Masco Corporation Reports Second Quarter 2024 Results
Masco (NYSE: MAS) reported its second quarter 2024 results, showing mixed performance. Net sales decreased 2% to $2,091 million, while operating profit decreased 1% to $397 million. However, the company saw improvements in margins, with operating profit margin increasing 10 basis points to 19.0%. Earnings per share remained relatively stable at $1.17, with adjusted EPS growing 1% to $1.20.
Despite challenging market conditions, Masco demonstrated operational efficiency, maintaining strong adjusted operating profit margins of 19.1%. The company returned $206 million to shareholders through dividends and share repurchases. Looking ahead, Masco updated its 2024 adjusted earnings per share guidance to $4.05 - $4.20, reflecting ongoing demand headwinds but confidence in long-term market fundamentals.
Masco (NYSE: MAS) ha riportato i risultati del secondo trimestre 2024, mostrando prestazioni miste. Le vendite nette sono diminuite del 2% a 2.091 milioni di dollari, mentre l'utile operativo è sceso dell'1% a 397 milioni di dollari. Tuttavia, l'azienda ha registrato miglioramenti nei margini, con il margine di profitto operativo che è aumentato di 10 punti base raggiungendo il 19,0%. Gli utili per azione sono rimasti relativamente stabili a 1,17 dollari, con un EPS rettificato in crescita dell'1% a 1,20 dollari.
Nonostante le difficili condizioni di mercato, Masco ha dimostrato efficienza operativa, mantenendo forti margini di profitto operativo rettificati del 19,1%. L'azienda ha restituito 206 milioni di dollari agli azionisti attraverso dividendi e riacquisti di azioni. Guardando al futuro, Masco ha aggiornato le previsioni per il 2024 sugli utili per azione rettificati a 4,05 - 4,20 dollari, riflettendo le persistenti difficoltà nella domanda ma una fiducia nei fondamentali di mercato a lungo termine.
Masco (NYSE: MAS) informó sobre sus resultados del segundo trimestre de 2024, mostrando un rendimiento mixto. Las ventas netas disminuyeron un 2% a 2,091 millones de dólares, mientras que el beneficio operativo cayó un 1% a 397 millones de dólares. Sin embargo, la empresa experimentó mejoras en los márgenes, con el margen de beneficio operativo aumentando 10 puntos básicos al 19.0%. Las ganancias por acción se mantuvieron relativamente estables en 1.17 dólares, con un EPS ajustado que creció un 1% a 1.20 dólares.
A pesar de las difíciles condiciones del mercado, Masco demostró eficiencia operativa, manteniendo fuertes márgenes de beneficio operativo ajustados del 19.1%. La empresa devolvió 206 millones de dólares a los accionistas a través de dividendos y recompra de acciones. Mirando hacia el futuro, Masco actualizó su guía de ganancias por acción ajustadas para 2024 a 4.05 - 4.20 dólares, reflejando vientos en contra en la demanda pero confianza en los fundamentos del mercado a largo plazo.
Masco (NYSE: MAS)는 2024년 2분기 실적을 발표하며 혼합된 성과를 보였습니다. 순 매출은 2% 감소하여 20억 9100만 달러에 이르렀으며, 운영 이익은 1% 줄어들어 3억 9700만 달러가 되었습니다. 그러나 회사는 운영 이익률이 10bp 증가하여 19.0%로 개선되었습니다. 주당순이익은 1.17달러로 상대적으로 안정세를 유지했고, 조정된 주당순이익은 1% 증가하여 1.20달러에 달했습니다.
어려운 시장 상황에도 불구하고, Masco는 운영 효율성을 보여주며 19.1%의 강력한 조정 운영 이익률을 유지했습니다. 이 회사는 주주에게 2억 600만 달러를 배당금과 자사주 매입을 통해 반환했습니다. 앞으로 Masco는 2024년 조정 주당순이익 전망을 4.05 - 4.20달러로 업데이트했으며, 지속적인 수요 압박을 반영하였으나 장기 시장 기본에 대한 확신을 나타냈습니다.
Masco (NYSE: MAS) a annoncé ses résultats du deuxième trimestre 2024, affichant des performances mitigées. Les ventes nettes ont diminué de 2% pour atteindre 2 091 millions de dollars, tandis que le bénéfice d’exploitation a baissé de 1% pour s’établir à 397 millions de dollars. Cependant, l’entreprise a constaté des améliorations de ses marges, avec la marge de bénéfice opérationnel augmentant de 10 points de base à 19,0%. Le bénéfice par action est resté relativement stable à 1,17 dollar, avec un BPA ajusté en hausse de 1% à 1,20 dollar.
Malgré des conditions de marché difficiles, Masco a démontré son efficacité opérationnelle en maintenant de fortes marges de bénéfice d’exploitation ajustées de 19,1%. L’entreprise a retourné 206 millions de dollars aux actionnaires par le biais de dividendes et de rachats d’actions. En regardant vers l’avenir, Masco a mis à jour ses prévisions de bénéfice par action ajusté pour 2024 à 4,05 - 4,20 dollars, reflétant les vents contraires de la demande, mais avec confiance dans les fondamentaux du marché à long terme.
Masco (NYSE: MAS) hat die Ergebnisse des zweiten Quartals 2024 veröffentlicht und zeigt eine gemischte Leistung. Der Nettoumsatz sank um 2% auf 2,091 Millionen Dollar, während der operative Gewinn um 1% auf 397 Millionen Dollar zurückging. Dennoch verbesserte das Unternehmen seine Margen, wobei die operative Gewinnmarge um 10 Basispunkte auf 19,0% stieg. Der Gewinn pro Aktie blieb relativ stabil bei 1,17 Dollar, während der bereinigte EPS um 1% auf 1,20 Dollar stieg.
Trotz herausfordernder Marktbedingungen zeigte Masco betriebliche Effizienz und hielt starke bereinigte operative Gewinnmargen von 19,1% aufrecht. Das Unternehmen gab 206 Millionen Dollar an die Aktionäre zurück durch Dividenden und Aktienrückkäufe. Blicken wir in die Zukunft, hat Masco seine Prognose für den bereinigten Gewinn pro Aktie für 2024 auf 4,05 - 4,20 Dollar aktualisiert, was die anhaltenden Nachfrageschwächen widerspiegelt, jedoch Vertrauen in die langfristigen Marktgrundlagen zeigt.
- Operating profit margin increased 10 basis points to 19.0%
- Adjusted earnings per share grew 1% to $1.20
- Gross margin increased 130 basis points to 37.5%
- Returned $206 million to shareholders through dividends and share repurchases
- Maintained strong adjusted operating profit margin of 19.1%
- Net sales decreased 2% to $2,091 million
- Operating profit decreased 1% to $397 million
- Decorative Architectural Products' net sales decreased 7%
- North American and International sales both decreased 1% in local currency
- Anticipating ongoing demand headwinds in the second half of the year
Masco 's Q2 2024 results present a mixed picture, with some positive indicators amid challenging market conditions. The 2% decrease in net sales to
Key positives include:
- Increased gross margin by
130 basis points to37.5% - Improved operating margin by
10 basis points to19.0% - Growth in adjusted earnings per share by
1% to$1.20
The company's focus on operational efficiencies is evident in these margin improvements. However, the revised full-year adjusted EPS guidance of
Masco's strong liquidity position of
While the company remains confident in long-term repair and remodel market fundamentals, the near-term outlook appears challenging. Investors should monitor how Masco navigates these headwinds and whether its operational improvements can offset potential further sales declines.
Masco's Q2 results offer insights into the current state of the home improvement and building products market. The
Interestingly, there's a divergence between Masco's segments:
- Plumbing Products saw a
2% increase in net sales (1% in local currency excluding acquisitions) - Decorative Architectural Products experienced a
7% decrease
The consistent performance across North American and International markets (both down
CEO Keith Allman's comments about "ongoing demand headwinds" and "challenged" market conditions in the second half of 2024 signal caution. However, the company's confidence in long-term market fundamentals suggests they view current challenges as cyclical rather than structural.
For investors, it's important to monitor whether Masco's operational efficiencies and strong brands can continue to mitigate the impact of market headwinds. The company's ability to maintain margins and even grow EPS in a challenging environment is noteworthy and could position it well for when market conditions improve.
Highlights
-
Net sales decreased 2 percent to
$2,091 million -
Operating profit decreased 1 percent to
$397 million $399 million - Operating profit margin increased 10 basis points to 19.0 percent; adjusted operating profit margin increased 10 basis points to 19.1 percent
-
Earnings per share was
$1.17 $1.20 -
Repurchased 2.0 million shares for
$143 million -
Expect 2024 earnings per share in the range of
$4.03 $4.18 $4.05 $4.20
2024 Second Quarter Results
-
On a reported basis, compared to second quarter 2023:
-
Net sales decreased 2 percent to
$2,091 million - Plumbing Products’ net sales increased 2 percent; in local currency and excluding acquisitions, net sales increased 1 percent
- Decorative Architectural Products’ net sales decreased 7 percent
- In local currency, North American and International sales both decreased 1 percent
- Gross margin increased 130 basis points to 37.5 percent from 36.2 percent
-
Operating profit decreased 1 percent to
$397 million $403 million - Operating margin increased 10 basis points to 19.0 percent from 18.9 percent
-
Net income increased to
$1.17 $1.16
-
Net sales decreased 2 percent to
-
Compared to second quarter 2023, results for key financial measures, as adjusted for certain items (see Exhibit A) and with a normalized tax rate of 24.5 percent, were as follows:
- Gross margin increased 140 basis points to 37.6 percent from 36.2 percent
-
Operating profit decreased 1 percent to
$399 million $404 million - Operating margin increased 10 basis points to 19.1 percent from 19.0 percent
-
Net income increased 1 percent to
$1.20 $1.19
-
Liquidity at the end of the second quarter was
$1,398 million
“During the first half of this year, we continued to deliver solid results and shareholder value, despite a challenging environment, through the strength of our operating performance,” said Masco President and CEO, Keith Allman. “In the second quarter, we delivered strong adjusted operating profit margin of 19.1 percent and grew adjusted earnings per share by 1 percent. Additionally, our capital allocation strategy enabled us to return
“In the second half of the year, we anticipate ongoing demand headwinds as market conditions remain challenged. However, with our continued focus on execution and operational efficiencies, we are well positioned to drive operating margin expansion for the full year. Additionally, we remain confident in the long-term fundamentals of the repair and remodel market and the strength of our brands and product portfolio,” said Allman. “We now anticipate our 2024 adjusted earnings per share to be in the range of
Dividend Declaration
Masco’s Board of Directors declared a quarterly dividend of
About Masco
Headquartered in
The 2024 second quarter supplemental material, including a presentation in PDF format, is available on the Company’s website at www.masco.com.
Conference Call Details
A conference call regarding items contained in this release is scheduled for Thursday, July 25, 2024 at 8:00 a.m. ET. Participants in the call are asked to register five to ten minutes prior to the scheduled start time by dialing 800-549-8228 or 646-564-2877. Please use the conference identification number 45864.
The conference call will be webcast simultaneously and in its entirety through the Company’s website. Shareholders, media representatives and others interested in Masco may participate in the webcast by registering through the Investor Relations section on the Company’s website.
A replay of the call will be available on Masco’s website or by phone by dialing 888-660-6264 or 646-517-3975. Please use the playback passcode 45864#. The telephone replay will be available approximately two hours after the end of the call and continue through August 25, 2024.
Safe Harbor Statement
This press release contains statements that reflect our views about our future performance and constitute “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “outlook,” “believe,” “anticipate,” “appear,” “may,” “will,” “should,” “intend,” “plan,” “estimate,” “expect,” “assume,” “seek,” “forecast,” and similar references to future periods. Our views about future performance involve risks and uncertainties that are difficult to predict and, accordingly, our actual results may differ materially from the results discussed in our forward-looking statements. We caution you against relying on any of these forward-looking statements.
Our future performance may be affected by the levels of residential repair and remodel activity, and to a lesser extent, new home construction, our ability to maintain our strong brands, to develop innovative products and respond to changing consumer purchasing practices and preferences, our ability to maintain our public image and reputation, our ability to maintain our competitive position in our industries, our reliance on key customers, the cost and availability of materials, our dependence on suppliers and service providers, extreme weather events and changes in climate, risks associated with our international operations and global strategies, our ability to achieve the anticipated benefits of our strategic initiatives, our ability to successfully execute our acquisition strategy and integrate businesses that we have acquired and may in the future acquire, our ability to attract, develop and retain a talented and diverse workforce, risks associated with cybersecurity vulnerabilities, threats and attacks and risks associated with our reliance on information systems and technology. These and other factors are discussed in detail in Item 1A. "Risk Factors" in our most recent Annual Report on Form 10-K, as well as in our Quarterly Reports on Form 10-Q and in other filings we make with the Securities and Exchange Commission. Any forward-looking statement made by us speaks only as of the date on which it was made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. Unless required by law, we undertake no obligation to update publicly any forward-looking statements as a result of new information, future events or otherwise.
MASCO CORPORATION Condensed Consolidated Statements of Operations - Unaudited For the Three and Six Months Ended June 30, 2024 and 2023 |
|||||||||||||||
(in millions, except per common share data) |
|||||||||||||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net sales |
$ |
2,091 |
|
|
$ |
2,127 |
|
|
$ |
4,017 |
|
|
$ |
4,106 |
|
Cost of sales |
|
1,306 |
|
|
|
1,358 |
|
|
|
2,547 |
|
|
|
2,668 |
|
Gross profit |
|
785 |
|
|
|
769 |
|
|
|
1,470 |
|
|
|
1,438 |
|
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative expenses |
|
388 |
|
|
|
366 |
|
|
|
755 |
|
|
|
720 |
|
Operating profit |
|
397 |
|
|
|
403 |
|
|
|
715 |
|
|
|
718 |
|
|
|
|
|
|
|
|
|
||||||||
Other income (expense), net: |
|
|
|
|
|
|
|
||||||||
Interest expense |
|
(26 |
) |
|
|
(28 |
) |
|
|
(50 |
) |
|
|
(56 |
) |
Other, net |
|
(5 |
) |
|
|
(1 |
) |
|
|
(10 |
) |
|
|
(3 |
) |
|
|
(31 |
) |
|
|
(29 |
) |
|
|
(61 |
) |
|
|
(59 |
) |
Income before income taxes |
|
366 |
|
|
|
374 |
|
|
|
655 |
|
|
|
659 |
|
|
|
|
|
|
|
|
|
||||||||
Income tax expense |
|
94 |
|
|
|
96 |
|
|
|
154 |
|
|
|
160 |
|
Net income |
|
272 |
|
|
|
278 |
|
|
|
501 |
|
|
|
499 |
|
|
|
|
|
|
|
|
|
||||||||
Less: Net income attributable to noncontrolling interest |
|
14 |
|
|
|
15 |
|
|
|
28 |
|
|
|
31 |
|
Net income attributable to Masco Corporation |
$ |
258 |
|
|
$ |
263 |
|
|
$ |
473 |
|
|
$ |
468 |
|
|
|
|
|
|
|
|
|
||||||||
Income per common share attributable to Masco Corporation (diluted): |
|
|
|
|
|
|
|
||||||||
Net income |
$ |
1.17 |
|
|
$ |
1.16 |
|
|
$ |
2.14 |
|
|
$ |
2.07 |
|
|
|
|
|
|
|
|
|
||||||||
Average diluted common shares outstanding |
|
220 |
|
|
|
226 |
|
|
|
221 |
|
|
|
226 |
|
Historical information is available on our website.
Amounts may not add due to rounding.
MASCO CORPORATION Exhibit A: Reconciliations - Unaudited For the Three and Six Months Ended June 30, 2024 and 2023 |
|||||||||||||||
(dollars in millions) |
|||||||||||||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Gross Profit, Selling, General and Administrative Expenses, and Operating Profit Reconciliations |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Net sales |
$ |
2,091 |
|
|
$ |
2,127 |
|
|
$ |
4,017 |
|
|
$ |
4,106 |
|
|
|
|
|
|
|
|
|
||||||||
Gross profit, as reported |
$ |
785 |
|
|
$ |
769 |
|
|
$ |
1,470 |
|
|
$ |
1,438 |
|
Rationalization charges (income) (1) |
|
1 |
|
|
|
1 |
|
|
|
5 |
|
|
|
(3 |
) |
Gross profit, as adjusted |
$ |
786 |
|
|
$ |
770 |
|
|
$ |
1,475 |
|
|
$ |
1,435 |
|
|
|
|
|
|
|
|
|
||||||||
Gross margin, as reported |
|
37.5 |
% |
|
|
36.2 |
% |
|
|
36.6 |
% |
|
|
35.0 |
% |
Gross margin, as adjusted |
|
37.6 |
% |
|
|
36.2 |
% |
|
|
36.7 |
% |
|
|
34.9 |
% |
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative expenses, as reported |
$ |
388 |
|
|
$ |
366 |
|
|
$ |
755 |
|
|
$ |
720 |
|
Rationalization charges |
|
1 |
|
|
|
— |
|
|
|
1 |
|
|
|
1 |
|
Selling, general and administrative expenses, as adjusted |
$ |
387 |
|
|
$ |
366 |
|
|
$ |
754 |
|
|
$ |
719 |
|
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative expenses as a percent of net sales, as reported |
|
18.6 |
% |
|
|
17.2 |
% |
|
|
18.8 |
% |
|
|
17.5 |
% |
Selling, general and administrative expenses as a percent of net sales, as adjusted |
|
18.5 |
% |
|
|
17.2 |
% |
|
|
18.8 |
% |
|
|
17.5 |
% |
|
|
|
|
|
|
|
|
||||||||
Operating profit, as reported |
$ |
397 |
|
|
$ |
403 |
|
|
$ |
715 |
|
|
$ |
718 |
|
Rationalization charges (income) (1) |
|
2 |
|
|
|
1 |
|
|
|
6 |
|
|
|
(2 |
) |
Operating profit, as adjusted |
$ |
399 |
|
|
$ |
404 |
|
|
$ |
721 |
|
|
$ |
716 |
|
|
|
|
|
|
|
|
|
||||||||
Operating margin, as reported |
|
19.0 |
% |
|
|
18.9 |
% |
|
|
17.8 |
% |
|
|
17.5 |
% |
Operating margin, as adjusted |
|
19.1 |
% |
|
|
19.0 |
% |
|
|
17.9 |
% |
|
|
17.4 |
% |
(1) |
Represents income for the six months ended June 30, 2023 due to the sale of excess and obsolete inventory that was related to a rationalization activity, partially offset by rationalization charges. |
Historical information is available on our website.
Amounts may not add due to rounding.
MASCO CORPORATION Exhibit A: Reconciliations - Unaudited For the Three and Six Months Ended June 30, 2024 and 2023 |
|||||||||||||||
(in millions, except per common share data) |
|||||||||||||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Income Per Common Share Reconciliations |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Income before income taxes, as reported |
$ |
366 |
|
|
$ |
374 |
|
|
$ |
655 |
|
|
$ |
659 |
|
Rationalization charges (income) (1) |
|
2 |
|
|
|
1 |
|
|
|
6 |
|
|
|
(2 |
) |
Realized (gains) from private equity funds |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1 |
) |
Income before income taxes, as adjusted |
|
368 |
|
|
|
375 |
|
|
|
660 |
|
|
|
656 |
|
Tax at |
|
(90 |
) |
|
|
(92 |
) |
|
|
(162 |
) |
|
|
(161 |
) |
Less: Net income attributable to noncontrolling interest |
|
14 |
|
|
|
15 |
|
|
|
28 |
|
|
|
31 |
|
Net income, as adjusted |
$ |
264 |
|
|
$ |
268 |
|
|
$ |
470 |
|
|
$ |
464 |
|
|
|
|
|
|
|
|
|
||||||||
Net income per common share, as adjusted |
$ |
1.20 |
|
|
$ |
1.19 |
|
|
$ |
2.13 |
|
|
$ |
2.05 |
|
|
|
|
|
|
|
|
|
||||||||
Average diluted common shares outstanding |
|
220 |
|
|
|
226 |
|
|
|
221 |
|
|
|
226 |
|
(1) |
Represents income for the six months ended June 30, 2023 due to the sale of excess and obsolete inventory that was related to a rationalization activity, partially offset by rationalization charges. |
Outlook for the Year Ended December 31, 2024 |
|||||
|
Year Ended December 31, 2024 |
||||
|
Low End |
|
High End |
||
Income Per Common Share Reconciliation |
|
|
|
||
|
|
|
|
||
Net income per common share |
$ |
4.03 |
|
$ |
4.18 |
Rationalization charges |
|
0.02 |
|
|
0.02 |
Net income per common share, as adjusted |
$ |
4.05 |
|
$ |
4.20 |
Historical information is available on our website.
Amounts may not add due to rounding.
MASCO CORPORATION Condensed Consolidated Balance Sheets and Other Financial Data - Unaudited June 30, 2024 and December 31, 2023 |
||||||
(dollars in millions) |
||||||
|
|
June 30, 2024 |
|
December 31, 2023 |
||
Balance Sheet |
|
|
|
|
||
Assets |
|
|
|
|
||
Current assets: |
|
|
|
|
||
Cash and cash investments |
|
$ |
398 |
|
$ |
634 |
Receivables |
|
|
1,314 |
|
|
1,090 |
Inventories |
|
|
1,057 |
|
|
1,022 |
Prepaid expenses and other |
|
|
129 |
|
|
110 |
Total current assets |
|
|
2,898 |
|
|
2,856 |
|
|
|
|
|
||
Property and equipment, net |
|
|
1,116 |
|
|
1,121 |
Goodwill |
|
|
601 |
|
|
604 |
Other intangible assets, net |
|
|
359 |
|
|
377 |
Operating lease right-of-use assets |
|
|
254 |
|
|
268 |
Other assets |
|
|
137 |
|
|
139 |
Total assets |
|
$ |
5,365 |
|
$ |
5,363 |
|
|
|
|
|
||
Liabilities |
|
|
|
|
||
Current liabilities: |
|
|
|
|
||
Accounts payable |
|
$ |
924 |
|
$ |
840 |
Notes payable |
|
|
3 |
|
|
3 |
Accrued liabilities |
|
|
718 |
|
|
852 |
Total current liabilities |
|
|
1,645 |
|
|
1,695 |
|
|
|
|
|
||
Long-term debt |
|
|
2,945 |
|
|
2,945 |
Noncurrent operating lease liabilities |
|
|
245 |
|
|
258 |
Other liabilities |
|
|
347 |
|
|
349 |
Total liabilities |
|
|
5,183 |
|
|
5,247 |
|
|
|
|
|
||
Redeemable noncontrolling interest |
|
|
— |
|
|
18 |
|
|
|
|
|
||
Equity |
|
|
182 |
|
|
98 |
Total liabilities and equity |
|
$ |
5,365 |
|
$ |
5,363 |
|
As of June 30, |
||||||
|
|
2024 |
|
|
|
2023 |
|
Other Financial Data |
|
|
|
||||
Working capital days |
|
|
|
||||
Receivable days |
|
54 |
|
|
|
54 |
|
Inventory days |
|
82 |
|
|
|
80 |
|
Payable days |
|
71 |
|
|
|
70 |
|
Working capital |
$ |
1,447 |
|
|
$ |
1,557 |
|
Working capital as a % of sales (LTM) |
|
18.4 |
% |
|
|
18.9 |
% |
Historical information is available on our website.
Amounts may not add due to rounding.
MASCO CORPORATION Condensed Consolidated Statements of Cash Flows and Other Financial Data - Unaudited For the Six Months Ended June 30, 2024 and 2023 |
|||||||
(dollars in millions) |
|||||||
|
Six Months Ended June 30, |
||||||
|
|
2024 |
|
|
|
2023 |
|
Cash Flows From (For) Operating Activities: |
|
|
|
||||
Cash provided by operating activities |
$ |
648 |
|
|
$ |
632 |
|
Working capital changes |
|
(395 |
) |
|
|
(184 |
) |
Net cash from operating activities |
|
252 |
|
|
|
448 |
|
|
|
|
|
||||
Cash Flows From (For) Financing Activities: |
|
|
|
||||
Purchase of Company common stock |
|
(290 |
) |
|
|
(81 |
) |
Cash dividends paid |
|
(128 |
) |
|
|
(129 |
) |
Dividends paid to noncontrolling interest |
|
(12 |
) |
|
|
(49 |
) |
Purchase of redeemable noncontrolling interest |
|
(15 |
) |
|
|
— |
|
Proceeds from short-term borrowings |
|
— |
|
|
|
77 |
|
Payment of term loan |
|
— |
|
|
|
(200 |
) |
Proceeds from the exercise of stock options |
|
75 |
|
|
|
23 |
|
Employee withholding taxes paid on stock-based compensation |
|
(33 |
) |
|
|
(23 |
) |
Decrease in debt, net |
|
(1 |
) |
|
|
(4 |
) |
Net cash for financing activities |
|
(404 |
) |
|
|
(386 |
) |
|
|
|
|
||||
Cash Flows From (For) Investing Activities: |
|
|
|
||||
Capital expenditures |
|
(74 |
) |
|
|
(133 |
) |
Acquisition of business |
|
(4 |
) |
|
|
— |
|
Other, net |
|
(1 |
) |
|
|
(4 |
) |
Net cash for investing activities |
|
(80 |
) |
|
|
(137 |
) |
|
|
|
|
||||
Effect of exchange rate changes on cash and cash investments |
|
(5 |
) |
|
|
3 |
|
|
|
|
|
||||
Cash and Cash Investments: |
|
|
|
||||
Decrease for the period |
|
(236 |
) |
|
|
(72 |
) |
At January 1 |
|
634 |
|
|
|
452 |
|
At June 30 |
$ |
398 |
|
|
$ |
380 |
|
|
As of June 30, |
||||
|
2024 |
|
2023 |
||
Liquidity |
|
|
|
||
Cash and cash investments |
$ |
398 |
|
$ |
380 |
Revolver availability |
|
1,000 |
|
|
1,000 |
Total Liquidity |
$ |
1,398 |
|
$ |
1,380 |
Historical information is available on our website.
Amounts may not add due to rounding.
MASCO CORPORATION Segment Data - Unaudited For the Three and Six Months Ended June 30, 2024 and 2023 |
|||||||||||||||||||||
(dollars in millions) |
|||||||||||||||||||||
|
Three Months Ended June 30, |
|
|
|
Six Months Ended June 30, |
|
|
||||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
Change |
|
|
2024 |
|
|
|
2023 |
|
|
Change |
||
Plumbing Products |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales |
$ |
1,253 |
|
|
$ |
1,225 |
|
|
2 |
% |
|
$ |
2,445 |
|
|
$ |
2,447 |
|
|
— |
% |
Operating profit, as reported |
$ |
247 |
|
|
$ |
244 |
|
|
|
|
$ |
472 |
|
|
$ |
450 |
|
|
|
||
Operating margin, as reported |
|
19.7 |
% |
|
|
19.9 |
% |
|
|
|
|
19.3 |
% |
|
|
18.4 |
% |
|
|
||
Rationalization charges (income) |
|
2 |
|
|
|
1 |
|
|
|
|
|
5 |
|
|
|
(3 |
) |
|
|
||
Operating profit, as adjusted |
|
249 |
|
|
|
245 |
|
|
|
|
|
477 |
|
|
|
447 |
|
|
|
||
Operating margin, as adjusted |
|
19.9 |
% |
|
|
20.0 |
% |
|
|
|
|
19.5 |
% |
|
|
18.3 |
% |
|
|
||
Depreciation and amortization |
|
27 |
|
|
|
25 |
|
|
|
|
|
53 |
|
|
|
50 |
|
|
|
||
EBITDA, as adjusted |
$ |
276 |
|
|
$ |
270 |
|
|
|
|
$ |
530 |
|
|
$ |
497 |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Decorative Architectural Products |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales |
$ |
838 |
|
|
$ |
902 |
|
|
(7 |
)% |
|
$ |
1,572 |
|
|
$ |
1,659 |
|
|
(5 |
)% |
Operating profit, as reported |
$ |
174 |
|
|
$ |
180 |
|
|
|
|
$ |
299 |
|
|
$ |
312 |
|
|
|
||
Operating margin, as reported |
|
20.8 |
% |
|
|
20.0 |
% |
|
|
|
|
19.0 |
% |
|
|
18.8 |
% |
|
|
||
Rationalization charges |
|
— |
|
|
|
— |
|
|
|
|
|
1 |
|
|
|
1 |
|
|
|
||
Operating profit, as adjusted |
|
174 |
|
|
|
180 |
|
|
|
|
|
299 |
|
|
|
313 |
|
|
|
||
Operating margin, as adjusted |
|
20.8 |
% |
|
|
20.0 |
% |
|
|
|
|
19.0 |
% |
|
|
18.9 |
% |
|
|
||
Depreciation and amortization |
|
9 |
|
|
|
9 |
|
|
|
|
|
19 |
|
|
|
17 |
|
|
|
||
EBITDA, as adjusted |
$ |
184 |
|
|
$ |
189 |
|
|
|
|
$ |
318 |
|
|
$ |
330 |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales |
$ |
2,091 |
|
|
$ |
2,127 |
|
|
(2 |
)% |
|
$ |
4,017 |
|
|
$ |
4,106 |
|
|
(2 |
)% |
Operating profit, as reported - segment |
$ |
421 |
|
|
$ |
424 |
|
|
|
|
$ |
771 |
|
|
$ |
762 |
|
|
|
||
General corporate expense, net |
|
(24 |
) |
|
|
(21 |
) |
|
|
|
|
(55 |
) |
|
|
(44 |
) |
|
|
||
Operating profit, as reported |
|
397 |
|
|
|
403 |
|
|
|
|
|
715 |
|
|
|
718 |
|
|
|
||
Operating margin, as reported |
|
19.0 |
% |
|
|
18.9 |
% |
|
|
|
|
17.8 |
% |
|
|
17.5 |
% |
|
|
||
Rationalization charges (income) - segment |
|
2 |
|
|
|
1 |
|
|
|
|
|
6 |
|
|
|
(2 |
) |
|
|
||
Operating profit, as adjusted |
|
399 |
|
|
|
404 |
|
|
|
|
|
721 |
|
|
|
716 |
|
|
|
||
Operating margin, as adjusted |
|
19.1 |
% |
|
|
19.0 |
% |
|
|
|
|
17.9 |
% |
|
|
17.4 |
% |
|
|
||
Depreciation and amortization - segment |
|
36 |
|
|
|
34 |
|
|
|
|
|
72 |
|
|
|
67 |
|
|
|
||
Depreciation and amortization - other |
|
2 |
|
|
|
1 |
|
|
|
|
|
4 |
|
|
|
3 |
|
|
|
||
EBITDA, as adjusted |
$ |
437 |
|
|
$ |
439 |
|
|
|
|
$ |
797 |
|
|
$ |
786 |
|
|
|
||
Historical information is available on our website.
Amounts may not add due to rounding
MASCO CORPORATION North American and International Data - Unaudited For the Three and Six Months Ended June 30, 2024 and 2023 |
|||||||||||||||||||||
(dollars in millions) |
|||||||||||||||||||||
|
Three Months Ended June 30, |
|
|
|
Six Months Ended June 30, |
|
|
||||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
Change |
|
|
2024 |
|
|
|
2023 |
|
|
Change |
||
North American |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales |
$ |
1,695 |
|
|
$ |
1,718 |
|
|
(1 |
)% |
|
$ |
3,220 |
|
|
$ |
3,273 |
|
|
(2 |
)% |
Operating profit, as reported |
$ |
360 |
|
|
$ |
358 |
|
|
|
|
$ |
645 |
|
|
$ |
624 |
|
|
|
||
Operating margin, as reported |
|
21.2 |
% |
|
|
20.8 |
% |
|
|
|
|
20.0 |
% |
|
|
19.1 |
% |
|
|
||
Rationalization charges (income) |
|
1 |
|
|
|
1 |
|
|
|
|
|
4 |
|
|
|
(2 |
) |
|
|
||
Operating profit, as adjusted |
|
361 |
|
|
|
359 |
|
|
|
|
|
649 |
|
|
|
622 |
|
|
|
||
Operating margin, as adjusted |
|
21.3 |
% |
|
|
20.9 |
% |
|
|
|
|
20.2 |
% |
|
|
19.0 |
% |
|
|
||
Depreciation and amortization |
|
23 |
|
|
|
22 |
|
|
|
|
|
47 |
|
|
|
43 |
|
|
|
||
EBITDA, as adjusted |
$ |
385 |
|
|
$ |
381 |
|
|
|
|
$ |
695 |
|
|
$ |
665 |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
International |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales |
$ |
397 |
|
|
$ |
409 |
|
|
(3 |
)% |
|
$ |
797 |
|
|
$ |
833 |
|
|
(4 |
)% |
Operating profit, as reported |
$ |
61 |
|
|
$ |
66 |
|
|
|
|
$ |
126 |
|
|
$ |
138 |
|
|
|
||
Operating margin, as reported |
|
15.4 |
% |
|
|
16.1 |
% |
|
|
|
|
15.8 |
% |
|
|
16.6 |
% |
|
|
||
Rationalization charges |
|
1 |
|
|
|
— |
|
|
|
|
|
2 |
|
|
|
— |
|
|
|
||
Operating profit, as adjusted |
|
62 |
|
|
|
66 |
|
|
|
|
|
128 |
|
|
|
138 |
|
|
|
||
Operating margin, as adjusted |
|
15.6 |
% |
|
|
16.1 |
% |
|
|
|
|
16.1 |
% |
|
|
16.6 |
% |
|
|
||
Depreciation and amortization |
|
13 |
|
|
|
12 |
|
|
|
|
|
25 |
|
|
|
24 |
|
|
|
||
EBITDA, as adjusted |
$ |
75 |
|
|
$ |
78 |
|
|
|
|
$ |
153 |
|
|
$ |
162 |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales |
$ |
2,091 |
|
|
$ |
2,127 |
|
|
(2 |
)% |
|
$ |
4,017 |
|
|
$ |
4,106 |
|
|
(2 |
)% |
Operating profit, as reported - segment |
$ |
421 |
|
|
$ |
424 |
|
|
|
|
$ |
771 |
|
|
$ |
762 |
|
|
|
||
General corporate expense, net |
|
(24 |
) |
|
|
(21 |
) |
|
|
|
|
(55 |
) |
|
|
(44 |
) |
|
|
||
Operating profit, as reported |
|
397 |
|
|
|
403 |
|
|
|
|
|
715 |
|
|
|
718 |
|
|
|
||
Operating margin, as reported |
|
19.0 |
% |
|
|
18.9 |
% |
|
|
|
|
17.8 |
% |
|
|
17.5 |
% |
|
|
||
Rationalization charges (income) - segment |
|
2 |
|
|
|
1 |
|
|
|
|
|
6 |
|
|
|
(2 |
) |
|
|
||
Operating profit, as adjusted |
|
399 |
|
|
|
404 |
|
|
|
|
|
721 |
|
|
|
716 |
|
|
|
||
Operating margin, as adjusted |
|
19.1 |
% |
|
|
19.0 |
% |
|
|
|
|
17.9 |
% |
|
|
17.4 |
% |
|
|
||
Depreciation and amortization - segment |
|
36 |
|
|
|
34 |
|
|
|
|
|
72 |
|
|
|
67 |
|
|
|
||
Depreciation and amortization - other |
|
2 |
|
|
|
1 |
|
|
|
|
|
4 |
|
|
|
3 |
|
|
|
||
EBITDA, as adjusted |
$ |
437 |
|
|
$ |
439 |
|
|
|
|
$ |
797 |
|
|
$ |
786 |
|
|
|
||
Historical information is available on our website.
Amounts may not add due to rounding.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240725328908/en/
Investor Contact
Robin Zondervan
Vice President, Investor Relations and FP&A
313.792.5500
robin_zondervan@mascohq.com
Source: Masco Corporation
FAQ
What were Masco 's (MAS) Q2 2024 earnings per share?
How did Masco's (MAS) net sales perform in Q2 2024?
What is Masco's (MAS) updated earnings guidance for 2024?
How much did Masco (MAS) return to shareholders in Q2 2024?
What was Masco's (MAS) operating profit margin in Q2 2024?
