Masco Corporation reported its third quarter results.

2022 Third Quarter Results:
• On a reported basis, compared to third quarter 2021:
• Net sales of $2,204 million matched prior year; in local currency, net sales increased 3 percent
• North American sales increased 2 percent and international sales decreased 9 percent; in local currency, North American sales increased 3 percent and international sales increased 5 percent
• Gross margin decreased 270 basis points to 31.5 percent from 34.2 percent
• Operating profit decreased 9 percent to $351 million
• Operating margin decreased 160 basis points to 15.9 percent from 17.5 percent
• Net income increased to $0.97 per share, compared to $0.89 per share

“During the third quarter, our pricing actions helped mitigate the impact of volume declines and persistent supply chain challenges,” said Keith Allman, Masco’s president and CEO. “As a result, we delivered modest sales growth of three percent in local currency.

“As market conditions continue to evolve, we now anticipate lower market demand, elevated operational costs, and additional foreign currency headwinds in the fourth quarter,” continued Allman. “Given these challenges, we have lowered our guidance for full year adjusted earnings per share to $3.70 – $3.80 per share. We are enacting plans to address the lower market demand and elevated operational costs. We remain confident in the power of our leading brands and the underlying positive long-term structural factors in housing that are supportive of our repair and remodel-oriented business.”