Masco's portfolio leads the way in Q3

Masco Corporation reported modest top-line growth and a 25% boost in its earnings per share in the third quarter, citing consumer demand and its investment strategies.

“Our performance in the third quarter reflects our continued execution against our strategic initiatives,” said Masco’s president and CEO, Keith Allman. “We invested in our industry leading brands to drive growth, and continued to improve profitability by leveraging our operations and selectively exiting lower margin business in our Cabinetry segment. Additionally, we continued our disciplined capital allocation by returning approximately $110 million to shareholders through dividends and share repurchases during the quarter.”

Net sales were up 2% to $1.9 billion, while net income of $134 million was up from last year's $111 million.

Meanwhile, gross margins improved to $32.7% from $32.0%

Income from continuing operations was $0.40 per common share, up from $0.32 per common share.

Across the segments, net sales were up 5% for Plumbing Products, 2% for Decorative Architectural Products, down 6% for Cabinetry Products, and down 1% for Windows and Other Specialty Products.

“Consumer demand for our market-leading products remains strong, as the fundamentals for long-term demand in both repair and remodel and new home construction continue to be positive,” said Allman. “By leveraging our brand portfolio, our industry-leading positions and our Masco Operating System, we will continue to successfully execute against these positive industry fundamentals to achieve our long-term growth strategies.”