LIVONIA — Masco Corp. (NYSE: MAS), the manufacturer of home improvement and building products, reported net income of $148 million or 46 cents a share in the third quarter ended Sept. 30, up from $134 million or 40 cents a share in the same quarter a year earlier.
Revenue was $1.94 billion, up from $1.88 billion a year earlier.
For the first nine months of the year, net income was $446 million or $1.38 a share, up from $393 million or $1.17 a share in the first nine months of 2016. Revenue was $5.78 billion, up from $5.6 billion a year earlier.
“We are pleased with our performance and the progress we made towards our growth initiatives during the quarter, especially in light of the impact from the severe hurricanes experienced in Texas, Florida, and Puerto Rico,” said Masco President and CEO Keith Allman. “Growth was once again led by our Plumbing Products and Decorative Architectural Products segments, and we continued to invest in our strong plumbing brands and our pro paint initiative. Additionally, we returned approximately $210 million to shareholders through dividends and share repurchases in the quarter.”
Plumbing Products’ net sales increased 6 percent, driven by growth in both North America and internatinally. Decorative Architectural Products sales rose 3 percnet with growth from Behr’s paaints and Liberty’s builders hardware business. Cabinetry Products sales fell 4 percent, while Windows and Other Specialty Products were flat.
“The demand drivers underlying our industry continue to be strong and very supportive of long-term growth,” said Allman. “The negative effects of the hurricanes are expected to be short-term for our business, and we are confident in our plans to leverage our strong brands, industry leading positions, and our Masco Operating System to capitalize on these robust, long-term demand drivers. Considering the impact of the severe weather experienced recently, we are updating our 2017 earnings per share target to a range of $1.93 to $1.97. Looking forward, we are committed to achieving our 2019 earnings per share target of $2.50 that we announced at our Investor Day in May.”
A replay of a conference call discussing these results is available by calling (855) 859-2056 in the United States or (404) 537-3406 elsewhere, using the pass code 89235746. The telephone replay will be available through Nov. 24.