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Net sales were in line with prior year at $1,983 million, while adjusted operating profit increased 3% to $360 million.
October 29, 2024
By: DAVID SAVASTANO
Editor, Ink World Magazine
Masco Corporation reported its third quarter 2024 results. On a reported basis, compared to third quarter 2023: • Net sales were in line with prior year at $1,983 million; in local currency net sales increased 1%. • Plumbing Products’ net sales increased 2%; in local currency and excluding acquisitions, net sales increased 1%. • Decorative Architectural Products’ net sales decreased 3%; in local currency and excluding divestitures, net sales decreased 1%. • In local currency, North American sales were in line with prior year and International sales increased 3%. • Gross margin decreased 100 basis points to 36.6% from 37.6%. • Operating profit decreased 7% to $357 million from $383 million. • Operating margin decreased 140 basis points to 18.0% from 19.4%. • Net income decreased to $0.77 per share, compared to $1.10 per share. Liquidity at the end of the third quarter was $1,646 million (including availability under Masco’s revolving credit facility). “We delivered another quarter of strong operating results,” said Keith Allman, Masco president and CEO. “Our adjusted operating margin expanded 60 basis points to 18.2%, marking the sixth consecutive quarter of year-over-year margin expansion, and our adjusted earnings per share grew by 8%. Additionally, we executed on our capital allocation strategy by returning $255 million to shareholders though dividends and share repurchases. “We remain focused on driving the full potential of our portfolio with our leading brands, innovative products, and exceptional customer service. For the remainder of the year, we expect market demand to remain challenged and now anticipate our 2024 adjusted earnings per share to be in the range of $4.05 to $4.15, compared to our previous expectation of $4.05 to $4.20,” said Allman. “With our ongoing focus on operational efficiencies and cost savings initiatives, we remain well positioned to drive operating margin expansion for the full year. Additionally, we remain confident in the long-term fundamentals of the repair and remodel market and our ability to deliver shareholder value.” Masco’s Board of Directors declared a quarterly dividend of $0.29 per share, payable on Nov. 25, 2024 to shareholders of record on November 8, 2024.
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