* Q2 EPS $0.15 vs $0.23 last year
* Q2 revenue falls 23 pct
* Narrows 2009 loss outlook
* Sees 2009 housing starts down 40 pct
* Shares rise 7 pct
July 27 (Reuters) - Masco Corp (MAS.N), a building products maker, posted a lower quarterly profit but narrowed its loss outlook for 2009, sending its shares up 7 percent in after-market trade.
For the second quarter, Masco posted earnings attributable to the company of $55 million, or 15 cents a share, compared with $82 million, or 23 cents a share, a year earlier.
The latest quarter included pre-tax charges of $22 million and $15 million related to various restructuring actions.
Revenue fell 23 percent to $2.04 billion.
Analysts were expecting a loss of 3 cents a share, excluding items, on revenue of $2.02 billion, according to Reuters Estimates.
The company said it expects a loss of 5 cents a share to 25 cents a share for 2009. It earlier forecast a loss of 15 cents a share to 35 cents a share.
Masco continues to expect housing starts to fall 40 percent to about 550,000 units in 2009.
Shares of the company were trading up at $12.35 after the bell. They closed at $11.55 Monday on the New York Stock Exchange.
For alerts, double click [ID:nWNBB3416] (Reporting by Amulya Nagaraj in Bangalore; Editing by Anne Pallivathuckal)