LIVONIA–Masco Corp. (NYSE: MAS), the manufacturer of branded home improvement and building products, said its revenue fell 10 percent to $1.979 billion in the first quarter ended March 31, down from $2.201 billion in the same quarter of 2022.
Net income fell to $205 million or 87 cents a share from $233 million or 97 cents a share in the first quarter of 2022.
“We are pleased with our strong execution in what remains a challenging macro environment,” said Masco President and CEO, Keith Allman. “In the first quarter we improved adjusted gross margin by 150 basis points with pricing actions and operational improvements offsetting lower volume. Additionally, we returned $121 million to shareholders through dividends and share repurchases during the quarter, showcasing the company’s strong financial position and our board’s continued confidence in Masco’s resilient business model.”
Masco brands include Behr paint; Delta and Hansgrohe faucets, bath and shower fixtures; Kichler decorative and outdoor lighting; and HotSpring spas. The 2023 first quarter supplemental material, including a presentation in PDF format, is available on the Company’s website at www.masco.com.
To listen to a replay of a conference call discussing these results, visit the company’s website or call (877) 674-7070 in the United States and (416) 764-8692 elsewhere, using passcode 009924#.