Masco sales up 8% in Q3
Masco, the home improvement products manufacturing giant, reported third quarter 2018 net sales increased 8% to $2.1 billion from third quarter 2017 net sales of $1.9 billion.
The Livonia, Mich.-based company also reported a net income of $191 million for the quarter up more than 16% from a net income of $164 million during the same period a year ago.
Decorative architectural products’ net sales increased 20% due to the acquisition of Kichler and growth in Behr paint’s pro initiative and builders’ hardware, partially offset by lower DIY paint sales. Excluding the acquisition, net sales grew 1%.
Cabinetry product net sales increased 4% driven by strong growth in the repair and remodel business, partially offset by the divestiture of Moores. Excluding the divestiture, net sales increased 11 percent%. Windows and other specialty products’ net sales decreased 3% due to lower international sales, the company said.
“Our growth this quarter was led by strong performance in North American Plumbing and Cabinetry, as well as our acquisition of Kichler Lighting,” said Masco President and CEO, Keith Allman.
Allman noted that the company faced challenges during the third quarter the impacted Masco’s performance. “North American plumbing and cabinetry performed well; however, we experienced softness in our DIY paint and international markets. Additionally, we continued to face commodity and logistics cost pressures.”
Masco’s 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 company also reported a net income of $191 million for the quarter up more than 16% from a net income of $164 million during the same period a year ago.
Decorative architectural products’ net sales increased 20% due to the acquisition of Kichler and growth in Behr paint’s pro initiative and builders’ hardware, partially offset by lower DIY paint sales. Excluding the acquisition, net sales grew 1%.
Cabinetry product net sales increased 4% driven by strong growth in the repair and remodel business, partially offset by the divestiture of Moores. Excluding the divestiture, net sales increased 11 percent%. Windows and other specialty products’ net sales decreased 3% due to lower international sales, the company said.
“Our growth this quarter was led by strong performance in North American Plumbing and Cabinetry, as well as our acquisition of Kichler Lighting,” said Masco President and CEO, Keith Allman.
Allman noted that the company faced challenges during the third quarter the impacted Masco’s performance. “North American plumbing and cabinetry performed well; however, we experienced softness in our DIY paint and international markets. Additionally, we continued to face commodity and logistics cost pressures.”
Masco’s 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.