Masco Corp. reported a net loss of $75 million during the second quarter despite a slight operating gain to $1.47 billion from the year-ago-period on sales of $2 billion, flat from a year ago, the company reported Thursday. The company said North American sales increased 3% while international sales fell 9%.
The steep operating loss came as the Taylor, Mich.-based building products manufacturer and insulation supplier, last week announced it would settle a class action lawsuit alleging its involvement in a price-fixing agreement with a suite of insulation manufacturers. The company’s $75 million settlement sent earnings into the red with EBITDA reported at $171 million for the quarter, matching Q2 2011.
The company’s cabinet segment shrunk its operating loss from $27 million a year ago to $12 million as sales fell nearly 6% from a year ago to $312 million for the quarter.
The installation services segment more than halved its operating loss from $21 million a year ago to a $9 million loss for the quarter while sales jumped 8.7% to $296 for the same period.
The decorative architecture products segment saw an operating gain of $95 million for the quarter, up from $90 million a year ago as sales grew 5% to $517 million for the same period.
