Masco sales jump in first quarter

Home improvement and building products manufacturer Masco reported first quarter sales increased 25% to $1.97 billion from first quarter 2020 sales of $1.58 billion.

Plumbing products net sales were up 31% with decorative architectural products sales rising 15%. 

Income from continuing operations fell 19% to $114 million from a net income from continuing operations of $141 million in the prior first quarter.

Discontinued operations from the first quarter 2020 included about $397 in net income.

Based in Livonia, Mich., Masco’s brands include 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: Sales surge 25% in the first quarter but profilts slide 19% to $114 million.

What the CEO said: “We achieved another outstanding quarter,” said Masco President and CEO, Keith Allman. “We capitalized on the continued strong demand for our products to deliver exceptional sales growth, margin expansion and an 89% increase in adjusted earnings per share.

Company info: Masco’s first quarter 2021 report can be read here.