Company Announcements

Masco Corporation Reports Third Quarter 2024 Results

Highlights

  • Net sales were in line with prior year at $1,983 million
  • Operating profit decreased 7 percent to $357 million; adjusted operating profit increased 3 percent to $360 million
  • Operating profit margin decreased 140 basis points to 18.0 percent; adjusted operating profit margin increased 60 basis points to 18.2 percent
  • Earnings per share was $0.77 per share; adjusted earnings per share grew 8 percent to $1.08 per share
  • Repurchased 2.5 million shares for $192 million
  • Expect 2024 earnings per share in the range of $3.74 - $3.84 per share, and on an adjusted basis, $4.05 - $4.15 per share

LIVONIA, Mich.--(BUSINESS WIRE)--Oct. 29, 2024-- Masco Corporation (NYSE: MAS), one of the world’s leading manufacturers of branded home improvement and building products, reported its third quarter 2024 results.

2024 Third Quarter 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 percent
      • Plumbing Products’ net sales increased 2 percent; in local currency and excluding acquisitions, net sales increased 1 percent
      • Decorative Architectural Products’ net sales decreased 3 percent; in local currency and excluding divestitures, net sales decreased 1 percent
      • In local currency, North American sales were in line with prior year and International sales increased 3 percent
    • Gross margin decreased 100 basis points to 36.6 percent from 37.6 percent
    • Operating profit decreased 7 percent to $357 million from $383 million
    • Operating margin decreased 140 basis points to 18.0 percent from 19.4 percent
    • Net income decreased to $0.77 per share, compared to $1.10 per share
  • Compared to third quarter 2023, results for key financial measures, as adjusted for certain items (see Exhibit A) and with a normalized tax rate of 24.5 percent, were as follows:
    • Gross margin increased 90 basis points to 36.7 percent from 35.8 percent
    • Operating profit increased 3 percent to $360 million from $348 million
    • Operating margin increased 60 basis points to 18.2 percent from 17.6 percent
    • Net income increased 8 percent to $1.08 per share, compared to $1.00 per share
  • Liquidity at the end of the third quarter was $1,646 million (including availability under our revolving credit facility)

“We delivered another quarter of strong operating results,” said Masco President and CEO, Keith Allman. “Our adjusted operating margin expanded 60 basis points to 18.2 percent, marking the sixth consecutive quarter of year-over-year margin expansion, and our adjusted earnings per share grew by 8 percent. 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.”

Dividend Declaration

Masco’s Board of Directors declared a quarterly dividend of $0.29 per share, payable on November 25, 2024 to shareholders of record on November 8, 2024.

About Masco

Headquartered in Livonia, Michigan, Masco Corporation is a global leader in the design, manufacture and distribution of branded home improvement and building products. Our portfolio of industry-leading brands includes Behr® paint; Delta® and hansgrohe® faucets, bath and shower fixtures; Liberty® branded decorative and functional hardware; and HotSpring® spas. We leverage our powerful brands across product categories, sales channels and geographies to create value for our customers and shareholders. For more information about Masco Corporation, visit www.masco.com.

The 2024 third quarter supplemental material, including a presentation in PDF format, is available on the Company’s website at www.masco.com.

Conference Call Details

A conference call regarding items contained in this release is scheduled for Tuesday, October 29, 2024 at 8:00 a.m. ET. Participants in the call are asked to register five to ten minutes prior to the scheduled start time by dialing 800-549-8228 or 646-564-2877. Please use the conference identification number 72522.

The conference call will be webcast simultaneously and in its entirety through the Company’s website. Shareholders, media representatives and others interested in Masco may participate in the webcast by registering through the Investor Relations section on the Company’s website.

A replay of the call will be available on Masco’s website or by phone by dialing 888-660-6264 or 646-517-3975. Please use the playback passcode 72522#. The telephone replay will be available approximately two hours after the end of the call and continue through November 29, 2024.

Safe Harbor Statement

This press release contains statements that reflect our views about our future performance and constitute “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “outlook,” “believe,” “anticipate,” “appear,” “may,” “will,” “should,” “intend,” “plan,” “estimate,” “expect,” “assume,” “seek,” “forecast,” and similar references to future periods. Our views about future performance involve risks and uncertainties that are difficult to predict and, accordingly, our actual results may differ materially from the results discussed in our forward-looking statements. We caution you against relying on any of these forward-looking statements.

Our future performance may be affected by the levels of residential repair and remodel activity, and to a lesser extent, new home construction, our ability to maintain our strong brands, to develop innovative products and respond to changing consumer purchasing practices and preferences, our ability to maintain our public image and reputation, our ability to maintain our competitive position in our industries, our reliance on key customers, the cost and availability of materials, our dependence on suppliers and service providers, extreme weather events and changes in climate, risks associated with our international operations and global strategies, our ability to achieve the anticipated benefits of our strategic initiatives, our ability to successfully execute our acquisition strategy and integrate businesses that we have acquired and may in the future acquire, our ability to attract, develop and retain a talented and diverse workforce, risks associated with cybersecurity vulnerabilities, threats and attacks and risks associated with our reliance on information systems and technology. These and other factors are discussed in detail in Item 1A. "Risk Factors" in our most recent Annual Report on Form 10-K, as well as in our Quarterly Reports on Form 10-Q and in other filings we make with the Securities and Exchange Commission. Any forward-looking statement made by us speaks only as of the date on which it was made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. Unless required by law, we undertake no obligation to update publicly any forward-looking statements as a result of new information, future events or otherwise.

 

MASCO CORPORATION

Condensed Consolidated Statements of Operations - Unaudited

For the Three and Nine Months Ended September 30, 2024 and 2023

 

(in millions, except per common share data)

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Net sales

$

1,983

 

 

$

1,979

 

 

$

6,000

 

 

$

6,085

 

Cost of sales

 

1,258

 

 

 

1,235

 

 

 

3,805

 

 

 

3,903

 

Gross profit

 

725

 

 

 

744

 

 

 

2,195

 

 

 

2,182

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

368

 

 

 

361

 

 

 

1,123

 

 

 

1,081

 

Operating profit

 

357

 

 

 

383

 

 

 

1,073

 

 

 

1,101

 

 

 

 

 

 

 

 

 

Other income (expense), net:

 

 

 

 

 

 

 

Interest expense

 

(25

)

 

 

(26

)

 

 

(75

)

 

 

(82

)

Other, net

 

(85

)

 

 

(11

)

 

 

(95

)

 

 

(14

)

 

 

(109

)

 

 

(37

)

 

 

(170

)

 

 

(96

)

Income before income taxes

 

248

 

 

 

346

 

 

 

903

 

 

 

1,005

 

 

 

 

 

 

 

 

 

Income tax expense

 

68

 

 

 

86

 

 

 

222

 

 

 

246

 

Net income

 

180

 

 

 

260

 

 

 

681

 

 

 

759

 

 

 

 

 

 

 

 

 

Less: Net income attributable to noncontrolling interest

 

13

 

 

 

11

 

 

 

41

 

 

 

42

 

Net income attributable to Masco Corporation

$

167

 

 

$

249

 

 

$

640

 

 

$

717

 

 

 

 

 

 

 

 

 

Income per common share attributable to Masco Corporation (diluted):

 

 

 

 

 

 

 

Net income

$

0.77

 

 

$

1.10

 

 

$

2.91

 

 

$

3.17

 

 

 

 

 

 

 

 

 

Average diluted common shares outstanding

 

218

 

 

 

226

 

 

 

220

 

 

 

226

 

Historical information is available on our website.

Amounts may not add due to rounding.

 

MASCO CORPORATION

Exhibit A: Reconciliations - Unaudited

For the Three and Nine Months Ended September 30, 2024 and 2023

 

(dollars in millions)

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Gross Profit, Selling, General and Administrative Expenses, and Operating Profit Reconciliations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

1,983

 

 

$

1,979

 

 

$

6,000

 

 

$

6,085

 

 

 

 

 

 

 

 

 

Gross profit, as reported

$

725

 

 

$

744

 

 

$

2,195

 

 

$

2,182

 

Rationalization charges

 

2

 

 

 

5

 

 

 

6

 

 

 

2

 

Insurance settlement (1)

 

 

 

 

(40

)

 

 

 

 

 

(40

)

Gross profit, as adjusted

$

727

 

 

$

709

 

 

$

2,202

 

 

$

2,144

 

 

 

 

 

 

 

 

 

Gross margin, as reported

 

36.6

%

 

 

37.6

%

 

 

36.6

%

 

 

35.9

%

Gross margin, as adjusted

 

36.7

%

 

 

35.8

%

 

 

36.7

%

 

 

35.2

%

 

 

 

 

 

 

 

 

Selling, general and administrative expenses, as reported

$

368

 

 

$

361

 

 

$

1,123

 

 

$

1,081

 

Rationalization charges

 

 

 

 

 

 

 

1

 

 

 

1

 

Selling, general and administrative expenses, as adjusted

$

368

 

 

$

361

 

 

$

1,121

 

 

$

1,080

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses as a percent of net sales, as reported

 

18.6

%

 

 

18.2

%

 

 

18.7

%

 

 

17.8

%

Selling, general and administrative expenses as a percent of net sales, as adjusted

 

18.6

%

 

 

18.2

%

 

 

18.7

%

 

 

17.7

%

 

 

 

 

 

 

 

 

Operating profit, as reported

$

357

 

 

$

383

 

 

$

1,073

 

 

$

1,101

 

Rationalization charges

 

2

 

 

 

5

 

 

 

8

 

 

 

3

 

Insurance settlement (1)

 

 

 

 

(40

)

 

 

 

 

 

(40

)

Operating profit, as adjusted

$

360

 

 

$

348

 

 

$

1,081

 

 

$

1,064

 

 

 

 

 

 

 

 

 

Operating margin, as reported

 

18.0

%

 

 

19.4

%

 

 

17.9

%

 

 

18.1

%

Operating margin, as adjusted

 

18.2

%

 

 

17.6

%

 

 

18.0

%

 

 

17.5

%

(1)

Represents income for the three and nine months ended September 30, 2023 from the receipt of an insurance settlement payment.

Historical information is available on our website.

Amounts may not add due to rounding.

 

MASCO CORPORATION

Exhibit A: Reconciliations - Unaudited

For the Three and Nine Months Ended September 30, 2024 and 2023

 

(in millions, except per common share data)

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Income Per Common Share Reconciliations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes, as reported

$

248

 

 

$

346

 

 

$

903

 

 

$

1,005

 

Rationalization charges

 

2

 

 

 

5

 

 

 

8

 

 

 

3

 

Loss on sale of business (1)

 

81

 

 

 

 

 

 

81

 

 

 

 

Realized (gains) from private equity funds

 

(1

)

 

 

 

 

 

(1

)

 

 

(1

)

Loss from equity investments, net

 

 

 

 

1

 

 

 

 

 

 

1

 

Insurance settlement (2)

 

 

 

 

(40

)

 

 

 

 

 

(40

)

Income before income taxes, as adjusted

 

330

 

 

 

312

 

 

 

990

 

 

 

968

 

Tax at 24.5% rate

 

(81

)

 

 

(76

)

 

 

(243

)

 

 

(237

)

Less: Net income attributable to noncontrolling interest

 

13

 

 

 

11

 

 

 

41

 

 

 

42

 

Net income, as adjusted

$

236

 

 

$

225

 

 

$

706

 

 

$

689

 

 

 

 

 

 

 

 

 

Net income per common share, as adjusted

$

1.08

 

 

$

1.00

 

 

$

3.21

 

 

$

3.05

 

 

 

 

 

 

 

 

 

Average diluted common shares outstanding

 

218

 

 

 

226

 

 

 

220

 

 

 

226

 

(1)

Represents the preliminary loss for the three and nine months ended September 30, 2024 from the sale of our Kichler Lighting business.

(2)

Represents income for the three and nine months ended September 30, 2023 from the receipt of an insurance settlement payment.

 

Outlook for the Year Ended December 31, 2024

 

Year Ended December 31, 2024

 

Low End

 

High End

Income Per Common Share Reconciliation

 

 

 

 

 

 

 

Net income per common share

$

3.74

 

$

3.84

Rationalization charges

 

0.03

 

 

 

0.03

 

Loss on sale of business (1)

 

0.28

 

 

 

0.28

 

Net income per common share, as adjusted

$

4.05

 

 

$

4.15

 

(1)

Represents the preliminary loss from the sale of our Kichler Lighting business.

Historical information is available on our website.

Amounts may not add due to rounding.

 

MASCO CORPORATION

Condensed Consolidated Balance Sheets and Other Financial Data - Unaudited

September 30, 2024 and December 31, 2023

 

(dollars in millions)

 

September 30, 2024

 

December 31, 2023

Balance Sheet

 

 

 

Assets

 

 

 

Current assets:

 

 

 

Cash and cash investments

$

646

 

$

634

Receivables

 

1,152

 

 

 

1,090

 

Inventories

 

1,013

 

 

 

1,022

 

Prepaid expenses and other

 

153

 

 

 

110

 

Total current assets

 

2,965

 

 

 

2,856

 

 

 

 

 

Property and equipment, net

 

1,125

 

 

 

1,121

 

Goodwill

 

610

 

 

 

604

 

Other intangible assets, net

 

230

 

 

 

377

 

Operating lease right-of-use assets

 

238

 

 

 

268

 

Other assets

 

128

 

 

 

139

 

Total assets

$

5,296

 

 

$

5,363

 

 

 

 

 

Liabilities

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

874

 

 

$

840

 

Notes payable

 

3

 

 

 

3

 

Accrued liabilities

 

742

 

 

 

852

 

Total current liabilities

 

1,618

 

 

 

1,695

 

 

 

 

 

Long-term debt

 

2,945

 

 

 

2,945

 

Noncurrent operating lease liabilities

 

230

 

 

 

258

 

Other liabilities

 

360

 

 

 

349

 

Total liabilities

 

5,154

 

 

 

5,247

 

 

 

 

 

Redeemable noncontrolling interest

 

 

 

 

18

 

 

 

 

 

Equity

 

142

 

 

 

98

 

Total liabilities and equity

$

5,296

 

 

$

5,363

 

 

As of September 30,

 

 

2024

 

 

 

2023

 

Other Financial Data

 

 

 

Working capital days

 

 

 

Receivable days

 

50

 

 

 

54

 

Inventory days

 

78

 

 

 

77

 

Payable days

 

70

 

 

 

71

 

Working capital

$

1,291

 

 

$

1,447

 

Working capital as a % of sales (LTM)

 

16.4

%

 

 

18.1

%

Historical information is available on our website.

Amounts may not add due to rounding.

 

MASCO CORPORATION

Condensed Consolidated Statements of Cash Flows and Other Financial Data - Unaudited

For the Nine Months Ended September 30, 2024 and 2023

 

(dollars in millions)

 

Nine Months Ended September 30,

 

 

2024

 

 

 

2023

 

Cash Flows From (For) Operating Activities:

 

 

 

Cash provided by operating activities

$

957

 

 

$

954

 

Working capital changes

 

(288

)

 

 

(26

)

Net cash from operating activities

 

668

 

 

 

928

 

 

 

 

 

Cash Flows From (For) Financing Activities:

 

 

 

Purchase of Company common stock

 

(482

)

 

 

(126

)

Cash dividends paid

 

(191

)

 

 

(193

)

Purchase of redeemable noncontrolling interest

 

(15

)

 

 

 

Dividends paid to noncontrolling interest

 

(25

)

 

 

(49

)

Proceeds from short-term borrowings

 

 

 

 

77

 

Payment of short-term borrowings

 

 

 

 

(11

)

Payment of term loan

 

 

 

 

(200

)

Proceeds from the exercise of stock options

 

76

 

 

 

37

 

Employee withholding taxes paid on stock-based compensation

 

(34

)

 

 

(29

)

Decrease in debt, net

 

(2

)

 

 

(4

)

Net cash for financing activities

 

(673

)

 

 

(498

)

 

 

 

 

Cash Flows From (For) Investing Activities:

 

 

 

Capital expenditures

 

(112

)

 

 

(181

)

Acquisition of business, net of cash acquired

 

(4

)

 

 

(136

)

Proceeds from disposition of business, net of cash disposed

 

131

 

 

 

 

Other, net

 

(3

)

 

 

(4

)

Net cash from (for) investing activities

 

12

 

 

 

(321

)

 

 

 

 

Effect of exchange rate changes on cash and cash investments

 

5

 

 

 

(1

)

 

 

 

 

Cash and Cash Investments:

 

 

 

Increase for the period

 

12

 

 

 

108

 

At January 1

 

634

 

 

 

452

 

At September 30

$

646

 

 

$

560

 

 

As of September 30,

 

 

2024

 

 

 

2023

 

Liquidity

 

 

 

Cash and cash investments

$

646

 

$

560

Revolver availability

 

1,000

 

 

 

1,000

 

Total Liquidity

$

1,646

 

 

$

1,560

 

Historical information is available on our website.

Amounts may not add due to rounding.

 

MASCO CORPORATION

Segment Data - Unaudited

For the Three and Nine Months Ended September 30, 2024 and 2023

 

(dollars in millions)

 

Three Months Ended
September 30,

 

 

 

Nine Months Ended
September 30,

 

 

 

 

2024

 

 

 

2023

 

 

Change

 

 

2024

 

 

 

2023

 

 

Change

Plumbing Products

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

1,219

 

 

$

1,191

 

 

2

%

 

$

3,665

 

 

$

3,638

 

 

1

%

Operating profit, as reported

$

240

 

 

$

223

 

 

 

 

$

713

 

 

$

673

 

 

 

Operating margin, as reported

 

19.7

%

 

 

18.7

%

 

 

 

 

19.5

%

 

 

18.5

%

 

 

Rationalization charges (income)

 

2

 

 

 

2

 

 

 

 

 

7

 

 

 

(1

)

 

 

Operating profit, as adjusted

 

242

 

 

 

225

 

 

 

 

 

720

 

 

 

672

 

 

 

Operating margin, as adjusted

 

19.9

%

 

 

18.9

%

 

 

 

 

19.6

%

 

 

18.5

%

 

 

Depreciation and amortization

 

26

 

 

 

26

 

 

 

 

 

80

 

 

 

76

 

 

 

EBITDA, as adjusted

$

269

 

 

$

251

 

 

 

 

$

799

 

 

$

748

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Decorative Architectural Products

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

764

 

 

$

788

 

 

(3

)%

 

$

2,336

 

 

$

2,447

 

 

(5

)%

Operating profit, as reported

$

138

 

 

$

181

 

 

 

 

$

436

 

 

$

493

 

 

 

Operating margin, as reported

 

18.1

%

 

 

23.0

%

 

 

 

 

18.7

%

 

 

20.1

%

 

 

Rationalization charges

 

 

 

 

3

 

 

 

 

 

1

 

 

 

4

 

 

 

Insurance settlement

 

 

 

 

(40

)

 

 

 

 

 

 

 

(40

)

 

 

Operating profit, as adjusted

 

138

 

 

 

144

 

 

 

 

 

437

 

 

 

457

 

 

 

Operating margin, as adjusted

 

18.1

%

 

 

18.3

%

 

 

 

 

18.7

%

 

 

18.7

%

 

 

Depreciation and amortization

 

9

 

 

 

9

 

 

 

 

 

28

 

 

 

26

 

 

 

EBITDA, as adjusted

$

147

 

 

$

153

 

 

 

 

$

465

 

 

$

483

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

1,983

 

 

$

1,979

 

 

%

 

$

6,000

 

 

$

6,085

 

 

(1

)%

Operating profit, as reported - segment

$

378

 

 

$

404

 

 

 

 

$

1,149

 

 

$

1,166

 

 

 

General corporate expense, net

 

(21

)

 

 

(21

)

 

 

 

 

(76

)

 

 

(65

)

 

 

Operating profit, as reported

 

357

 

 

 

383

 

 

 

 

 

1,073

 

 

 

1,101

 

 

 

Operating margin, as reported

 

18.0

%

 

 

19.4

%

 

 

 

 

17.9

%

 

 

18.1

%

 

 

Rationalization charges - segment

 

2

 

 

 

5

 

 

 

 

 

8

 

 

 

3

 

 

 

Insurance settlement

 

 

 

 

(40

)

 

 

 

 

 

 

 

(40

)

 

 

Operating profit, as adjusted

 

360

 

 

 

348

 

 

 

 

 

1,081

 

 

 

1,064

 

 

 

Operating margin, as adjusted

 

18.2

%

 

 

17.6

%

 

 

 

 

18.0

%

 

 

17.5

%

 

 

Depreciation and amortization - segment

 

36

 

 

 

35

 

 

 

 

 

108

 

 

 

102

 

 

 

Depreciation and amortization - other

 

2

 

 

 

2

 

 

 

 

 

5

 

 

 

5

 

 

 

EBITDA, as adjusted

$

397

 

 

$

385

 

 

 

 

$

1,194

 

 

$

1,171

 

 

 

Historical information is available on our website.

Amounts may not add due to rounding.

 

MASCO CORPORATION

North American and International Data - Unaudited

For the Three and Nine Months Ended September 30, 2024 and 2023

 

(dollars in millions)

 

Three Months Ended
September 30,

 

 

 

Nine Months Ended
September 30,

 

 

 

 

2024

 

 

 

2023

 

 

Change

 

 

2024

 

 

 

2023

 

 

Change

North American

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

1,595

 

 

$

1,602

 

 

%

 

$

4,815

 

 

$

4,875

 

 

(1

)%

Operating profit, as reported

$

322

 

 

$

348

 

 

 

 

$

967

 

 

$

972

 

 

 

Operating margin, as reported

 

20.2

%

 

 

21.7

%

 

 

 

 

20.1

%

 

 

19.9

%

 

 

Rationalization charges

 

2

 

 

 

5

 

 

 

 

 

5

 

 

 

3

 

 

 

Insurance settlement

 

 

 

 

(40

)

 

 

 

 

 

 

 

(40

)

 

 

Operating profit, as adjusted

 

324

 

 

 

313

 

 

 

 

 

973

 

 

 

935

 

 

 

Operating margin, as adjusted

 

20.3

%

 

 

19.5

%

 

 

 

 

20.2

%

 

 

19.2

%

 

 

Depreciation and amortization

 

23

 

 

 

22

 

 

 

 

 

69

 

 

 

65

 

 

 

EBITDA, as adjusted

$

347

 

 

$

335

 

 

 

 

$

1,042

 

 

$

1,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

388

 

 

$

377

 

 

3

%

 

$

1,185

 

 

$

1,210

 

 

(2

)%

Operating profit, as reported

$

56

 

 

$

56

 

 

 

 

$

182

 

 

$

194

 

 

 

Operating margin, as reported

 

14.4

%

 

 

14.9

%

 

 

 

 

15.4

%

 

 

16.0

%

 

 

Rationalization charges

 

 

 

 

 

 

 

 

 

2

 

 

 

 

 

 

Operating profit, as adjusted

 

56

 

 

 

56

 

 

 

 

 

184

 

 

 

194

 

 

 

Operating margin, as adjusted

 

14.4

%

 

 

14.9

%

 

 

 

 

15.5

%

 

 

16.0

%

 

 

Depreciation and amortization

 

13

 

 

 

13

 

 

 

 

 

38

 

 

 

37

 

 

 

EBITDA, as adjusted

$

69

 

 

$

69

 

 

 

 

$

222

 

 

$

231

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

1,983

 

 

$

1,979

 

 

%

 

$

6,000

 

 

$

6,085

 

 

(1

)%

Operating profit, as reported - segment

$

378

 

 

$

404

 

 

 

 

$

1,149

 

 

$

1,166

 

 

 

General corporate expense, net

 

(21

)

 

 

(21

)

 

 

 

 

(76

)

 

 

(65

)

 

 

Operating profit, as reported

 

357

 

 

 

383

 

 

 

 

 

1,073

 

 

 

1,101

 

 

 

Operating margin, as reported

 

18.0

%

 

 

19.4

%

 

 

 

 

17.9

%

 

 

18.1

%

 

 

Rationalization charges - segment

 

2

 

 

 

5

 

 

 

 

 

8

 

 

 

3

 

 

 

Insurance settlement

 

 

 

 

(40

)

 

 

 

 

 

 

 

(40

)

 

 

Operating profit, as adjusted

 

360

 

 

 

348

 

 

 

 

 

1,081

 

 

 

1,064

 

 

 

Operating margin, as adjusted

 

18.2

%

 

 

17.6

%

 

 

 

 

18.0

%

 

 

17.5

%

 

 

Depreciation and amortization - segment

 

36

 

 

 

35

 

 

 

 

 

108

 

 

 

102

 

 

 

Depreciation and amortization - other

 

2

 

 

 

2

 

 

 

 

 

5

 

 

 

5

 

 

 

EBITDA, as adjusted

$

397

 

 

$

385

 

 

 

 

$

1,194

 

 

$

1,171

 

 

 

Historical information is available on our website.

Amounts may not add due to rounding.

Investor Contact
Robin Zondervan
Vice President, Investor Relations and FP&A
313.792.5500
robin_zondervan@mascohq.com

Source: Masco Corporation