'Challenging’ Q1 for Masco
Home improvement products giant Masco reported first quarter net sales decreased 1% to $1.9 billion from net sales of $1.92 billion during the same period last year.
Excluding acquisitions and currency, sales decreased 2% for the quarter.
Masco also posted a net income of $127 million for the quarter, down 21% from a net income of $161 million in the first quarter 2018.
Drilling down into Masco’s product categories, plumbing sales fell 3% while decorative architectural sales increased 5%. Sales in cabinetry products were up 9% due to growth in remodeling and new construction businesses.
Windows and other specialty products sales decreased 16%. Last month Masco said it was evaluating a sale of its windows and cabinet businesses.
“We experienced a challenging start to 2019, which resulted in reduced sales and operating profits for the first quarter,” said Masco President and CEO Keith Allman. “While we anticipated many of the factors that led to our results, our performance was also impacted by inventory rebalancing by certain customers and softness in some of our end markets.”
Based in Livonia, Mich., Masco’s brands include Behr paint; Delta and Hansgrohe plumbing products; KraftMaid and Merillat cabinets; Milgard windows and doors; Kichler lighting; and HotSpring spas.
Excluding acquisitions and currency, sales decreased 2% for the quarter.
Masco also posted a net income of $127 million for the quarter, down 21% from a net income of $161 million in the first quarter 2018.
Drilling down into Masco’s product categories, plumbing sales fell 3% while decorative architectural sales increased 5%. Sales in cabinetry products were up 9% due to growth in remodeling and new construction businesses.
Windows and other specialty products sales decreased 16%. Last month Masco said it was evaluating a sale of its windows and cabinet businesses.
“We experienced a challenging start to 2019, which resulted in reduced sales and operating profits for the first quarter,” said Masco President and CEO Keith Allman. “While we anticipated many of the factors that led to our results, our performance was also impacted by inventory rebalancing by certain customers and softness in some of our end markets.”
Based in Livonia, Mich., Masco’s brands include Behr paint; Delta and Hansgrohe plumbing products; KraftMaid and Merillat cabinets; Milgard windows and doors; Kichler lighting; and HotSpring spas.