Key Highlights
-
Sales for the first quarter increased 4 percent to $1.7 billion; sales
increased 5 percent excluding the impact of foreign currency
translation
-
Adjusted operating profit grew 39 percent to $237 million
-
Adjusted operating profit margin for the quarter increased to 13.8
percent, a 350 basis point expansion
-
Adjusted EPS for the quarter grew 78 percent to $.32 per common share
TAYLOR, Mich.--(BUSINESS WIRE)--
Masco Corporation (NYSE: MAS), one of the world’s leading manufacturers
of branded home improvement and building products, reported net sales
and adjusted operating profit growth in the first quarter of 2016.
Adjusted operating profit margin rose to 13.8 percent, representing a
350 basis point increase over the prior year.
“The year is off to a great start with strong performances from all of
our businesses,” said Masco President and CEO Keith Allman. “Our
industry-leading plumbing businesses maintained their positive momentum
by delivering another quarter of top- and bottom-line growth both
domestically and internationally. Our Decorative Architectural Products
segment benefitted from increased demand for Behr’s core DIY, Behr Pro®
and Liberty Hardware branded products. Our cabinetry business
continued to make progress against its strategic plan to optimize sales
mix and increase profitability. Finally, our windows businesses
capitalized on repair and remodel and new home construction growth in
the U.S. and U.K.”
2016 First Quarter Commentary
-
Compared to first quarter 2015, net sales from continuing operations
increased 4 percent to $1.7 billion. In local currency, North American
sales increased 6 percent and international sales increased 2 percent
-
Compared to first quarter 2015, results for key financial measures, as
adjusted for certain items (see Exhibit A) and with a normalized tax
rate of 36 percent, were as follows:
-
Gross margins improved to 33.1 percent compared to 29.9 percent
-
Operating margins improved to 13.8 percent compared to 10.3 percent
-
Income from continuing operations was $.32 per common share
compared to $.18 per common share
-
Income from continuing operations, as reported, was $.32 per common
share
-
Liquidity at the end of the first quarter was approximately $2.4
billion (includes $900 million of cash from the issuance of notes in
March 2016). Subsequently, $1.3 billion of cash was paid for the
retirement of debt in April
-
3.2 million shares were repurchased in the first quarter
2016 First Quarter Operating Segment Highlights
-
Plumbing Products’ net sales increased 2 percent (4 percent excluding
the impact of foreign currency translation) driven by growth in the
wholesale/trade channel
-
Decorative Architectural Products’ net sales increased 9 percent,
fueled by strong growth in Behr’s core DIY products and Behr Pro® products
-
Cabinetry Products’ net sales decreased 5 percent, due to the exit of
lower margin business in the builder channel, which was partially
offset by continued growth in the dealer channel
-
Windows and Other Specialty Products’ net sales increased 9 percent
(11 percent excluding the impact of foreign currency translation) led
by the strong performance of our North American windows business
Outlook
“The fundamentals driving our business are progressing in line with our
expectations, and our performance this quarter demonstrates that we are
fully focused on achieving our financial and operational objectives,”
continued Mr. Allman. “We remain confident in our ability to
successfully execute against our long-term growth strategies by
leveraging our brand portfolio, industry-leading positions and our Masco
Operating System. We expect that these growth strategies, coupled with
our disciplined capital allocation approach and strengthening balance
sheet, will continue to create shareholder value in 2016.”
About Masco
Headquartered in Taylor, Michigan, Masco Corporation is a global leader
in the design, manufacture and distribution of branded home improvement
and building products. Our portfolio of industry-leading brands includes
Behr® paint; Delta® and Hansgrohe® faucets, bath and shower fixtures;
KraftMaid® and Merillat® cabinets; Milgard® windows and doors; and Hot
Spring® spas. We leverage our powerful brands across product categories,
sales channels and geographies to create value for our customers and
shareholders. For more information about Masco Corporation, visit www.masco.com.
The 2016 first 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, April 26, 2016 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 (855) 226-2726 (855-22MASCO) and from outside the U.S.
at (706) 679-3614. Please use the conference identification number
75969468. 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 (855) 859-2056 and from outside the U.S. at (404) 537-3406.
Please use the conference identification number 75969468. The telephone
replay will be available approximately two hours after the end of the
call and continue through May 26, 2016.
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 “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 home improvement
activity and new home construction, our ability to maintain our strong
brands and to develop and introduce new and improved products, our
ability to maintain our competitive position in our industries, our
reliance on key customers, our ability to achieve the anticipated
benefits of our strategic initiatives, our ability to sustain the
performance of our cabinetry businesses, the cost and availability of
raw materials, our dependence on third party suppliers, and risks
associated with international operations and global strategies. 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. The forward-looking statements in this press
release speak only as of the date of this press release. 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 Months Ended March 31, 2016 and 2015
|
|
(in millions, except per common share data)
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
2016
|
|
2015
|
Net sales
|
|
$
|
1,720
|
|
|
$
|
1,659
|
|
Cost of sales
|
|
1,151
|
|
|
1,164
|
|
Gross profit
|
|
569
|
|
|
495
|
|
|
|
|
|
|
Selling, general and administrative expenses
|
|
335
|
|
|
330
|
|
Operating profit
|
|
234
|
|
|
165
|
|
|
|
|
|
|
Other income (expense), net:
|
|
|
|
|
Interest expense
|
|
(56
|
)
|
|
(56
|
)
|
Other, net
|
|
(1
|
)
|
|
1
|
|
|
|
(57
|
)
|
|
(55
|
)
|
Income from continuing operations before income taxes
|
|
177
|
|
|
110
|
|
|
|
|
|
|
Income tax expense
|
|
(58
|
)
|
|
(40
|
)
|
Income from continuing operations
|
|
119
|
|
|
70
|
|
|
|
|
|
|
Income from discontinued operations, net
|
|
—
|
|
|
3
|
|
Net income
|
|
119
|
|
|
73
|
|
|
|
|
|
|
Less: Net income attributable to noncontrolling interest
|
|
10
|
|
|
9
|
|
Net income attributable to Masco Corporation
|
|
$
|
109
|
|
|
$
|
64
|
|
|
|
|
|
|
Income per common share attributable to Masco Corporation (diluted):
|
|
|
|
|
Income from continuing operations
|
|
$
|
0.32
|
|
|
$
|
0.17
|
|
Income from discontinued operations, net
|
|
—
|
|
|
0.01
|
|
Net income
|
|
$
|
0.32
|
|
|
$
|
0.18
|
|
|
|
|
|
|
Average diluted common shares outstanding
|
|
333
|
|
|
347
|
|
|
|
|
|
|
Amounts attributable to Masco Corporation:
|
|
|
|
|
Income from continuing operations
|
|
$
|
109
|
|
|
$
|
61
|
|
Income from discontinued operations, net
|
|
—
|
|
|
3
|
|
Net income attributable to Masco Corporation
|
|
$
|
109
|
|
|
$
|
64
|
|
|
|
|
|
|
|
|
|
|
Historical information is available on our website.
|
|
|
|
MASCO CORPORATION
|
Exhibit A: Reconciliations - Unaudited
|
For the Three Months Ended March 31, 2016 and 2015
|
|
(in millions, except per common share data)
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
2016
|
|
2015
|
Gross Profit, Selling, General and
Administrative Expenses, and Operating Profit Reconciliations
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$
|
1,720
|
|
|
$
|
1,659
|
|
|
|
|
|
|
Gross profit, as reported
|
|
$
|
569
|
|
|
$
|
495
|
|
Rationalization charges
|
|
1
|
|
|
1
|
|
Gross profit, as adjusted
|
|
$
|
570
|
|
|
$
|
496
|
|
|
|
|
|
|
Gross margin, as reported
|
|
33.1
|
%
|
|
29.8
|
%
|
Gross margin, as adjusted
|
|
33.1
|
%
|
|
29.9
|
%
|
|
|
|
|
|
Selling, general and administrative expenses, as reported
|
|
$
|
335
|
|
|
$
|
330
|
|
Rationalization charges
|
|
2
|
|
|
5
|
|
Selling, general and administrative expenses, as adjusted
|
|
$
|
333
|
|
|
$
|
325
|
|
|
|
|
|
|
Selling, general and administrative expenses as percent of net
sales, as reported
|
|
19.5
|
%
|
|
19.9
|
%
|
Selling, general and administrative expenses as percent of net
sales, as adjusted
|
|
19.4
|
%
|
|
19.6
|
%
|
|
|
|
|
|
Operating profit, as reported
|
|
$
|
234
|
|
|
$
|
165
|
|
Rationalization charges
|
|
3
|
|
|
6
|
|
Operating profit, as adjusted
|
|
$
|
237
|
|
|
$
|
171
|
|
|
|
|
|
|
Operating margin, as reported
|
|
13.6
|
%
|
|
9.9
|
%
|
Operating margin, as adjusted
|
|
13.8
|
%
|
|
10.3
|
%
|
|
|
|
|
|
Earnings Per Common Share Reconciliation
|
|
|
|
|
|
|
|
|
|
Income from continuing operations before income taxes, as reported
|
|
$
|
177
|
|
|
$
|
110
|
|
Rationalization charges
|
|
3
|
|
|
6
|
|
Gains from private equity funds, net
|
|
—
|
|
|
(2
|
)
|
Earnings from equity investments, net
|
|
(1
|
)
|
|
—
|
|
Income from continuing operations before income taxes, as adjusted
|
|
179
|
|
|
114
|
|
Tax at 36% rate
|
|
(64
|
)
|
|
(41
|
)
|
Less: Net income attributable to noncontrolling interest
|
|
10
|
|
|
9
|
|
Income from continuing operations, as adjusted
|
|
$
|
105
|
|
|
$
|
64
|
|
|
|
|
|
|
Income per common share, as adjusted
|
|
$
|
0.32
|
|
|
$
|
0.18
|
|
|
|
|
|
|
Average diluted common shares outstanding
|
|
333
|
|
|
347
|
|
|
|
|
|
|
|
|
Historical information is available on our website.
|
|
|
|
|
|
MASCO CORPORATION
|
Condensed Consolidated Balance Sheets and
|
Other Financial Data - Unaudited
|
|
(dollars in millions)
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
March 31, 2016
|
|
2015
|
Balance Sheet
|
|
|
|
|
Assets
|
|
|
|
|
Current Assets:
|
|
|
|
|
Cash and cash investments
|
|
$
|
2,175
|
|
|
$
|
1,468
|
|
Short-term bank deposits
|
|
195
|
|
|
248
|
|
Receivables
|
|
1,036
|
|
|
853
|
|
Inventories
|
|
755
|
|
|
687
|
|
Prepaid expenses and other
|
|
87
|
|
|
72
|
|
Total Current Assets
|
|
4,248
|
|
|
3,328
|
|
|
|
|
|
|
Property and equipment, net
|
|
1,040
|
|
|
1,027
|
|
Goodwill
|
|
844
|
|
|
839
|
|
Other intangible assets, net
|
|
158
|
|
|
160
|
|
Other assets
|
|
264
|
|
|
310
|
|
Total Assets
|
|
$
|
6,554
|
|
|
$
|
5,664
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
Current Liabilities:
|
|
|
|
|
Accounts payable
|
|
$
|
834
|
|
|
$
|
749
|
|
Notes payable
|
|
1,303
|
|
|
1,004
|
|
Accrued liabilities
|
|
652
|
|
|
752
|
|
Total Current Liabilities
|
|
2,789
|
|
|
2,505
|
|
|
|
|
|
|
Long-term debt
|
|
2,993
|
|
|
2,403
|
|
Other liabilities
|
|
688
|
|
|
698
|
|
Total Liabilities
|
|
6,470
|
|
|
5,606
|
|
|
|
|
|
|
Equity
|
|
84
|
|
|
58
|
|
Total Liabilities and Equity
|
|
$
|
6,554
|
|
|
$
|
5,664
|
|
|
|
|
|
|
As of
|
|
|
March 31, 2016
|
|
March 31, 2015
|
Other Financial Data
|
|
|
|
|
Working Capital Days
|
|
|
|
|
Receivable days
|
|
50
|
|
|
51
|
|
Inventory days
|
|
56
|
|
|
56
|
|
Payable days
|
|
70
|
|
|
68
|
|
Working capital
|
|
$
|
957
|
|
|
$
|
968
|
|
Working capital as a % of sales (LTM)
|
|
13.3
|
%
|
|
13.8
|
%
|
|
|
|
|
|
|
|
Historical information is available on our website.
|
|
|
|
MASCO CORPORATION
|
Condensed Consolidated Statements of Cash Flows*
|
and Other Financial Data - Unaudited
|
|
(dollars in millions)
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
2016
|
|
2015
|
Cash Flows From (For) Operating Activities:
|
|
|
|
|
Cash provided by operating activities
|
|
$
|
189
|
|
|
$
|
144
|
|
Working capital changes
|
|
(289
|
)
|
|
(296
|
)
|
Net cash for operating activities
|
|
(100
|
)
|
|
(152
|
)
|
|
|
|
|
|
Cash Flows From (For) Financing Activities:
|
|
|
|
|
Purchase of Company common stock
|
|
(86
|
)
|
|
(103
|
)
|
Cash dividends paid
|
|
(32
|
)
|
|
(32
|
)
|
Issuance of notes, net of issuance costs
|
|
889
|
|
|
497
|
|
Issuance of Company common stock
|
|
1
|
|
|
—
|
|
Excess tax benefit from stock-based compensation
|
|
11
|
|
|
—
|
|
Decrease in debt, net
|
|
(2
|
)
|
|
—
|
|
Net cash from financing activities
|
|
781
|
|
|
362
|
|
|
|
|
|
|
Cash Flows From (For) Investing Activities:
|
|
|
|
|
Capital expenditures
|
|
(37
|
)
|
|
(32
|
)
|
Other, net
|
|
57
|
|
|
43
|
|
Net cash from investing activities
|
|
20
|
|
|
11
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash investments
|
|
6
|
|
|
(26
|
)
|
|
|
|
|
|
Cash and Cash Investments:
|
|
|
|
|
Increase for the period
|
|
707
|
|
|
195
|
|
At January 1
|
|
1,468
|
|
|
1,383
|
|
At March 31
|
|
$
|
2,175
|
|
|
$
|
1,578
|
|
|
|
|
|
|
As of March 31,
|
|
|
2016
|
|
2015
|
Liquidity*
|
|
|
|
|
Cash and cash investments
|
|
$
|
2,175
|
|
|
$
|
1,578
|
|
Short-term bank deposits
|
|
195
|
|
|
197
|
|
Total Liquidity
|
|
$
|
2,370
|
|
|
$
|
1,775
|
|
|
|
|
|
|
|
|
|
|
* Prior period amounts not restated for spin off of TopBuild Corp.
|
|
Historical information is available on our website.
|
|
|
|
|
|
MASCO CORPORATION
|
Segment Data - Unaudited
|
For the Three Months Ended March 31, 2016 and 2015
|
|
(dollars in millions)
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
March 31,
|
|
|
|
|
2016
|
|
2015
|
|
Change
|
Plumbing Products
|
|
|
|
|
|
|
Net sales
|
|
$
|
813
|
|
|
$
|
796
|
|
|
2
|
%
|
|
|
|
|
|
|
|
Operating profit, as reported
|
|
$
|
129
|
|
|
$
|
111
|
|
|
|
Operating margin, as reported
|
|
15.9
|
%
|
|
13.9
|
%
|
|
|
|
|
|
|
|
|
|
Rationalization charges
|
|
2
|
|
|
1
|
|
|
|
Operating profit, as adjusted
|
|
131
|
|
|
112
|
|
|
|
Operating margin, as adjusted
|
|
16.1
|
%
|
|
14.1
|
%
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
14
|
|
|
14
|
|
|
|
|
|
|
|
|
|
|
EBITDA, as adjusted
|
|
$
|
145
|
|
|
$
|
126
|
|
|
|
|
|
|
|
|
|
|
Decorative Architectural Products
|
|
|
|
|
|
|
Net sales
|
|
$
|
493
|
|
|
$
|
451
|
|
|
9
|
%
|
|
|
|
|
|
|
|
Operating profit, as reported
|
|
$
|
105
|
|
|
$
|
83
|
|
|
|
Operating margin, as reported
|
|
21.3
|
%
|
|
18.4
|
%
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
4
|
|
|
4
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
$
|
109
|
|
|
$
|
87
|
|
|
|
|
|
|
|
|
|
|
Cabinetry Products
|
|
|
|
|
|
|
Net sales
|
|
$
|
236
|
|
|
$
|
249
|
|
|
(5
|
)%
|
|
|
|
|
|
|
|
Operating profit (loss), as reported
|
|
$
|
24
|
|
|
$
|
(4
|
)
|
|
|
Operating margin, as reported
|
|
10.2
|
%
|
|
(1.6
|
)%
|
|
|
|
|
|
|
|
|
|
Rationalization charges
|
|
1
|
|
|
2
|
|
|
|
Operating profit (loss), as adjusted
|
|
25
|
|
|
(2
|
)
|
|
|
Operating margin, as adjusted
|
|
10.6
|
%
|
|
(0.8
|
)%
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
5
|
|
|
7
|
|
|
|
|
|
|
|
|
|
|
EBITDA, as adjusted
|
|
$
|
30
|
|
|
$
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Historical information is available on our website.
|
|
MASCO CORPORATION
|
Segment Data - Unaudited
|
For the Three Months Ended March 31, 2016 and 2015
|
(dollars in millions)
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
March 31,
|
|
|
|
|
2016
|
|
2015
|
|
Change
|
Windows and Other Specialty Products
|
|
|
|
|
|
|
Net sales
|
|
$
|
178
|
|
|
$
|
163
|
|
|
9
|
%
|
|
|
|
|
|
|
|
Operating profit, as reported
|
|
$
|
3
|
|
|
$
|
6
|
|
|
|
Operating margin, as reported
|
|
1.7
|
%
|
|
3.7
|
%
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
5
|
|
|
4
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
$
|
8
|
|
|
$
|
10
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
Net sales
|
|
$
|
1,720
|
|
|
$
|
1,659
|
|
|
4
|
%
|
|
|
|
|
|
|
|
Operating profit, as reported - segment
|
|
$
|
261
|
|
|
$
|
196
|
|
|
|
General corporate expense, net (GCE)
|
|
(27
|
)
|
|
(31
|
)
|
|
|
Operating profit, as reported
|
|
234
|
|
|
165
|
|
|
|
Operating margin, as reported
|
|
13.6
|
%
|
|
9.9
|
%
|
|
|
|
|
|
|
|
|
|
Rationalization charges - segment
|
|
3
|
|
|
3
|
|
|
|
Rationalization charges - GCE
|
|
—
|
|
|
3
|
|
|
|
Operating profit, as adjusted
|
|
237
|
|
|
171
|
|
|
|
Operating margin, as adjusted
|
|
13.8
|
%
|
|
10.3
|
%
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization - segment
|
|
28
|
|
|
29
|
|
|
|
Depreciation and amortization - non-operating
|
|
4
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
EBITDA, as adjusted
|
|
$
|
269
|
|
|
$
|
202
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Historical information is available on our website.
|
|
|
|
|
|
MASCO CORPORATION
|
North American and International Data - Unaudited
|
For the Three Months Ended March 31, 2016 and 2015
|
|
|
|
|
|
(dollars in millions)
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
|
|
2016
|
|
|
|
2015
|
|
|
Change
|
North American
|
|
|
|
|
|
|
Net sales
|
|
$
|
1,350
|
|
|
$
|
1,282
|
|
|
5
|
%
|
|
|
|
|
|
|
|
Operating profit, as reported
|
|
$
|
215
|
|
|
$
|
151
|
|
|
|
Operating margin, as reported
|
|
|
15.9
|
%
|
|
|
11.8
|
%
|
|
|
|
|
|
|
|
|
|
Rationalization charges
|
|
|
2
|
|
|
|
2
|
|
|
|
Operating profit, as adjusted
|
|
|
217
|
|
|
|
153
|
|
|
|
Operating margin, as adjusted
|
|
|
16.1
|
%
|
|
|
11.9
|
%
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
19
|
|
|
|
20
|
|
|
|
|
|
|
|
|
|
|
EBITDA, as adjusted
|
|
$
|
236
|
|
|
$
|
173
|
|
|
|
|
|
|
|
|
|
|
International
|
|
|
|
|
|
|
Net sales
|
|
$
|
370
|
|
|
$
|
377
|
|
|
(2
|
)%
|
|
|
|
|
|
|
|
Operating profit, as reported
|
|
$
|
46
|
|
|
$
|
45
|
|
|
|
Operating margin, as reported
|
|
|
12.4
|
%
|
|
|
11.9
|
%
|
|
|
|
|
|
|
|
|
|
Rationalization charges
|
|
|
1
|
|
|
|
1
|
|
|
|
Operating profit, as adjusted
|
|
|
47
|
|
|
|
46
|
|
|
|
Operating margin, as adjusted
|
|
|
12.7
|
%
|
|
|
12.2
|
%
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
9
|
|
|
|
9
|
|
|
|
|
|
|
|
|
|
|
EBITDA, as adjusted
|
|
$
|
56
|
|
|
$
|
55
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
Net sales
|
|
$
|
1,720
|
|
|
$
|
1,659
|
|
|
4
|
%
|
|
|
|
|
|
|
|
Operating profit, as reported - segment
|
|
$
|
261
|
|
|
$
|
196
|
|
|
|
General corporate expense, net (GCE)
|
|
|
(27
|
)
|
|
|
(31
|
)
|
|
|
Operating profit, as reported
|
|
|
234
|
|
|
|
165
|
|
|
|
Operating margin, as reported
|
|
|
13.6
|
%
|
|
|
9.9
|
%
|
|
|
|
|
|
|
|
|
|
Rationalization charges - segment
|
|
|
3
|
|
|
|
3
|
|
|
|
Rationalization charges - GCE
|
|
|
—
|
|
|
|
3
|
|
|
|
Operating profit, as adjusted
|
|
|
237
|
|
|
|
171
|
|
|
|
Operating margin, as adjusted
|
|
|
13.8
|
%
|
|
|
10.3
|
%
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization - segment
|
|
|
28
|
|
|
|
29
|
|
|
|
Depreciation and amortization - non-operating
|
|
|
4
|
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
EBITDA, as adjusted
|
|
$
|
269
|
|
|
$
|
202
|
|
|
|
Historical information is available on our website.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160426005564/en/
Source: Masco Corporation