Masco Corp. sales slump 3%, but profits rise 5%

LIVONIA–Masco Corp. (NYSE: MAS), the manufacturer of branded home improvement and building products, reported net income of $215 million or 97 cents a share in the first quarter of 2024, up 5% from $205 million or 90 cents a share in the first quarter of 2023.

Revenue fell 3% to $1.93 billion, from $1.98 billion in the same quarter of 2023.

Among the company’s ines of business, plumbing products sales fell 2%, and decorative architectural products sales fell 3%. North American sales fell 2%, and international sales fell 5%.

“We delivered another quarter of strong results,” said Masco President and CEO, Keith Allman. “We expanded adjusted operating profit margin by 90 basis points and grew adjusted earnings per share by 8 percent through improved operational efficiencies and our continued focus on execution. Additionally, our balanced capital allocation strategy enabled us to return $212 million to shareholders through dividends and share repurchases during the quarter. With the year beginning largely as expected, we continue to anticipate that 2024 adjusted earnings per share will be in the range of $4.00 to $4.25 per share,” said Allman. “Through our ongoing investments in our market leading brands, innovation, and service and our disciplined capital allocation strategy, we are confident in Masco’s ability to continue to deliver long-term shareholder value.”

Masco brands include Behr paint, Delta and Hansgrohe faucets and bath fixtures, Kichler decorative and outdoor lighting, Liberty decorative and functional hardware, and HotSpring spas. More at www.masco.com.

To listen to a conference call discussing these results, visit the investor relations section of www.masco.com or call (877) 674-7070 or (416) 764-8692, using the pass code 983883#.

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