Masco Corporation Reports First Quarter 2024 Results

Masco Corporation, one of the world’s leading manufacturers of branded home improvement and building products, reported its first quarter 2024 results.

Highlights

• Net sales decreased 3 percent to $1,926 million
• Operating profit increased 1 percent to $318 million; adjusted operating profit increased 3 percent to $322 million
• Operating profit margin increased 60 basis points to 16.5 percent; adjusted operating profit margin increased 90 basis points to 16.7 percent
• Earnings per share was $0.97 per share; adjusted earnings per share grew 8 percent to $0.93 per share
• Repurchased 2.1 million shares for $148 million
• Continue to expect 2024 earnings per share in the range of $4.00 – $4.25 per share

2024 First Quarter Results

• On a reported basis, compared to first quarter 2023:
  • Net sales decreased 3 percent to $1,926 million; in local currency and excluding acquisitions, net sales decreased 4 percent
    • Plumbing Products’ net sales decreased 2 percent; in local currency and excluding acquisitions, net sales decreased 4 percent
    • Decorative Architectural Products’ net sales decreased 3 percent
    • In local currency, North American sales decreased 2 percent and international sales decreased 5 percent
  • Gross margin increased 180 basis points to 35.6 percent from 33.8 percent
  • Operating profit increased 1 percent to $318 million from $315 million
  • Operating margin increased 60 basis points to 16.5 percent from 15.9 percent
  • Net income increased to $0.97 per share, compared to $0.90 per share
• Compared to first 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 210 basis points to 35.7 percent from 33.6 percent
  • Operating profit increased 3 percent to $322 million from $312 million
  • Operating margin increased 90 basis points to 16.7 percent from 15.8 percent
  • Net income increased 8 percent to $0.93 per share, compared to $0.86 per share
• Liquidity at the end of the first quarter was $1,319 million (including availability under revolving credit facility)

“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.”

For full first quarter results click here.

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; Kichler^® decorative and outdoor lighting; 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 2023 fourth quarter and full year supplemental material, including a presentation in PDF format, is available on the Company’s website at www.masco.com.

Contact:

David Chaika – Vice President, Treasurer and Investor Relations – david_chaika@mascohq.com – (313) 792-5500

Source: Masco Corporation