Masco works through ‘challenging environment’
Livonia, Michigan-based Masco Corp., the manufacturer of branded home improvement products such as Behr, Kilz, Delta, BrassCraft, Peerless and dozens more, reported a 2 percent decline in sales for the second quarter ended June 30.
Total sales for the three months were $2.091 billion, down from $2.127 billion in the priory-year quarter.
“During the first half of this year, we continued to deliver solid results and shareholder value, despite a challenging environment, through the strength of our operating performance,” said Masco President and CEO, Keith Allman. “Additionally, we remain confident in the long-term fundamentals of the repair and remodel market and the strength of our brands and product portfolio.”
Net income for the quarter was $258 million, down from $263 million in the prior-year quarter.
Looking ahead, the CEO said the company anticipates ongoing demand headwinds as market conditions “remain challenged.”
Other statistics from the company’s second quarter earnings report:
• Plumbing Products’ net sales increased 2 percent; in local currency and excluding acquisitions, net sales increased 1 percent
• Decorative Architectural Products’ net sales decreased 7 percent
• In local currency, North American and International sales both decreased 1 percent.
