Masco Corporation Reports Third Quarter 2024 Results
Masco (NYSE: MAS) reported third quarter 2024 results with net sales of $1,983 million, in line with the prior year. The company saw mixed performance across segments, with Plumbing Products' net sales increasing 2% while Decorative Architectural Products' sales decreased 3%. Operating profit decreased 7% to $357 million, though adjusted operating profit increased 3% to $360 million. Earnings per share was $0.77, with adjusted EPS growing 8% to $1.08. The company revised its 2024 adjusted EPS guidance to $4.05-$4.15, down from the previous $4.05-$4.20 range, citing challenging market conditions.
Masco (NYSE: MAS) ha riportato i risultati del terzo trimestre 2024 con vendite nette di 1.983 milioni di dollari, in linea con l'anno precedente. L'azienda ha registrato performance miste tra i vari segmenti: le vendite nette dei Prodotti Idraulici sono aumentate del 2%, mentre le vendite dei Prodotti Architettonici Decorativi sono diminuite del 3%. Il profitto operativo è diminuito del 7% a 357 milioni di dollari, sebbene il profitto operativo rettificato sia aumentato del 3% a 360 milioni di dollari. Gli utili per azione sono stati di 0,77 dollari, con l'EPS rettificato in crescita dell'8% a 1,08 dollari. L'azienda ha rivisto le previsioni per l'EPS rettificato 2024 a 4,05-4,15 dollari, in calo rispetto all'intervallo precedente di 4,05-4,20 dollari, citando condizioni di mercato difficili.
Masco (NYSE: MAS) reportó los resultados del tercer trimestre de 2024 con ventas netas de 1,983 millones de dólares, en línea con el año anterior. La compañía experimentó un rendimiento mixto entre los segmentos, con un aumento del 2% en las ventas netas de Productos de Fontanería, mientras que las ventas de Productos Arquitectónicos Decorativos disminuyeron un 3%. El beneficio operativo disminuyó un 7% a 357 millones de dólares, aunque el beneficio operativo ajustado aumentó un 3% a 360 millones de dólares. Las ganancias por acción fueron de 0,77 dólares, con un crecimiento del 8% en el EPS ajustado a 1,08 dólares. La empresa revisó su guía de EPS ajustado para 2024 a 4,05-4,15 dólares, por debajo del rango anterior de 4,05-4,20 dólares, citando condiciones de mercado desafiantes.
Masco (NYSE: MAS)는 2024년 3분기 결과를 발표했으며, 순매출은 19억 8,300만 달러로 작년과 동일했습니다. 회사는 여러 부문에서 혼합된 성과를 보였으며, 배관 제품의 순매출은 2% 증가하였고 장식용 건축 제품의 매출은 3% 감소했습니다. 운영 이익은 7% 감소하여 3억 5,700만 달러에 이르렀지만 조정된 운영 이익은 3% 증가하여 3억 6,000만 달러에 달했습니다. 주당 순이익은 0.77달러였고, 조정된 EPS는 8% 증가하여 1.08달러가 되었습니다. 회사는 2024년 조정된 EPS 가이드를 4.05-4.15달러로 수정했으며, 이는 이전의 4.05-4.20달러 범위에서 하향 조정된 것으로, 어려운 시장 상황을 이유로 들었습니다.
Masco (NYSE: MAS) a annoncé les résultats du troisième trimestre 2024 avec des ventes nettes de 1,983 milliard de dollars, conformément à l'année précédente. L'entreprise a connu une performance mitigée entre les segments, avec une augmentation de 2% des ventes nettes de Produits de Plomberie, tandis que les ventes de Produits Architecturaux Décoratifs ont diminué de 3%. Le bénéfice d'exploitation a diminué de 7% pour atteindre 357 millions de dollars, bien que le bénéfice d'exploitation ajusté ait augmenté de 3% à 360 millions de dollars. Le bénéfice par action était de 0,77 dollar, le BPA ajusté ayant augmenté de 8% à 1,08 dollar. L'entreprise a révisé ses prévisions d'EPS ajusté pour 2024 entre 4,05 et 4,15 dollars, en baisse par rapport à la fourchette précédente de 4,05 à 4,20 dollars, en raison de conditions de marché difficiles.
Masco (NYSE: MAS) berichtete die Ergebnisse für das dritte Quartal 2024 mit Nettoumsätzen von 1.983 Millionen Dollar, was im Einklang mit dem Vorjahr steht. Das Unternehmen verzeichnete eine gemischte Leistung in den Segmenten: Die Nettoumsätze der Sanitärprodukte stiegen um 2%, während die Verkäufe der dekorativen Architekturprodukte um 3% zurückgingen. Der Betriebsgewinn sank um 7% auf 357 Millionen Dollar, während der bereinigte Betriebsgewinn um 3% auf 360 Millionen Dollar stieg. Der Gewinn pro Aktie betrug 0,77 Dollar, wobei der bereinigte EPS um 8% auf 1,08 Dollar wuchs. Das Unternehmen hat seine Prognose für den bereinigten EPS 2024 auf 4,05-4,15 Dollar gesenkt, von zuvor 4,05-4,20 Dollar, unter Hinweis auf herausfordernde Marktbedingungen.
- Adjusted operating profit increased 3% to $360 million
- Adjusted earnings per share grew 8% to $1.08
- Adjusted operating margin expanded 60 basis points to 18.2%
- Plumbing Products segment net sales increased 2%
- International sales increased 3% in local currency
- Operating profit decreased 7% to $357 million
- Operating margin decreased 140 basis points to 18.0%
- Gross margin decreased 100 basis points to 36.6%
- Decorative Architectural Products' net sales decreased 3%
- Lowered upper end of 2024 adjusted EPS guidance from $4.20 to $4.15
Insights
The Q3 results show mixed performance with notable strengths in margin expansion. Net sales remained flat at
The company's guidance revision for 2024 adjusted EPS to
Highlights
-
Net sales were in line with prior year at
$1,983 million -
Operating profit decreased 7 percent to
$357 million $360 million - Operating profit margin decreased 140 basis points to 18.0 percent; adjusted operating profit margin increased 60 basis points to 18.2 percent
-
Earnings per share was
$0.77 $1.08 -
Repurchased 2.5 million shares for
$192 million -
Expect 2024 earnings per share in the range of
$3.74 $3.84 $4.05 $4.15
2024 Third Quarter Results
-
On a reported basis, compared to third quarter 2023:
-
Net sales were in line with prior year at
$1,983 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 3 percent; in local currency and excluding divestitures, net sales decreased 1 percent
- In local currency, North American sales were in line with prior year and International sales increased 3 percent
- Gross margin decreased 100 basis points to 36.6 percent from 37.6 percent
-
Operating profit decreased 7 percent to
$357 million $383 million - Operating margin decreased 140 basis points to 18.0 percent from 19.4 percent
-
Net income decreased to
$0.77 $1.10
-
Net sales were in line with prior year at
-
Compared to third 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 90 basis points to 36.7 percent from 35.8 percent
-
Operating profit increased 3 percent to
$360 million $348 million - Operating margin increased 60 basis points to 18.2 percent from 17.6 percent
-
Net income increased 8 percent to
$1.08 $1.00
-
Liquidity at the end of the third quarter was
$1,646 million
“We delivered another quarter of strong operating results,” said Masco President and CEO, Keith Allman. “Our adjusted operating margin expanded 60 basis points to 18.2 percent, marking the sixth consecutive quarter of year-over-year margin expansion, and our adjusted earnings per share grew by 8 percent. Additionally, we executed on our capital allocation strategy by returning
“We remain focused on driving the full potential of our portfolio with our leading brands, innovative products, and exceptional customer service. For the remainder of the year, we expect market demand to remain challenged and 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 third 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 Tuesday, October 29, 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 72522.
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 72522#. The telephone replay will be available approximately two hours after the end of the call and continue through November 29, 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 Nine Months Ended September 30, 2024 and 2023
(in millions, except per common share data)
|
|||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net sales |
$ |
1,983 |
|
|
$ |
1,979 |
|
|
$ |
6,000 |
|
|
$ |
6,085 |
|
Cost of sales |
|
1,258 |
|
|
|
1,235 |
|
|
|
3,805 |
|
|
|
3,903 |
|
Gross profit |
|
725 |
|
|
|
744 |
|
|
|
2,195 |
|
|
|
2,182 |
|
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative expenses |
|
368 |
|
|
|
361 |
|
|
|
1,123 |
|
|
|
1,081 |
|
Operating profit |
|
357 |
|
|
|
383 |
|
|
|
1,073 |
|
|
|
1,101 |
|
|
|
|
|
|
|
|
|
||||||||
Other income (expense), net: |
|
|
|
|
|
|
|
||||||||
Interest expense |
|
(25 |
) |
|
|
(26 |
) |
|
|
(75 |
) |
|
|
(82 |
) |
Other, net |
|
(85 |
) |
|
|
(11 |
) |
|
|
(95 |
) |
|
|
(14 |
) |
|
|
(109 |
) |
|
|
(37 |
) |
|
|
(170 |
) |
|
|
(96 |
) |
Income before income taxes |
|
248 |
|
|
|
346 |
|
|
|
903 |
|
|
|
1,005 |
|
|
|
|
|
|
|
|
|
||||||||
Income tax expense |
|
68 |
|
|
|
86 |
|
|
|
222 |
|
|
|
246 |
|
Net income |
|
180 |
|
|
|
260 |
|
|
|
681 |
|
|
|
759 |
|
|
|
|
|
|
|
|
|
||||||||
Less: Net income attributable to noncontrolling interest |
|
13 |
|
|
|
11 |
|
|
|
41 |
|
|
|
42 |
|
Net income attributable to Masco Corporation |
$ |
167 |
|
|
$ |
249 |
|
|
$ |
640 |
|
|
$ |
717 |
|
|
|
|
|
|
|
|
|
||||||||
Income per common share attributable to Masco Corporation (diluted): |
|
|
|
|
|
|
|
||||||||
Net income |
$ |
0.77 |
|
|
$ |
1.10 |
|
|
$ |
2.91 |
|
|
$ |
3.17 |
|
|
|
|
|
|
|
|
|
||||||||
Average diluted common shares outstanding |
|
218 |
|
|
|
226 |
|
|
|
220 |
|
|
|
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 Nine Months Ended September 30, 2024 and 2023
(dollars in millions) |
|||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Gross Profit, Selling, General and Administrative Expenses, and Operating Profit Reconciliations |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Net sales |
$ |
1,983 |
|
|
$ |
1,979 |
|
|
$ |
6,000 |
|
|
$ |
6,085 |
|
|
|
|
|
|
|
|
|
||||||||
Gross profit, as reported |
$ |
725 |
|
|
$ |
744 |
|
|
$ |
2,195 |
|
|
$ |
2,182 |
|
Rationalization charges |
|
2 |
|
|
|
5 |
|
|
|
6 |
|
|
|
2 |
|
Insurance settlement (1) |
|
— |
|
|
|
(40 |
) |
|
|
— |
|
|
|
(40 |
) |
Gross profit, as adjusted |
$ |
727 |
|
|
$ |
709 |
|
|
$ |
2,202 |
|
|
$ |
2,144 |
|
|
|
|
|
|
|
|
|
||||||||
Gross margin, as reported |
|
36.6 |
% |
|
|
37.6 |
% |
|
|
36.6 |
% |
|
|
35.9 |
% |
Gross margin, as adjusted |
|
36.7 |
% |
|
|
35.8 |
% |
|
|
36.7 |
% |
|
|
35.2 |
% |
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative expenses, as reported |
$ |
368 |
|
|
$ |
361 |
|
|
$ |
1,123 |
|
|
$ |
1,081 |
|
Rationalization charges |
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
1 |
|
Selling, general and administrative expenses, as adjusted |
$ |
368 |
|
|
$ |
361 |
|
|
$ |
1,121 |
|
|
$ |
1,080 |
|
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative expenses as a percent of net sales, as reported |
|
18.6 |
% |
|
|
18.2 |
% |
|
|
18.7 |
% |
|
|
17.8 |
% |
Selling, general and administrative expenses as a percent of net sales, as adjusted |
|
18.6 |
% |
|
|
18.2 |
% |
|
|
18.7 |
% |
|
|
17.7 |
% |
|
|
|
|
|
|
|
|
||||||||
Operating profit, as reported |
$ |
357 |
|
|
$ |
383 |
|
|
$ |
1,073 |
|
|
$ |
1,101 |
|
Rationalization charges |
|
2 |
|
|
|
5 |
|
|
|
8 |
|
|
|
3 |
|
Insurance settlement (1) |
|
— |
|
|
|
(40 |
) |
|
|
— |
|
|
|
(40 |
) |
Operating profit, as adjusted |
$ |
360 |
|
|
$ |
348 |
|
|
$ |
1,081 |
|
|
$ |
1,064 |
|
|
|
|
|
|
|
|
|
||||||||
Operating margin, as reported |
|
18.0 |
% |
|
|
19.4 |
% |
|
|
17.9 |
% |
|
|
18.1 |
% |
Operating margin, as adjusted |
|
18.2 |
% |
|
|
17.6 |
% |
|
|
18.0 |
% |
|
|
17.5 |
% |
(1) |
Represents income for the three and nine months ended September 30, 2023 from the receipt of an insurance settlement payment. |
Historical information is available on our website.
Amounts may not add due to rounding.
MASCO CORPORATION Exhibit A: Reconciliations - Unaudited For the Three and Nine Months Ended September 30, 2024 and 2023
(in millions, except per common share data) |
|||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Income Per Common Share Reconciliations |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Income before income taxes, as reported |
$ |
248 |
|
|
$ |
346 |
|
|
$ |
903 |
|
|
$ |
1,005 |
|
Rationalization charges |
|
2 |
|
|
|
5 |
|
|
|
8 |
|
|
|
3 |
|
Loss on sale of business (1) |
|
81 |
|
|
|
— |
|
|
|
81 |
|
|
|
— |
|
Realized (gains) from private equity funds |
|
(1 |
) |
|
|
— |
|
|
|
(1 |
) |
|
|
(1 |
) |
Loss from equity investments, net |
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
1 |
|
Insurance settlement (2) |
|
— |
|
|
|
(40 |
) |
|
|
— |
|
|
|
(40 |
) |
Income before income taxes, as adjusted |
|
330 |
|
|
|
312 |
|
|
|
990 |
|
|
|
968 |
|
Tax at |
|
(81 |
) |
|
|
(76 |
) |
|
|
(243 |
) |
|
|
(237 |
) |
Less: Net income attributable to noncontrolling interest |
|
13 |
|
|
|
11 |
|
|
|
41 |
|
|
|
42 |
|
Net income, as adjusted |
$ |
236 |
|
|
$ |
225 |
|
|
$ |
706 |
|
|
$ |
689 |
|
|
|
|
|
|
|
|
|
||||||||
Net income per common share, as adjusted |
$ |
1.08 |
|
|
$ |
1.00 |
|
|
$ |
3.21 |
|
|
$ |
3.05 |
|
|
|
|
|
|
|
|
|
||||||||
Average diluted common shares outstanding |
|
218 |
|
|
|
226 |
|
|
|
220 |
|
|
|
226 |
|
(1) |
Represents the preliminary loss for the three and nine months ended September 30, 2024 from the sale of our Kichler Lighting business. |
(2) |
Represents income for the three and nine months ended September 30, 2023 from the receipt of an insurance settlement payment. |
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 |
$ |
3.74 |
|
$ |
3.84 |
||
Rationalization charges |
|
0.03 |
|
|
|
0.03 |
|
Loss on sale of business (1) |
|
0.28 |
|
|
|
0.28 |
|
Net income per common share, as adjusted |
$ |
4.05 |
|
|
$ |
4.15 |
|
(1) |
Represents the preliminary loss from the sale of our Kichler Lighting business. |
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 September 30, 2024 and December 31, 2023
(dollars in millions) |
|||||||
|
September 30, 2024 |
|
December 31, 2023 |
||||
Balance Sheet |
|
|
|
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash investments |
$ |
646 |
|
$ |
634 |
||
Receivables |
|
1,152 |
|
|
|
1,090 |
|
Inventories |
|
1,013 |
|
|
|
1,022 |
|
Prepaid expenses and other |
|
153 |
|
|
|
110 |
|
Total current assets |
|
2,965 |
|
|
|
2,856 |
|
|
|
|
|
||||
Property and equipment, net |
|
1,125 |
|
|
|
1,121 |
|
Goodwill |
|
610 |
|
|
|
604 |
|
Other intangible assets, net |
|
230 |
|
|
|
377 |
|
Operating lease right-of-use assets |
|
238 |
|
|
|
268 |
|
Other assets |
|
128 |
|
|
|
139 |
|
Total assets |
$ |
5,296 |
|
|
$ |
5,363 |
|
|
|
|
|
||||
Liabilities |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
874 |
|
|
$ |
840 |
|
Notes payable |
|
3 |
|
|
|
3 |
|
Accrued liabilities |
|
742 |
|
|
|
852 |
|
Total current liabilities |
|
1,618 |
|
|
|
1,695 |
|
|
|
|
|
||||
Long-term debt |
|
2,945 |
|
|
|
2,945 |
|
Noncurrent operating lease liabilities |
|
230 |
|
|
|
258 |
|
Other liabilities |
|
360 |
|
|
|
349 |
|
Total liabilities |
|
5,154 |
|
|
|
5,247 |
|
|
|
|
|
||||
Redeemable noncontrolling interest |
|
— |
|
|
|
18 |
|
|
|
|
|
||||
Equity |
|
142 |
|
|
|
98 |
|
Total liabilities and equity |
$ |
5,296 |
|
|
$ |
5,363 |
|
|
As of September 30, |
||||||
|
|
2024 |
|
|
|
2023 |
|
Other Financial Data |
|
|
|
||||
Working capital days |
|
|
|
||||
Receivable days |
|
50 |
|
|
|
54 |
|
Inventory days |
|
78 |
|
|
|
77 |
|
Payable days |
|
70 |
|
|
|
71 |
|
Working capital |
$ |
1,291 |
|
|
$ |
1,447 |
|
Working capital as a % of sales (LTM) |
|
16.4 |
% |
|
|
18.1 |
% |
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 Nine Months Ended September 30, 2024 and 2023
(dollars in millions) |
|||||||
|
Nine Months Ended September 30, |
||||||
|
|
2024 |
|
|
|
2023 |
|
Cash Flows From (For) Operating Activities: |
|
|
|
||||
Cash provided by operating activities |
$ |
957 |
|
|
$ |
954 |
|
Working capital changes |
|
(288 |
) |
|
|
(26 |
) |
Net cash from operating activities |
|
668 |
|
|
|
928 |
|
|
|
|
|
||||
Cash Flows From (For) Financing Activities: |
|
|
|
||||
Purchase of Company common stock |
|
(482 |
) |
|
|
(126 |
) |
Cash dividends paid |
|
(191 |
) |
|
|
(193 |
) |
Purchase of redeemable noncontrolling interest |
|
(15 |
) |
|
|
— |
|
Dividends paid to noncontrolling interest |
|
(25 |
) |
|
|
(49 |
) |
Proceeds from short-term borrowings |
|
— |
|
|
|
77 |
|
Payment of short-term borrowings |
|
— |
|
|
|
(11 |
) |
Payment of term loan |
|
— |
|
|
|
(200 |
) |
Proceeds from the exercise of stock options |
|
76 |
|
|
|
37 |
|
Employee withholding taxes paid on stock-based compensation |
|
(34 |
) |
|
|
(29 |
) |
Decrease in debt, net |
|
(2 |
) |
|
|
(4 |
) |
Net cash for financing activities |
|
(673 |
) |
|
|
(498 |
) |
|
|
|
|
||||
Cash Flows From (For) Investing Activities: |
|
|
|
||||
Capital expenditures |
|
(112 |
) |
|
|
(181 |
) |
Acquisition of business, net of cash acquired |
|
(4 |
) |
|
|
(136 |
) |
Proceeds from disposition of business, net of cash disposed |
|
131 |
|
|
|
— |
|
Other, net |
|
(3 |
) |
|
|
(4 |
) |
Net cash from (for) investing activities |
|
12 |
|
|
|
(321 |
) |
|
|
|
|
||||
Effect of exchange rate changes on cash and cash investments |
|
5 |
|
|
|
(1 |
) |
|
|
|
|
||||
Cash and Cash Investments: |
|
|
|
||||
Increase for the period |
|
12 |
|
|
|
108 |
|
At January 1 |
|
634 |
|
|
|
452 |
|
At September 30 |
$ |
646 |
|
|
$ |
560 |
|
|
As of September 30, |
||||||
|
|
2024 |
|
|
|
2023 |
|
Liquidity |
|
|
|
||||
Cash and cash investments |
$ |
646 |
|
$ |
560 |
||
Revolver availability |
|
1,000 |
|
|
|
1,000 |
|
Total Liquidity |
$ |
1,646 |
|
|
$ |
1,560 |
|
Historical information is available on our website.
Amounts may not add due to rounding.
MASCO CORPORATION Segment Data - Unaudited For the Three and Nine Months Ended September 30, 2024 and 2023
(dollars in millions) |
|||||||||||||||||||||
|
Three Months Ended
|
|
|
|
Nine Months Ended
|
|
|
||||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
Change |
|
|
2024 |
|
|
|
2023 |
|
|
Change |
||
Plumbing Products |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales |
$ |
1,219 |
|
|
$ |
1,191 |
|
|
2 |
% |
|
$ |
3,665 |
|
|
$ |
3,638 |
|
|
1 |
% |
Operating profit, as reported |
$ |
240 |
|
|
$ |
223 |
|
|
|
|
$ |
713 |
|
|
$ |
673 |
|
|
|
||
Operating margin, as reported |
|
19.7 |
% |
|
|
18.7 |
% |
|
|
|
|
19.5 |
% |
|
|
18.5 |
% |
|
|
||
Rationalization charges (income) |
|
2 |
|
|
|
2 |
|
|
|
|
|
7 |
|
|
|
(1 |
) |
|
|
||
Operating profit, as adjusted |
|
242 |
|
|
|
225 |
|
|
|
|
|
720 |
|
|
|
672 |
|
|
|
||
Operating margin, as adjusted |
|
19.9 |
% |
|
|
18.9 |
% |
|
|
|
|
19.6 |
% |
|
|
18.5 |
% |
|
|
||
Depreciation and amortization |
|
26 |
|
|
|
26 |
|
|
|
|
|
80 |
|
|
|
76 |
|
|
|
||
EBITDA, as adjusted |
$ |
269 |
|
|
$ |
251 |
|
|
|
|
$ |
799 |
|
|
$ |
748 |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Decorative Architectural Products |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales |
$ |
764 |
|
|
$ |
788 |
|
|
(3 |
)% |
|
$ |
2,336 |
|
|
$ |
2,447 |
|
|
(5 |
)% |
Operating profit, as reported |
$ |
138 |
|
|
$ |
181 |
|
|
|
|
$ |
436 |
|
|
$ |
493 |
|
|
|
||
Operating margin, as reported |
|
18.1 |
% |
|
|
23.0 |
% |
|
|
|
|
18.7 |
% |
|
|
20.1 |
% |
|
|
||
Rationalization charges |
|
— |
|
|
|
3 |
|
|
|
|
|
1 |
|
|
|
4 |
|
|
|
||
Insurance settlement |
|
— |
|
|
|
(40 |
) |
|
|
|
|
— |
|
|
|
(40 |
) |
|
|
||
Operating profit, as adjusted |
|
138 |
|
|
|
144 |
|
|
|
|
|
437 |
|
|
|
457 |
|
|
|
||
Operating margin, as adjusted |
|
18.1 |
% |
|
|
18.3 |
% |
|
|
|
|
18.7 |
% |
|
|
18.7 |
% |
|
|
||
Depreciation and amortization |
|
9 |
|
|
|
9 |
|
|
|
|
|
28 |
|
|
|
26 |
|
|
|
||
EBITDA, as adjusted |
$ |
147 |
|
|
$ |
153 |
|
|
|
|
$ |
465 |
|
|
$ |
483 |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales |
$ |
1,983 |
|
|
$ |
1,979 |
|
|
— |
% |
|
$ |
6,000 |
|
|
$ |
6,085 |
|
|
(1 |
)% |
Operating profit, as reported - segment |
$ |
378 |
|
|
$ |
404 |
|
|
|
|
$ |
1,149 |
|
|
$ |
1,166 |
|
|
|
||
General corporate expense, net |
|
(21 |
) |
|
|
(21 |
) |
|
|
|
|
(76 |
) |
|
|
(65 |
) |
|
|
||
Operating profit, as reported |
|
357 |
|
|
|
383 |
|
|
|
|
|
1,073 |
|
|
|
1,101 |
|
|
|
||
Operating margin, as reported |
|
18.0 |
% |
|
|
19.4 |
% |
|
|
|
|
17.9 |
% |
|
|
18.1 |
% |
|
|
||
Rationalization charges - segment |
|
2 |
|
|
|
5 |
|
|
|
|
|
8 |
|
|
|
3 |
|
|
|
||
Insurance settlement |
|
— |
|
|
|
(40 |
) |
|
|
|
|
— |
|
|
|
(40 |
) |
|
|
||
Operating profit, as adjusted |
|
360 |
|
|
|
348 |
|
|
|
|
|
1,081 |
|
|
|
1,064 |
|
|
|
||
Operating margin, as adjusted |
|
18.2 |
% |
|
|
17.6 |
% |
|
|
|
|
18.0 |
% |
|
|
17.5 |
% |
|
|
||
Depreciation and amortization - segment |
|
36 |
|
|
|
35 |
|
|
|
|
|
108 |
|
|
|
102 |
|
|
|
||
Depreciation and amortization - other |
|
2 |
|
|
|
2 |
|
|
|
|
|
5 |
|
|
|
5 |
|
|
|
||
EBITDA, as adjusted |
$ |
397 |
|
|
$ |
385 |
|
|
|
|
$ |
1,194 |
|
|
$ |
1,171 |
|
|
|
||
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 Nine Months Ended September 30, 2024 and 2023
(dollars in millions) |
|||||||||||||||||||||
|
Three Months Ended
|
|
|
|
Nine Months Ended
|
|
|
||||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
Change |
|
|
2024 |
|
|
|
2023 |
|
|
Change |
||
North American |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales |
$ |
1,595 |
|
|
$ |
1,602 |
|
|
— |
% |
|
$ |
4,815 |
|
|
$ |
4,875 |
|
|
(1 |
)% |
Operating profit, as reported |
$ |
322 |
|
|
$ |
348 |
|
|
|
|
$ |
967 |
|
|
$ |
972 |
|
|
|
||
Operating margin, as reported |
|
20.2 |
% |
|
|
21.7 |
% |
|
|
|
|
20.1 |
% |
|
|
19.9 |
% |
|
|
||
Rationalization charges |
|
2 |
|
|
|
5 |
|
|
|
|
|
5 |
|
|
|
3 |
|
|
|
||
Insurance settlement |
|
— |
|
|
|
(40 |
) |
|
|
|
|
— |
|
|
|
(40 |
) |
|
|
||
Operating profit, as adjusted |
|
324 |
|
|
|
313 |
|
|
|
|
|
973 |
|
|
|
935 |
|
|
|
||
Operating margin, as adjusted |
|
20.3 |
% |
|
|
19.5 |
% |
|
|
|
|
20.2 |
% |
|
|
19.2 |
% |
|
|
||
Depreciation and amortization |
|
23 |
|
|
|
22 |
|
|
|
|
|
69 |
|
|
|
65 |
|
|
|
||
EBITDA, as adjusted |
$ |
347 |
|
|
$ |
335 |
|
|
|
|
$ |
1,042 |
|
|
$ |
1,000 |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
International |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales |
$ |
388 |
|
|
$ |
377 |
|
|
3 |
% |
|
$ |
1,185 |
|
|
$ |
1,210 |
|
|
(2 |
)% |
Operating profit, as reported |
$ |
56 |
|
|
$ |
56 |
|
|
|
|
$ |
182 |
|
|
$ |
194 |
|
|
|
||
Operating margin, as reported |
|
14.4 |
% |
|
|
14.9 |
% |
|
|
|
|
15.4 |
% |
|
|
16.0 |
% |
|
|
||
Rationalization charges |
|
— |
|
|
|
— |
|
|
|
|
|
2 |
|
|
|
— |
|
|
|
||
Operating profit, as adjusted |
|
56 |
|
|
|
56 |
|
|
|
|
|
184 |
|
|
|
194 |
|
|
|
||
Operating margin, as adjusted |
|
14.4 |
% |
|
|
14.9 |
% |
|
|
|
|
15.5 |
% |
|
|
16.0 |
% |
|
|
||
Depreciation and amortization |
|
13 |
|
|
|
13 |
|
|
|
|
|
38 |
|
|
|
37 |
|
|
|
||
EBITDA, as adjusted |
$ |
69 |
|
|
$ |
69 |
|
|
|
|
$ |
222 |
|
|
$ |
231 |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales |
$ |
1,983 |
|
|
$ |
1,979 |
|
|
— |
% |
|
$ |
6,000 |
|
|
$ |
6,085 |
|
|
(1 |
)% |
Operating profit, as reported - segment |
$ |
378 |
|
|
$ |
404 |
|
|
|
|
$ |
1,149 |
|
|
$ |
1,166 |
|
|
|
||
General corporate expense, net |
|
(21 |
) |
|
|
(21 |
) |
|
|
|
|
(76 |
) |
|
|
(65 |
) |
|
|
||
Operating profit, as reported |
|
357 |
|
|
|
383 |
|
|
|
|
|
1,073 |
|
|
|
1,101 |
|
|
|
||
Operating margin, as reported |
|
18.0 |
% |
|
|
19.4 |
% |
|
|
|
|
17.9 |
% |
|
|
18.1 |
% |
|
|
||
Rationalization charges - segment |
|
2 |
|
|
|
5 |
|
|
|
|
|
8 |
|
|
|
3 |
|
|
|
||
Insurance settlement |
|
— |
|
|
|
(40 |
) |
|
|
|
|
— |
|
|
|
(40 |
) |
|
|
||
Operating profit, as adjusted |
|
360 |
|
|
|
348 |
|
|
|
|
|
1,081 |
|
|
|
1,064 |
|
|
|
||
Operating margin, as adjusted |
|
18.2 |
% |
|
|
17.6 |
% |
|
|
|
|
18.0 |
% |
|
|
17.5 |
% |
|
|
||
Depreciation and amortization - segment |
|
36 |
|
|
|
35 |
|
|
|
|
|
108 |
|
|
|
102 |
|
|
|
||
Depreciation and amortization - other |
|
2 |
|
|
|
2 |
|
|
|
|
|
5 |
|
|
|
5 |
|
|
|
||
EBITDA, as adjusted |
$ |
397 |
|
|
$ |
385 |
|
|
|
|
$ |
1,194 |
|
|
$ |
1,171 |
|
|
|
||
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/20241029650200/en/
Investor Contact
Robin Zondervan
Vice President, Investor Relations and FP&A
313.792.5500
robin_zondervan@mascohq.com
Source: Masco Corporation
FAQ
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