Masco profit slips on discontinued business

LIVONIA—Masco Corp. (NYSE: MAS), the manufacturer of home improvement and building products, reported net income of $126 million or 44 cents a share in the third quarter, down from $180 million or 58 cents a share a year earlier. Revenue was $1.95 billion, up from $1.9 billion a year earlier.

For the six months, net income was $482 million, or $1.65 a share, down from $540 million or $1.73 a share in the first half of 2018.

The decline in profit stemmed from a $58 million loss from discontinued operations in the third quarter. Last year those operations produced income of $10 million.

“We delivered solid sales and operating profit growth in the quarter, as well as strong margin expansion,” said Masco President and CEO Keith Allman. “This performance was driven by growth in both our plumbing products and decorative architectural products segments. Additionally, we continued our focus on creating shareholder value and returned $186 million to shareholders through share repurchases and dividends during the quarter.”

Company officials said that adjusted for currency translations, North American sales rose 3 percent and international sales rose 5 percent. Plumbing products sales rose 1 percent, while decorative architectural products sales rose 5 percent. Cabinetry products sales fell 3 percent.

Allman said that during the quarter, the company completed the sale of its UK Window business and announced the signing of a definitive agreement to sell its Milgard Windows and Doors business.

Masco brands include Behr paint, Delta and Hansgrohe faucets, bath and shower fixtures, KraftMaid and Merillat cabinets, Kochler outdoor lighting, and HotSpring spas. More at www.masco.com.

To listen to a conference call discussing these results, visit the Masco website or call (855) 859-2056 in the United States or (404) 537-3406 elsewhere, using the conference identification number 4086468.

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