Masco Q2 earnings on the rise
Masco reported second quarter net sales slipped 1% to $2.27 billion compared to net sales of $2.29 billion in the second quarter 2019.
The Livonia, Mich.-based manufacturer also reported a net income of $252 million for the quarter, up nearly 13% from a net income of $224 million for the same period a year ago.
Decorative Architectural Products sales rose 3% due to growth in paints and other coating products. Plumbing Products net sales decreased 2% for the quarter while sales in Cabinetry Products were down 6%. Sales in Windows and Other Specialty Products fell 3%, Masco reported.
Last month Masco announced that it plans to sell its cabinets and window businesses following a strategic review of its portfolio.
###
The bottom line: Sales are essentially flat for the home improvement products manufacturer, but increases in prices and cost control in production helped drive earnings up by nearly 13%.
What the CEO said: “We delivered operating profit growth and margin expansion across all segments in the quarter,” said Masco President and CEO, Keith Allman. “This performance was achieved through disciplined pricing actions and cost control, which more than offset lower volumes.”
Company info: The full second quarter earnings report from Masco Corporation can be read here. Masco’s wide portfolio of brands include Behr paint; Delta and Hansgrohe faucets, bath and shower fixtures; KraftMaid and Merillat cabinets; Milgard windows and doors; Kichler decorative and outdoor lighting; and HotSpring spas.
The Livonia, Mich.-based manufacturer also reported a net income of $252 million for the quarter, up nearly 13% from a net income of $224 million for the same period a year ago.
Decorative Architectural Products sales rose 3% due to growth in paints and other coating products. Plumbing Products net sales decreased 2% for the quarter while sales in Cabinetry Products were down 6%. Sales in Windows and Other Specialty Products fell 3%, Masco reported.
Last month Masco announced that it plans to sell its cabinets and window businesses following a strategic review of its portfolio.
###
The bottom line: Sales are essentially flat for the home improvement products manufacturer, but increases in prices and cost control in production helped drive earnings up by nearly 13%.
What the CEO said: “We delivered operating profit growth and margin expansion across all segments in the quarter,” said Masco President and CEO, Keith Allman. “This performance was achieved through disciplined pricing actions and cost control, which more than offset lower volumes.”
Company info: The full second quarter earnings report from Masco Corporation can be read here. Masco’s wide portfolio of brands include Behr paint; Delta and Hansgrohe faucets, bath and shower fixtures; KraftMaid and Merillat cabinets; Milgard windows and doors; Kichler decorative and outdoor lighting; and HotSpring spas.