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Masco Corporation Reports Second Quarter 2020 Results

July 30, 2020

Key Results

  • Sales decreased 4 percent to $1.8 billion; in local currency, sales decreased 3 percent
  • Operating profit for the quarter decreased 2 percent to $339 million; adjusted operating profit decreased 1 percent to $344 million
  • Operating margin increased 30 basis points to 19.2 percent; adjusted operating margin increased 50 basis points to 19.5 percent
  • Earnings per share from continuing operations increased 11 percent to $0.80 per share; adjusted earnings per share from continuing operations increased 14 percent to $0.84 per share
  • Board announces intent to increase annual dividend by $.02 per share to $.56 per share, beginning in the fourth quarter

LIVONIA, Mich.--(BUSINESS WIRE)-- Masco Corporation (NYSE: MAS), one of the world’s leading manufacturers of branded home improvement and building products, reported its second quarter results.

“I am extremely proud of our team’s response during these unprecedented times,” said Masco President and CEO, Keith Allman. “We have worked tirelessly to ensure the safety of our employees, to support our customers and communities, and to effectively manage our business. We delivered strong top and bottom-line growth in our Decorative Architectural Products segment and better than anticipated performance in North American Plumbing,” continued Allman. “As restrictions eased, production at our closed facilities resumed, and demand for our products accelerated throughout the quarter. We leveraged increasing demand with focused cost control to expand margins in the quarter.”

2020 Second Quarter Commentary

  • On a reported basis, compared to second quarter 2019:
    • Net sales decreased 4 percent to $1.8 billion; in local currency, net sales decreased 3 percent
    • In local currency, North American sales were flat and international sales decreased 17 percent
    • Gross margins decreased 100 basis points to 35.6 percent from 36.6 percent
    • Operating profit decreased 2 percent to $339 million
    • Operating margins increased 30 basis points to 19.2 percent from 18.9 percent
    • Income from continuing operations increased to $0.80 per share, compared to $0.72 per share
  • Compared to second quarter 2019, results for key financial measures, as adjusted for certain items (see Exhibit A) and with a normalized tax rate of 26 percent, were as follows:
    • Gross margins decreased 90 basis points to 35.8 percent compared to 36.7 percent
    • Operating profit decreased 1 percent to $344 million from $349 million
    • Operating margins increased 50 basis points to 19.5 percent compared to 19.0 percent
    • Income from continuing operations increased to $0.84 per share, compared to $0.74 per share
  • Liquidity at the end of the second quarter was $2.1 billion, including full availability on $1.0 billion revolving credit facility
  • Plumbing Products’ net sales decreased 14 percent (13 percent excluding the impact of foreign currency) primarily due to lower volumes resulting from the impact of COVID-19
  • Decorative Architectural Products’ net sales increased 8 percent due to strong growth in paints and other coatings products

“We remain focused on employee safety and customer support as this pandemic continues to evolve,” said Allman. “While there are a number of unknowns, and assuming no additional shutdowns due to COVID, we expect strong demand for our products to continue in the third quarter. Additionally, our Board of Directors demonstrated confidence in our future by announcing its intention to raise our annual dividend 4 percent to $.56 per share beginning in the fourth quarter.”

About Masco

Headquartered in Livonia, 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; Kichler® decorative and outdoor lighting; and HotSpring® 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 second quarter 2020 supplemental material, including a presentation in PDF format, is available on Masco’s website at www.masco.com.

Conference Call Detail

A conference call regarding items contained in this release is scheduled for Thursday, July 30, 2020 at 9:00 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 9048068. The conference call will be webcast simultaneously and in its entirety through Masco’s website. Shareholders, media representatives and others interested in Masco may participate in the webcast by registering through the Investor Relations section on Masco’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 9048068. The telephone replay will be available approximately two hours after the end of the call and continue through August 30, 2020.

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 new home construction, our ability to maintain our strong brands and reputation and to develop innovative products, our ability to maintain our competitive position in our industries, our reliance on key customers, the length and severity of the ongoing COVID-19 pandemic, including its impact on domestic and international economic activity, consumer demand for our products, our production capabilities, our employees and our supply chain; the cost and availability of materials and the imposition of tariffs, our dependence on third-party suppliers, 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 and may acquire, our ability to attract, develop and retain talented personnel, risks associated with our reliance on information systems and technology, and our ability to achieve the anticipated benefits from our investments in new technology. These and other factors are discussed in detail 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, 2020 and 2019

 

(in millions, except per common share data)

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2020

 

2019

 

2020

 

2019

Net sales

$

1,764

 

 

$

1,839

 

 

$

3,345

 

 

$

3,352

 

Cost of sales

1,136

 

 

1,166

 

 

2,170

 

 

2,157

 

Gross profit

628

 

 

673

 

 

1,175

 

 

1,195

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

289

 

 

326

 

 

611

 

 

642

 

Impairment charge for other intangible assets

 

 

 

 

 

 

9

 

Operating profit

339

 

 

347

 

 

564

 

 

544

 

 

 

 

 

 

 

 

 

Other income (expense), net:

 

 

 

 

 

 

 

Interest expense

(35)

 

 

(41)

 

 

(70)

 

 

(80)

 

Other, net

(2)

 

 

(3)

 

 

(18)

 

 

(8)

 

 

(37)

 

 

(44)

 

 

(88)

 

 

(88)

 

Income from continuing operations before income taxes

302

 

 

303

 

 

476

 

 

456

 

 

 

 

 

 

 

 

 

Income tax expense

82

 

 

80

 

 

115

 

 

115

 

Income from continuing operations

220

 

 

223

 

 

361

 

 

341

 

 

 

 

 

 

 

 

 

Income from discontinued operations, net

14

 

 

29

 

 

411

 

 

38

 

Net income

234

 

 

252

 

 

772

 

 

379

 

 

 

 

 

 

 

 

 

Less: Net income attributable to noncontrolling interest

10

 

 

12

 

 

18

 

 

23

 

Net income attributable to Masco Corporation

$

224

 

 

$

240

 

 

$

754

 

 

$

356

 

 

 

 

 

 

 

 

 

Income per common share attributable to Masco Corporation (diluted):

 

 

 

 

 

 

 

Income from continuing operations

$

0.80

 

 

$

0.72

 

 

$

1.27

 

 

$

1.08

 

Income from discontinued operations, net

0.05

 

 

0.10

 

 

1.53

 

 

0.13

 

Net income

$

0.85

 

 

$

0.82

 

 

$

2.80

 

 

$

1.21

 

 

 

 

 

 

 

 

 

Average diluted common shares outstanding

263

 

 

290

 

 

268

 

 

292

 

 

 

 

 

 

 

 

 

Amounts attributable to Masco Corporation:

 

 

 

 

 

 

 

Income from continuing operations

$

210

 

 

$

211

 

 

$

343

 

 

$

318

 

Income from discontinued operations, net

14

 

 

29

 

 

411

 

 

38

 

Net income attributable to Masco Corporation

$

224

 

 

$

240

 

 

$

754

 

 

$

356

 

 

Historical information is available on our website.

MASCO CORPORATION

Exhibit A: Reconciliations - Unaudited

For the Three and Six Months Ended June 30, 2020 and 2019

(dollars in millions)

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2020

 

2019

 

2020

 

2019

Gross Profit, Selling, General and Administrative Expenses, and Operating Profit Reconciliations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

1,764

 

 

$

1,839

 

 

$

3,345

 

 

$

3,352

 

 

 

 

 

 

 

 

 

Gross profit, as reported

$

628

 

 

$

673

 

 

$

1,175

 

 

$

1,195

 

Rationalization charges

3

 

 

2

 

 

6

 

 

2

 

Gross profit, as adjusted

$

631

 

 

$

675

 

 

$

1,181

 

 

$

1,197

 

 

 

 

 

 

 

 

 

Gross margin, as reported

35.6

%

 

36.6

%

 

35.1

%

 

35.7

%

Gross margin, as adjusted

35.8

%

 

36.7

%

 

35.3

%

 

35.7

%

 

 

 

 

 

 

 

 

Selling, general and administrative expenses, as reported

$

289

 

 

$

326

 

 

$

611

 

 

$

642

 

Rationalization charges

2

 

 

 

 

2

 

 

 

Selling, general and administrative expenses, as adjusted

$

287

 

 

$

326

 

 

$

609

 

 

$

642

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses as percent of net sales, as reported

16.4

%

 

17.7

%

 

18.3

%

 

19.2

%

Selling, general and administrative expenses as percent of net sales, as adjusted

16.3

%

 

17.7

%

 

18.2

%

 

19.2

%

 

 

 

 

 

 

 

 

Operating profit, as reported

$

339

 

 

$

347

 

 

$

564

 

 

$

544

 

Rationalization charges

5

 

 

2

 

 

8

 

 

2

 

Impairment charge for other intangible assets

 

 

 

 

 

 

9

 

Operating profit, as adjusted

$

344

 

 

$

349

 

 

$

572

 

 

$

555

 

 

 

 

 

 

 

 

 

Operating margin, as reported

19.2

%

 

18.9

%

 

16.9

%

 

16.2

%

Operating margin, as adjusted

19.5

%

 

19.0

%

 

17.1

%

 

16.6

%

 

Historical information is available on our website.

MASCO CORPORATION

Exhibit A: Reconciliations - Unaudited

For the Three and Six Months Ended June 30, 2020 and 2019

 

(in millions, except per common share data)

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2020

 

2019

 

2020

 

2019

Income Per Common Share Reconciliations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before income taxes, as reported

$

302

 

 

$

303

 

 

$

476

 

 

$

456

 

Rationalization charges

5

 

 

2

 

 

8

 

 

2

 

Impairment charge for other intangible assets

 

 

 

 

 

 

9

 

Pension costs associated with expected terminated plans

5

 

 

 

 

11

 

 

 

Income from continuing operations before income taxes, as adjusted

312

 

 

305

 

 

495

 

 

467

 

Tax at 26% rate

(81)

 

 

(79)

 

 

(129)

 

 

(121)

 

Less: Net income attributable to noncontrolling interest

10

 

 

12

 

 

18

 

 

23

 

Income from continuing operations, as adjusted

$

221

 

 

$

214

 

 

$

348

 

 

$

323

 

 

 

 

 

 

 

 

 

Income from continuing operations per common share, as adjusted

$

0.84

 

 

$

0.74

 

 

$

1.30

 

 

$

1.11

 

 

 

 

 

 

 

 

 

Average diluted common shares outstanding

263

 

 

290

 

 

268

 

 

292

 

 

Historical information is available on our website.

MASCO CORPORATION

Condensed Consolidated Balance Sheets and Other Financial Data - Unaudited

June 30, 2020 and December 31, 2019

 

(dollars in millions)

 

June 30, 2020

 

December 31, 2019

Balance Sheet

 

 

 

Assets

 

 

 

Current Assets:

 

 

 

Cash and cash investments

$

1,089

 

 

$

697

 

Receivables

1,308

 

 

997

 

Prepaid expenses and other

78

 

 

90

 

Inventories

750

 

 

754

 

Assets held for sale

 

 

173

 

Total Current Assets

3,225

 

 

2,711

 

 

 

 

 

Property and equipment, net

861

 

 

878

 

Operating lease right-of-use assets

163

 

 

176

 

Goodwill

521

 

 

509

 

Other intangible assets, net

259

 

 

259

 

Other assets

273

 

 

139

 

Assets held for sale

 

 

355

 

Total Assets

$

5,302

 

 

$

5,027

 

 

 

 

 

Liabilities

 

 

 

Current Liabilities:

 

 

 

Accounts payable

$

845

 

 

$

697

 

Notes payable

407

 

 

2

 

Accrued liabilities

902

 

 

700

 

Liabilities held for sale

 

 

149

 

Total Current Liabilities

2,154

 

 

1,548

 

 

 

 

 

Long-term debt

2,372

 

 

2,771

 

Noncurrent operating lease liabilities

150

 

 

162

 

Other liabilities

589

 

 

589

 

Liabilities held for sale

 

 

13

 

Total Liabilities

5,265

 

 

5,083

 

 

 

 

 

Equity

37

 

 

(56)

 

Total Liabilities and Equity

$

5,302

 

 

$

5,027

 

 

As of June 30,

 

2020

 

2019

Other Financial Data

 

 

 

Working Capital Days

 

 

 

Receivable days

58

 

 

58

 

Inventory days

66

 

 

74

 

Payable days

74

 

 

70

 

Working capital

$

1,213

 

 

$

1,236

 

Working capital as a % of sales (LTM)

18.1

%

 

18.6

%

 

Historical information is available on our website.

MASCO CORPORATION

Condensed Consolidated Statements of Cash Flows and Other Financial Data - Unaudited

For the Six Months Ended June 30, 2020 and 2019

 

(dollars in millions)

 

Six Months Ended June 30,

 

2020

 

2019

Cash Flows From (For) Operating Activities:

 

 

 

Cash provided by operating activities

$

283

 

 

$

510

 

Working capital changes

7

 

 

(297)

 

Net cash from operating activities

290

 

 

213

 

 

 

 

 

Cash Flows From (For) Financing Activities:

 

 

 

Purchase of Company common stock

(602)

 

 

(289)

 

Cash dividends paid

(73)

 

 

(70)

 

Dividends paid to noncontrolling interest

(23)

 

 

(42)

 

Proceeds from the exercise of stock options

21

 

 

13

 

Employee withholding taxes paid on stock-based compensation

(22)

 

 

(16)

 

Increase in debt, net

5

 

 

20

 

Credit Agreement and other financing costs

 

 

(2)

 

Net cash for financing activities

(694)

 

 

(386)

 

 

 

 

 

Cash Flows From (For) Investing Activities:

 

 

 

Capital expenditures

(45)

 

 

(71)

 

Acquisition of business, net of cash acquired

(24)

 

 

 

Proceeds from disposition of businesses, net of cash disposed

865

 

 

 

Other, net

3

 

 

8

 

Net cash from (for) investing activities

799

 

 

(63)

 

 

 

 

 

Effect of exchange rate changes on cash and cash investments

(3)

 

 

2

 

 

 

 

 

Cash and Cash Investments:

 

 

 

Increase (decrease) for the period

392

 

 

(234)

 

At January 1

697

 

 

559

 

At June 30

$

1,089

 

 

$

325

 

 

As of June 30,

 

2020

 

2019

Liquidity

 

 

 

Cash and cash investments

$

1,089

 

 

$

325

 

Revolver availability

1,000

 

 

1,000

 

Total Liquidity

$

2,089

 

 

$

1,325

 

 

Historical information is available on our website.

MASCO CORPORATION

Segment Data - Unaudited

For the Three and Six Months Ended June 30, 2020 and 2019

 

(dollars in millions)

 

Three Months Ended June 30,

 

 

 

Six Months Ended June 30,

 

 

 

2020

 

2019

 

Change

 

2020

 

2019

 

Change

Plumbing Products

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

868

 

 

$

1,012

 

 

(14)

%

 

$

1,823

 

 

$

1,952

 

 

(7)

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit, as reported

$

155

 

 

$

198

 

 

 

 

$

312

 

 

$

351

 

 

 

Operating margin, as reported

17.9

%

 

19.6

%

 

 

 

17.1

%

 

18.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rationalization charges

3

 

 

2

 

 

 

 

5

 

 

2

 

 

 

Accelerated depreciation related to rationalization activity

1

 

 

 

 

 

 

1

 

 

 

 

 

Operating profit, as adjusted

159

 

 

200

 

 

 

 

318

 

 

353

 

 

 

Operating margin, as adjusted

18.3

%

 

19.8

%

 

 

 

17.4

%

 

18.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

20

 

 

20

 

 

 

 

40

 

 

39

 

 

 

EBITDA, as adjusted

$

179

 

 

$

220

 

 

 

 

$

358

 

 

$

392

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Decorative Architectural Products

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

896

 

 

$

827

 

 

8

%

 

$

1,522

 

 

$

1,400

 

 

9

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit, as reported

$

201

 

 

$

173

 

 

 

 

$

296

 

 

$

246

 

 

 

Operating margin, as reported

22.4

%

 

20.9

%

 

 

 

19.4

%

 

17.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rationalization charges

1

 

 

 

 

 

 

2

 

 

 

 

 

Impairment charge for other intangible assets

 

 

 

 

 

 

 

 

9

 

 

 

Operating profit, as adjusted

202

 

 

173

 

 

 

 

298

 

 

255

 

 

 

Operating margin, as adjusted

22.5

%

 

20.9

%

 

 

 

19.6

%

 

18.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

10

 

 

10

 

 

 

 

21

 

 

20

 

 

 

EBITDA, as adjusted

$

212

 

 

$

183

 

 

 

 

$

319

 

 

$

275

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

1,764

 

 

$

1,839

 

 

(4)

%

 

$

3,345

 

 

$

3,352

 

 

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit, as reported - segment

$

356

 

 

$

371

 

 

 

 

$

608

 

 

$

597

 

 

 

General corporate expense, net

(17)

 

 

(24)

 

 

 

 

(44)

 

 

(53)

 

 

 

Operating profit, as reported

339

 

 

347

 

 

 

 

564

 

 

544

 

 

 

Operating margin, as reported

19.2

%

 

18.9

%

 

 

 

16.9

%

 

16.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rationalization charges - segment

4

 

 

2

 

 

 

 

7

 

 

2

 

 

 

Accelerated depreciation related to rationalization activity - segment

1

 

 

 

 

 

 

1

 

 

 

 

 

Impairment charge for other intangible assets

 

 

 

 

 

 

 

 

9

 

 

 

Operating profit, as adjusted

344

 

 

349

 

 

 

 

572

 

 

555

 

 

 

Operating margin, as adjusted

19.5

%

 

19.0

%

 

 

 

17.1

%

 

16.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization - segment

30

 

 

30

 

 

 

 

61

 

 

59

 

 

 

Depreciation and amortization - non-operating

2

 

 

3

 

 

 

 

4

 

 

5

 

 

 

EBITDA, as adjusted

$

376

 

 

$

382

 

 

 

 

$

637

 

 

$

619

 

 

 

 

Historical information is available on our website.

MASCO CORPORATION

North American and International Data - Unaudited

For the Three and Six Months Ended June 30, 2020 and 2019

(dollars in millions)

 

Three Months Ended June 30,

 

 

 

Six Months Ended June 30,

 

 

 

2020

 

2019

 

Change

 

2020

 

2019

 

Change

North American

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

1,480

 

 

$

1,488

 

 

(1)

%

 

$

2,738

 

 

$

2,659

 

 

3

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit, as reported

$

321

 

 

$

316

 

 

 

 

$

531

 

 

$

497

 

 

 

Operating margin, as reported

21.7

%

 

21.2

%

 

 

 

19.4

%

 

18.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rationalization charges

4

 

 

2

 

 

 

 

7

 

 

2

 

 

 

Accelerated depreciation related to rationalization activity

1

 

 

 

 

 

 

1

 

 

 

 

 

Impairment charge for other intangible assets

 

 

 

 

 

 

 

 

9

 

 

 

Operating profit, as adjusted

326

 

 

318

 

 

 

 

539

 

 

508

 

 

 

Operating margin, as adjusted

22.0

%

 

21.4

%

 

 

 

19.7

%

 

19.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

19

 

 

20

 

 

 

 

39

 

 

40

 

 

 

EBITDA, as adjusted

$

345

 

 

$

338

 

 

 

 

$

578

 

 

$

548

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

284

 

 

$

351

 

 

(19)

%

 

$

607

 

 

$

693

 

 

(12)

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit, as reported

$

35

 

 

$

55

 

 

 

 

$

77

 

 

$

100

 

 

 

Operating margin, as reported

12.3

%

 

15.7

%

 

 

 

12.7

%

 

14.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

11

 

 

10

 

 

 

 

22

 

 

19

 

 

 

EBITDA

$

46

 

 

$

65

 

 

 

 

$

99

 

 

$

119

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

1,764

 

 

$

1,839

 

 

(4)

%

 

$

3,345

 

 

$

3,352

 

 

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit, as reported - segment

$

356

 

 

$

371

 

 

 

 

$

608

 

 

$

597

 

 

 

General corporate expense, net

(17)

 

 

(24)

 

 

 

 

(44)

 

 

(53)

 

 

 

Operating profit, as reported

339

 

 

347

 

 

 

 

564

 

 

544

 

 

 

Operating margin, as reported

19.2

%

 

18.9

%

 

 

 

16.9

%

 

16.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rationalization charges - segment

4

 

 

2

 

 

 

 

7

 

 

2

 

 

 

Accelerated depreciation related to rationalization activity

1

 

 

 

 

 

 

1

 

 

 

 

 

Impairment charge for other intangible assets

 

 

 

 

 

 

 

 

9

 

 

 

Operating profit, as adjusted

344

 

 

349

 

 

 

 

572

 

 

555

 

 

 

Operating margin, as adjusted

19.5

%

 

19.0

%

 

 

 

17.1

%

 

16.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization - segment

30

 

 

30

 

 

 

 

61

 

 

59

 

 

 

Depreciation and amortization - non-operating

2

 

 

3

 

 

 

 

4

 

 

5

 

 

 

EBITDA, as adjusted

$

376

 

 

$

382

 

 

 

 

$

637

 

 

$

619

 

 

 

 

Historical information is available on our website.

 

Investor Contact
David Chaika
Vice President, Treasurer and Investor Relations
313.792.5500
david_chaika@mascohq.com

Source: Masco Corporation

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