Masco builds big sales in Q3
Masco, the home improvement and building products manufacturer, reported third quarter sales jumped more than 16% to $2 billion from sales of $1.72 billion in the third quarter 2019.
The Livonia, Mich.-based company reported that North American sales increased 16% with international sales rising 9%.
Plumbing product sales were up 13% for the quarter with decorative architectural product sales increasing 19%.
Profits also increased as Masco posted a net income from continuing operations of $293 million, soaring more than 67% from a net income of $175 million in the previous third quarter.
Masco’s portfolio of brands includes Behr paint; Delta and Hansgrohe faucets, bath and shower fixtures; Kichler decorative and outdoor lighting; and HotSpring spas.
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The Bottom Line: Profits from continuing operations at Masco surge 67% in the third quarter as sales are up more than 16%.
What the CEO said: “In the face of an uncertain and dynamic environment, we delivered an exceptional quarter while maintaining our top priority of employee safety,” said Masco President and CEO, Keith Allman. “I could not be prouder of our entire organization. These results demonstrate our ability to execute and the strength of our team. We leveraged strong demand and focused cost control to deliver profitable growth,”
Looking ahead, Allman said that Masco expects additional strong demand for its products in the fourth quarter.
“Our lower ticket, repair and remodel-oriented products are well-positioned to capitalize on consumers’ increased interest in enhancing their homes,” Allman said.
Company info: Masco’s full third quarter financial report can be accessed here.