Following exceptionally strong production in this year's first quarter that was driven in part by very good weather conditions, nationwide housing starts retreated 5.4 percent in April to a seasonally adjusted annual rate of 1.56 million units.
Building materials maker James Hardie Industries NV reported a sharp jump in fourth quarter profit, at the top end of market forecasts, and rewarded shareholders with a $91 million capital return.
Production by U.S. manufacturing, mining and utilities industries increased 0.4 percent in April, the fourth straight monthly rise, boosted in part by automakers seeking to keep up with demand.
Favorable housing affordability conditions, strong underlying demand, the improving economy, and unusually good weather encouraged home buyers to get into the market and drive total state existing-home sales to a new record in the first quarter of 2002.
Foamex International reported improved sales results in the first quarter of 2002 even though net income was off from the year-earlier period due to accounting charges.
Congoleum Corp. reported that the company's sales for the three months ended March 31, 2002 were $57.9 million, compared with sales of $51.6 million reported in the first quarter of 2002, an increase of 12.3%.
Matsushita Electric Works Ltd. in partnership with a company in Dalian, China, has set up a joint firm to make and sell electric carpets for the Chinese market.
Stung my losses, building products company Louisiana-Pacific Corp. has embarked on a radical restructuring initiative to cut debt that includes the sale of businesses and a 45% reduction in its workforce.
RSS