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Delta Faucet parent lowers forecast for housing starts

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On The Beat Industry News In Brief

Masco Corp., the parent of Carmel-based Delta Faucet Co., has lowered its 2010 forecast for housing starts, a key indicator for the building supplies industry.

The forecast was part of Masco’s July 27 earnings announcement. The Taylor, Mich., company now expects housing starts to rise from 554,000 units in 2009 to at least 575,000 units, or at most 625,000 units.
 

Delta Delta Faucet Co. is part of Masco Corp.’s plumbing division, where sales are growing this year. (IBJ Photo/Eric Learned)

That’s lower than the range of 600,000 to 700,000 units Masco predicted earlier this year.

“After a relatively slow start to the year, we were encouraged that March and April 2010 sales were up high single digits compared to 2009,” CEO Tim Wadhams said in a prepared statement. “Since then, economic activity related to our markets, particularly consumer spending and new-home building, has slowed and our business has slowed.”

In addition, Wadhams said, Masco expects repair and remodel spending to be “challenged” in the second half of 2010, and that consumers will defer big-ticket purchases.

For the second quarter, ended June 30, Masco reported a profit of $55 million, down from $59 million a year ago. Sales increased 2 percent, to $2 billion. The plumbing division, which includes the Carmel operation, posted the largest revenue gain; it rose 8 percent, to $682 million.

Cabinet division sales fell 5 percent, to $400 million. Installation and services declined 1 percent, to $309 million. Decorative architectural products were flat, at $505 million. Other specialty products rose 4 percent, to $152 million.
 

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  1. I think the poster was being sarcastic and only posting or making fun of what is usually posted on here about anything being built in BR or d'town for that matter.

  2. Great news IRL fans: TURBO the IMS sanctioned movie about slugs running the Indy 500 has caught the Securities and Exchange Commission because Dreamworks had to take a $132MILLION write down...because the movie was such a flop. See, the Indy/IMS magic soiled another pair of drawers. Bwahahahahahaha! How's CARTOWN doing? HAHAHAHA...Indy is for losers.

  3. So disappointed in WIBC. This is the last straw to lose a good local morning program. I used to be able to rely on WIBC to give me good local information, news, weather and traffic on my 45 minute commute.Two incidents when I needed local, accurate information regarding severe weather were the first signs I could not now rely on WIBC. I work weekend 12 hour nights for a downtown hospital. This past winter when we had the worst snowfall in my 50 years of life, I came home on a Sunday morning, went to sleep (because I was to go back in Sunday night for another 12 hour shift), and woke up around 1 p.m. to a house with no electricity. I keep an old battery powered radio around and turned on WIBC to see what was going on with the winter storm and the roads and the power outage. Sigh. Only policital stuff. Not even a break in to update on the winter storm warning. The second weather incident occurred when I was driving home during a severe thunderstorm a few months ago. I had already gotten a call from my husband that a tornado warning was just southwest of where I had been. I turned to WIBC to find out what direction the storm was headed so I could figure out a route home, only to find Rush on the air, and again, no breaking away from this stupidity to give me information. Thank God for my phone, which gave me the warning that I was driving in an area where a tornado was seen. Thanks for nothing WIBC. Good luck to you, Steve! We need more of you and not the politics of hatred that WIBC wants to shove at us. Good thing I have Satellite radio.

  4. I read the retail roundup article and tried Burritos and Beers tonight. I'm glad I did, for the food was great. Fresh authentic Mexican food. Great seasoning on the carne asada. A must try!!! Thanks for sharing.

  5. John, unfortunately CTRWD wants to put the tank(s) right next to a nature preserve and at the southern entrance to Carmel off of Keystone. Not exactly the kind of message you want to send to residents and visitors (come see our tanks as you enter our city and we build stuff in nature preserves...

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