Building Product Makers Could See 'Demand Destruction' from Tariffs -- Market Talk

Dow Jones

04-03

1047 ET - New tariffs complicate things for building products players Masco, Fortune Brands Innovations and Ferguson Enterprises. Just under one-third of Masco's direct input costs are sourced out of China, says Jefferies' Philip Ng in a research note. Fortune's cost of goods sold from China dropped to less than 25% from 50% and it saw around $50 million cost increase from tariffs in 2019, while Ferguson's gross margins were not impacted from the last round of Trump's tariffs. Base tariffs at 54% are larger than feared but likely to be negotiated down. "Fortune Brands Innovations, Masco and Ferguson Enterprises historically have shown good pricing power, but the magnitude of the increase could lead to demand destruction," Ng says. Masco and Fortune brands slide 10%, and Ferguson loses 4.5%. (denny.jacob@wsj.com; @pennedbyden)

(END) Dow Jones Newswires

April 03, 2025 10:47 ET (14:47 GMT)

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Just under one-third of Masco's direct input costs are sourced out of China, says Jefferies' Philip Ng in a research note. Fortune's cost of goods sold from China dropped to less than 25% from 50% and it saw around $50 million cost increase from tariffs in 2019, while Ferguson's gross margins were not impacted from the last round of Trump's tariffs. Base tariffs at 54% are larger than feared but likely to be negotiated down. \"Fortune Brands Innovations, Masco and Ferguson Enterprises historically have shown good pricing power, but the magnitude of the increase could lead to demand destruction,\" Ng says. Masco and Fortune brands slide 10%, and Ferguson loses 4.5%. 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Just under one-third of Masco's direct input costs are sourced out of China, says Jefferies' Philip Ng in a research note. Fortune's cost of goods sold from China dropped to less than 25% from 50% and it saw around $50 million cost increase from tariffs in 2019, while Ferguson's gross margins were not impacted from the last round of Trump's tariffs. Base tariffs at 54% are larger than feared but likely to be negotiated down. \"Fortune Brands Innovations, Masco and Ferguson Enterprises historically have shown good pricing power, but the magnitude of the increase could lead to demand destruction,\" Ng says. Masco and Fortune brands slide 10%, and Ferguson loses 4.5%. (denny.jacob@wsj.com; @pennedbyden) \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  April 03, 2025 10:47 ET (14:47 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1543694498.USD","symbol_name":"法巴水资源基金RH MD Dis","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2524826192","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2524826192","pubTimestamp":1743691620,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"1047 ET - New tariffs complicate things for building products players Masco, Fortune Brands Innovations and Ferguson Enterprises. Just under one-third of Masco's direct input costs are sourced out of China, says Jefferies' Philip Ng in a research note. Fortune's cost of goods sold from China dropped to less than 25% from 50% and it saw around $50 million cost increase from tariffs in 2019, while Ferguson's gross margins were not impacted from the last round of Trump's tariffs. Base tariffs at 54% are larger than feared but likely to be negotiated down. \"Fortune Brands Innovations, Masco and Ferguson Enterprises historically have shown good pricing power, but the magnitude of the increase could lead to demand destruction,\" Ng says. Masco and Fortune brands slide 10%, and Ferguson loses 4.5%. 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Just under one-third of Masco's direct input costs are sourced out of China, says Jefferies' Philip Ng in a research note. Fortune's cost of goods sold from China dropped to less than 25% from 50% and it saw around $50 million cost increase from tariffs in 2019, while Ferguson's gross margins were not impacted from the last round of Trump's tariffs. Base tariffs at 54% are larger than feared but likely to be negotiated down. \"Fortune Brands Innovations, Masco and Ferguson Enterprises historically have shown good pricing power, but the magnitude of the increase could lead to demand destruction,\" Ng says. Masco and Fortune brands slide 10%, and Ferguson loses 4.5%. 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