Masco reports its Q3 2024 financials
Masco Corporation has reported its third quarter 2024 results.
Highlights include:
- 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.
- 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 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.
- 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 a revolving credit facility).
“We delivered another quarter of strong operating results,” said Masco 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.”
“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.”
View Masco's full Q3 2024 earnings report here.
