europe” Masco is currently trading at $11.54, a loss of $1.69 or 12.77%.