Masco Q1 sales rise 8%
Home improvement products manufacturer Masco reported first quarter 2018 net sales increased 8% to $1.9 billion from first quarter 2017 net sales of $1.78 billion.
Excluding acquisitions and divestitures, sales increased 7%. During the quarter the Livonia, Mich.-based company completed its acquisition of The L.D. Kichler Co. for approximately $550 million.
Net sales in North America grew 7% in the first quarter to nearly $1.52 billion from $1.41 billion during the same period a year ago.
Masco also reported a net income of $161 million for the quarter, up nearly 9% from a net income of $148 million in the first quarter 2017.
“We delivered a solid start to 2018 as we continued to grow our top line, invest for future growth, and deploy capital to create value for our shareholders,” said Masco President and CEO Keith Allman. “Growth was led by our Plumbing and Decorative Architectural Products segments, and our North American windows business.”
Plumbing products net sales increased 11% driven by North American growth and decorative architectural products saw a 10% sales increase, which includes the acquisition of Kichler along with the Behr pro imitative and the Liberty’s builders’ hardware business
Cabinetry products sales fell 6% due to the divestiture of Moores decreased sales to U.S. builders, the company said. Windows and specialty product sales rose 4%.
“We believe our end markets remain strong and very supportive of long-term growth,” said Allman.
Masco’s brands include Behr paint; Delta and Hansgrohe bath products; KraftMaid and Merillat cabinets; and Milgard windows and doors, among others.
Excluding acquisitions and divestitures, sales increased 7%. During the quarter the Livonia, Mich.-based company completed its acquisition of The L.D. Kichler Co. for approximately $550 million.
Net sales in North America grew 7% in the first quarter to nearly $1.52 billion from $1.41 billion during the same period a year ago.
Masco also reported a net income of $161 million for the quarter, up nearly 9% from a net income of $148 million in the first quarter 2017.
“We delivered a solid start to 2018 as we continued to grow our top line, invest for future growth, and deploy capital to create value for our shareholders,” said Masco President and CEO Keith Allman. “Growth was led by our Plumbing and Decorative Architectural Products segments, and our North American windows business.”
Plumbing products net sales increased 11% driven by North American growth and decorative architectural products saw a 10% sales increase, which includes the acquisition of Kichler along with the Behr pro imitative and the Liberty’s builders’ hardware business
Cabinetry products sales fell 6% due to the divestiture of Moores decreased sales to U.S. builders, the company said. Windows and specialty product sales rose 4%.
“We believe our end markets remain strong and very supportive of long-term growth,” said Allman.
Masco’s brands include Behr paint; Delta and Hansgrohe bath products; KraftMaid and Merillat cabinets; and Milgard windows and doors, among others.