Masco sales, profits fall in Q2

Home improvement and building products manufacturer Masco reported second quarter 2023 sales fell 10% to $2.13 billion from sales of $2.35 billion in the second quarter 2022.

Masco posted a net income (attributable to the company) of $263 million. This is a 5.4% decline from a net income of $278 million for the same period a year ago.

The Livonia, Michigan-based company also announced that it entered into an agreement to acquire Sauna360 Group Oy, a global manufacturer of sauna solutions. Masco said that Sauna360 Group Oy complements the company’s spa business and will expand its wellness product offerings with the addition of the Tylö, Helo, Kastor, Finnleo and Amerec brands. 

The transaction is expected to close in the third quarter, subject to regulatory approval. Financial terms of the deal were not disclosed.

Regarding the company’s second quarter performance, Masco President and CEO Keith Allman said, “In the first half of the year, we demonstrated our ability to mitigate the impacts of a lower demand environment with a focus on productivity and shareholder returns.” 

“In the second quarter, our pricing actions and improved operational efficiency helped drive adjusted operating profit margin expansion of 140 basis points,” Allman added.

Masco’s portfolio of products includes Behr paint; Delta and Hansgrohe faucets, bath and shower fixtures; Kichler decorative and outdoor lighting; and HotSpring spas. 

For the full second quarter 2023 financial report from Masco, click here.