Masco profits slide in Q3
Home improvement and building products manufacturer Masco reported third quarter 2019 net sales of $1.947 billion, rising 2.3% from net sales of $1.904 billion for the third quarter of 2018.
The Livonia, Mich.-based company reported a net income of $138 million for the third quarter, down 27.7% from a net income of $191 million for the same period last year.
Plumbing products’ net sales increased 1% while decorative architectural products’ net sales increased 5% percent due to strong growth in paints and other coating products. Cabinetry products’ net sales decreased 3%, the company said.
During the third quarter, Masco announced it had reached an agreement to sell its Milgard Windows and Doors brand to MI Windows and Doors for approximately $725 million.
Masco’s portfolio of brands includes Behr paint; Delta and Hansgrohe plumbing; KraftMaid and Merillat cabinets; Kichler decorative and outdoor lighting; and HotSpring spas.
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The bottom line: Sales are on the rise for Masco, but profits tumble more than 27% in the third quarter
What the CEO said: “We delivered solid sales and operating profit growth in the quarter, as well as strong margin expansion,” said Masco President and CEO, Keith Allman. “This performance was driven by growth in both our Plumbing Products and Decorative Architectural Products segments. Additionally, we continued our focus on creating shareholder value and returned $186 million to shareholders through share repurchases and dividends during the quarter.”
Company info: The full third quarter report from Masco can be read here.
The Livonia, Mich.-based company reported a net income of $138 million for the third quarter, down 27.7% from a net income of $191 million for the same period last year.
Plumbing products’ net sales increased 1% while decorative architectural products’ net sales increased 5% percent due to strong growth in paints and other coating products. Cabinetry products’ net sales decreased 3%, the company said.During the third quarter, Masco announced it had reached an agreement to sell its Milgard Windows and Doors brand to MI Windows and Doors for approximately $725 million.
Masco’s portfolio of brands includes Behr paint; Delta and Hansgrohe plumbing; KraftMaid and Merillat cabinets; Kichler decorative and outdoor lighting; and HotSpring spas.
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The bottom line: Sales are on the rise for Masco, but profits tumble more than 27% in the third quarter
What the CEO said: “We delivered solid sales and operating profit growth in the quarter, as well as strong margin expansion,” said Masco President and CEO, Keith Allman. “This performance was driven by growth in both our Plumbing Products and Decorative Architectural Products segments. Additionally, we continued our focus on creating shareholder value and returned $186 million to shareholders through share repurchases and dividends during the quarter.”
Company info: The full third quarter report from Masco can be read here.