Strong Q2 for Masco
Masco, the home improvement products giant, reported second quarter 2018 net sales increased 11% to $2.3 billion from net sales of about $2.1 billion for the same period last year.
The Livonia, Mich.-based company also reported a second quarter net income of $211 million, up 29% from a net income of $163 million for the second quarter 2017.
Plumbing products’ net sales increased 9% while decorative architectural products’ net sales increased 22% due to the acquisition of Kichler and growth in paints and other coatings products and builders’ hardware. Excluding the acquisition of Kichler, net sales grew 6 percent%.
Cabinetry products’ net sales increased 7% due to strong growth in the repair and remodel business, partially offset by the divestiture of Moores, the company said.
Windows and other specialty products’ net sales decreased 7%. Excluding the impact of foreign currency translation and the divestiture of Arrow Fastener, sales matched prior year, Masco said.
“We delivered strong growth across our decorative, plumbing and cabinetry segments this quarter,” said Masco President and CEO Keith Allman. “This performance was driven by our acquisition of Kichler Lighting, increased volume and pricing actions. We navigated the inflationary environment to deliver adjusted operating profit growth for the quarter.”
Masco’s portfolio of brands includes 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 second quarter net income of $211 million, up 29% from a net income of $163 million for the second quarter 2017.
Plumbing products’ net sales increased 9% while decorative architectural products’ net sales increased 22% due to the acquisition of Kichler and growth in paints and other coatings products and builders’ hardware. Excluding the acquisition of Kichler, net sales grew 6 percent%.
Cabinetry products’ net sales increased 7% due to strong growth in the repair and remodel business, partially offset by the divestiture of Moores, the company said.
Windows and other specialty products’ net sales decreased 7%. Excluding the impact of foreign currency translation and the divestiture of Arrow Fastener, sales matched prior year, Masco said.
“We delivered strong growth across our decorative, plumbing and cabinetry segments this quarter,” said Masco President and CEO Keith Allman. “This performance was driven by our acquisition of Kichler Lighting, increased volume and pricing actions. We navigated the inflationary environment to deliver adjusted operating profit growth for the quarter.”
Masco’s portfolio of brands includes 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.