Masco continues sales growth in Q3

Masco Corporation, based in Livonia, Mich., reported third quarter sales increases, making for five straight quarters of double-digit sales growth, relating that demand for company products remains strong across categories and channels.

The company reported net sales up 11% to $2.204 billion from $1.983 billion in the previous third quarter. Masco said its operating profit decreased 9% to $385.0 million.

Returning $186 million to shareholders in the form of dividends and share repurchases, the company reported, its earnings per share from continuing operations was $0.89 per share; and adjusted earnings per share from continuing operations was $0.99 per share.

In a segment highlight for the third quarter, Masco reported Plumbing Products net sales increased 16% to $1.329 billion over $1.141 billion in the previous third quarter. Operating margin, it reported, saw a decrease of 18.7% to $248.0 million over 2020 third quarter of $271.0 million.

The Bottom Line: Masco Corporation sales moved ahead 11% to just over $2.2 billion while profits decreased 9% to $385 million.

What the CEO said: “Masco delivered its fifth consecutive quarter of double-digit sales growth, demonstrating the resourcefulness and strength of our organization in the face of ongoing headwinds,” said Masco president and CEO, Keith Allman.

“Our team effectively navigated supply chain challenges to deliver for our customers while successfully implementing pricing and cost productivity actions to offset persistent inflation,” the CEO noted.

“We also advanced our capital deployment strategy by returning approximately $186 million to shareholders in the form of dividends and share repurchases,” Allman related, “bringing our year-to-date total dividends and share repurchases to $1.0 billion.”

Company info: Click here to read the full third quarter financial report from Masco Corporation.