Masco Corp. (MAS) swung to a first-quarter net loss amid restructuring charges and lower sales of new home construction products and services.

The maker of faucets, cabinets and other building products also boosted its estimate for 2009 restructuring charges as it lowered its sales target.

Masco said last month it expects "extremely challenging" market conditions lasting for "the next several quarters," and in response has limited its share repurchases and reduced its quarterly dividend to preserve liquidity. Building- materials companies have been particularly hard hit by the commercial and residential real estate downturn, as many straddle more than one industry and provide products for both builders and consumers.

For the first quarter, Masco reported a net loss of $74 million, or 23 cents a share, compared with year-earlier net income of $14 million, or break-even a share. The latest period included charges of 4 cents a share related to job cuts, plant closures and other consolidation initiatives, while the prior year's quarter included similar charges of 2 cents.

Revenue dropped 26% to $1.82 billion for Masco, whose product lines include Kraftmaid kitchen cabinets and Delta faucets.

Analysts polled by Thomson Reuters expected a per-share loss of 12 cents on revenue of $1.88 billion.

Gross margin slumped to 22.9% from 25.7%.

North American revenue fell 24%, while international sales dropped 31%. International sales would have dropped 18% excluding the impact of the stronger dollar.

Looking ahead, Masco said it expects restructuring charges to total 13 cents a share for the year, up 5 cents from its earlier view. The company also lowered the high end of its full-year view, seeing a loss of 2 cents to 22 cents, on a sales decline of about 20% to 25%, from its February view of a profit of 8 cents to a loss of 22 cents on a revenue decline in the mid- to high-teens on a percentage basis.

The company said Monday that in late April it modified the terms of its five-year revolving credit facility, increasing its borrowing capacity to $1.25 billion, to help boost financial flexibility.

Shares were unmoved in after-hours trading at $9.75. The company's stock has lost over half its value from its 52-week high in September.

-By John Kell, Dow Jones Newswires; 201-938-5285; john.kell@dowjones.com