Masco Corp. announced that W. Timothy Yaggi has been appointed Group President, effective June 2, 2008. Mr. Yaggi will be responsible for the North America Builder Group which includes Masco Contractor Services, Service Partners, the Builder Cabinet Group (Merillat and Quality Cabinets), Masco Framing, and Milgard Windows and Doors. Prior to joining the company, Mr. Yaggi had been with Whirlpool since 1994, most recently as Executive Vice President, Market Operations, North America, with responsibility for brand marketing, product management and development, and sales and supply chain management.

Masco Corp. reported earnings results for the first quarter ended March 31, 2008. For the quarter, the company reported a net income of $2 million or net income of $0.01 per share on a net sales of $2.4 billion against a net income of $143 million or net income of $0.37 per share on a net sales of $2.8 billion for the same period in 2007. The first quarter of 2008 results were adversely affected by significantly lower sales volume to the new home construction market and a continued decline in consumer spending for home improvement products. The first quarter of 2008 results included non-cash impairment charges for financial investments of $26 million pre-tax ($0.05 per common share, after tax), currency losses of $10 million pre-tax ($0.02 per common share, after tax) and the negative impact of a higher tax rate of $0.03 per common share. In aggregate, these items reduced the first quarter of 2008 earnings by $0.10 per common share. The company lowered earnings guidance for the year 2008. For the period, the company expects earnings to be in a range of $0.50 to $0.65 per common share. This compares to the Company´s previous guidance of $0.85 to $1.15 per common share.

Masco Corp., Q1 2008 Earnings/Operating Results Call, Apr-29-2008