Masco sales, profits decline

LIVONIA—Masco Corp., the Livonia-based manufacturer of home improvement and building products, reported net income of $234 million or 85 cents a share in the second quarter, down from $240 million or 82 cents a share in the same quarter of 2019.

Revenue was $1.76 billion, down 4 percent from $1.84 billion in the second quarter of 2019.

For the first half of the year, net income was $754 million or $2.80 a share, up from $379 million or $1.08 a share in the first half of 2019.

“We remain focused on employee safety and customer support as this pandemic continues to evolve,” Masco CEO Keith Allman said. “While there are a number of unknowns, and assuming no additional shutdowns due to COVID, we expect strong demand for our products to continue in the third quarter. Additionally, our board of directors demonstrated confidence in our future by announcing its intention to raise our annual dividend 4 percent to 56 cents per share beginning in the fourth quarter.”

To listen to a conference call discussing these results, call (855) 859-2056 in the United States or (404) 537-3406 elsewhere, using conference ID 9048068.

Headquartered in Livonia, Masco’s home improvement and building brands include Behr paint; Delta and Hansgrohe faucets, bath and shower fixtures; Kichler decorative and outdoor lighting; and HotSpring spas. More at www.masco.com.

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