Masco's Q2 inspires confidence

Masco Corporation was confident about its progress in the second quarter, which brought strong results to its segments and gains to its top and bottom line.

Net sales were up 3% to $2.1 billion, and the quarter brought progress to all but one of the company's segments. Plumbing Products were up 3%, Decorative Architectural Products were up 5%, Windows and Other Specialty Products were up 4%, and Cabinetry Products were down 4%.

Net income came in at $158 million, up 5.3% from $150 million in the year-ago quarter.

“We continued to execute on our strategic plan in the second quarter,” said Masco President and CEO, Keith Allman.

“Our Plumbing Products and Decorative Architectural Products segments once again delivered strong results, and I am extremely pleased with the progress we have made in our Windows business. In our Cabinetry Products segment, we exited certain lower margin builder business and are now pivoting towards growth. Additionally, we continued our disciplined capital allocation by returning approximately $74 million to shareholders through dividends and share repurchases in the quarter.”

Allman added that Masco would be updating its 2017 guidance to a earnings per share target in the range of $1.93 to $2.00.