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Masco Corporation Reports Third Quarter 2020 Results

October 28, 2020

Key Results

  • Sales increased 16 percent to $2.0 billion; in local currency, sales increased 15 percent
  • Operating profit for the quarter increased 47 percent to $424 million; adjusted operating profit increased 43 percent to $425 million
  • Operating margin increased 460 basis points to 21.4 percent; adjusted operating margin increased 400 basis points to 21.4 percent
  • Earnings per share from continuing operations increased 88 percent to $1.05 per share; adjusted earnings per share from continuing operations increased 73 percent to $1.04 per share

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

“In the face of an uncertain and dynamic environment, we delivered an exceptional quarter while maintaining our top priority of employee safety,” said Masco President and CEO, Keith Allman. “I could not be prouder of our entire organization. These results demonstrate our ability to execute and the strength of our team. We leveraged strong demand and focused cost control to deliver profitable growth,” said Allman.

2020 Third Quarter Commentary

  • On a reported basis, compared to third quarter 2019:
    • Net sales increased 16 percent to $2.0 billion; in local currency, net sales increased 15 percent
    • In local currency, North American sales increased 16 percent and international sales increased 9 percent
    • Gross margins increased 230 basis points to 37.9 percent from 35.6 percent
    • Operating profit increased 47 percent to $424 million
    • Operating margins increased 460 basis points to 21.4 percent from 16.8 percent
    • Income from continuing operations increased to $1.05 per share, compared to $0.56 per share
  • Compared to third 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 increased 210 basis points to 38.0 percent compared to 35.9 percent
    • Operating profit increased 43 percent to $425 million from $298 million
    • Operating margins increased 400 basis points to 21.4 percent compared to 17.4 percent
    • Income from continuing operations increased to $1.04 per share, compared to $0.60 per share
  • Liquidity at the end of the third quarter was $2.3 billion, including full availability on $1.0 billion revolving credit facility
  • Plumbing Products’ net sales increased 13 percent (12 percent excluding the impact of foreign currency)
  • Decorative Architectural Products’ net sales increased 19 percent

“We expect strong demand for our products to continue in the fourth quarter,” said Allman. “Our lower ticket, repair and remodel-oriented products are well positioned to capitalize on consumers’ increased interest in enhancing their homes,” continued Allman. “Additionally, while there is continued uncertainty due to the COVID-19 pandemic, our demonstrated ability to execute and our strong liquidity position will enable us to resume our share repurchase program 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 third 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 Wednesday, October 28, 2020 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 8597764. 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 8597764. The telephone replay will be available approximately two hours after the end of the call and continue through November 28, 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 Nine Months Ended September 30, 2020 and 2019

 

(in millions, except per common share data)

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net sales

$

1,983

 

 

 

$

1,716

 

 

 

$

5,328

 

 

 

$

5,068

 

 

Cost of sales

1,231

 

 

 

1,105

 

 

 

3,401

 

 

 

3,262

 

 

Gross profit

752

 

 

 

611

 

 

 

1,927

 

 

 

1,806

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

328

 

 

 

322

 

 

 

939

 

 

 

964

 

 

Impairment charge for other intangible assets

 

 

 

 

 

 

 

 

 

9

 

 

Operating profit

424

 

 

 

289

 

 

 

988

 

 

 

833

 

 

 

 

 

 

 

 

 

 

Other income (expense), net:

 

 

 

 

 

 

 

Interest expense

(40

)

 

 

(39

)

 

 

(110

)

 

 

(119

)

 

Other, net

(4

)

 

 

(9

)

 

 

(22

)

 

 

(17

)

 

 

(44

)

 

 

(48

)

 

 

(132

)

 

 

(136

)

 

Income from continuing operations before income taxes

380

 

 

 

241

 

 

 

856

 

 

 

697

 

 

 

 

 

 

 

 

 

 

Income tax expense

87

 

 

 

66

 

 

 

202

 

 

 

181

 

 

Income from continuing operations

293

 

 

 

175

 

 

 

654

 

 

 

516

 

 

 

 

 

 

 

 

 

 

(Loss) income from discontinued operations, net

 

 

 

(37

)

 

 

411

 

 

 

1

 

 

Net income

293

 

 

 

138

 

 

 

1,065

 

 

 

517

 

 

 

 

 

 

 

 

 

 

Less: Net income attributable to noncontrolling interest

18

 

 

 

12

 

 

 

36

 

 

 

35

 

 

Net income attributable to Masco Corporation

$

275

 

 

 

$

126

 

 

 

$

1,029

 

 

 

$

482

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

Income from continuing operations

$

1.05

 

 

 

$

0.56

 

 

 

$

2.31

 

 

 

$

1.65

 

 

(Loss) income from discontinued operations, net

 

 

 

(0.12

)

 

 

1.54

 

 

 

 

 

Net income

$

1.05

 

 

 

$

0.44

 

 

 

$

3.85

 

 

 

$

1.65

 

 

 

 

 

 

 

 

 

 

Average diluted common shares outstanding

261

 

 

 

287

 

 

 

266

 

 

 

290

 

 

 

 

 

 

 

 

 

 

Amounts attributable to Masco Corporation:

 

 

 

 

 

 

 

Income from continuing operations

$

275

 

 

 

$

163

 

 

 

$

618

 

 

 

$

481

 

 

(Loss) income from discontinued operations, net

 

 

 

(37

)

 

 

411

 

 

 

1

 

 

Net income attributable to Masco Corporation

$

275

 

 

 

$

126

 

 

 

$

1,029

 

 

 

$

482

 

 

 

Historical information is available on our website.

MASCO CORPORATION

Exhibit A: Reconciliations - Unaudited

For the Three and Nine Months Ended September 30, 2020 and 2019

(dollars in millions)

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2020

 

2019

 

2020

 

2019

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

1,983

 

 

$

1,716

 

 

$

5,328

 

 

$

5,068

 

 

 

 

 

 

 

 

 

Gross profit, as reported

$

752

 

 

$

611

 

 

$

1,927

 

 

$

1,806

 

Rationalization charges

1

 

 

5

 

 

7

 

 

7

 

Gross profit, as adjusted

$

753

 

 

$

616

 

 

$

1,934

 

 

$

1,813

 

 

 

 

 

 

 

 

 

Gross margin, as reported

37.9

%

 

35.6

%

 

36.2

%

 

35.6

%

Gross margin, as adjusted

38.0

%

 

35.9

%

 

36.3

%

 

35.8

%

 

 

 

 

 

 

 

 

Selling, general and administrative expenses, as reported

$

328

 

 

$

322

 

 

$

939

 

 

$

964

 

Rationalization charges

 

 

4

 

 

2

 

 

4

 

Selling, general and administrative expenses, as adjusted

$

328

 

 

$

318

 

 

$

937

 

 

$

960

 

 

 

 

 

 

 

 

 

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

16.5

%

 

18.8

%

 

17.6

%

 

19.0

%

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

16.5

%

 

18.5

%

 

17.6

%

 

18.9

%

 

 

 

 

 

 

 

 

Operating profit, as reported

$

424

 

 

$

289

 

 

$

988

 

 

$

833

 

Rationalization charges

1

 

 

9

 

 

9

 

 

11

 

Impairment charge for other intangible assets

 

 

 

 

 

 

9

 

Operating profit, as adjusted

$

425

 

 

$

298

 

 

$

997

 

 

$

853

 

 

 

 

 

 

 

 

 

Operating margin, as reported

21.4

%

 

16.8

%

 

18.5

%

 

16.4

%

Operating margin, as adjusted

21.4

%

 

17.4

%

 

18.7

%

 

16.8

%

 

Historical information is available on our website.

MASCO CORPORATION

Exhibit A: Reconciliations - Unaudited

For the Three and Nine Months Ended September 30, 2020 and 2019

 

(in millions, except per common share data)

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Income Per Common Share Reconciliations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before income taxes, as reported

$

380

 

 

 

$

241

 

 

 

$

856

 

 

 

$

697

 

 

Rationalization charges

1

 

 

 

9

 

 

 

9

 

 

 

11

 

 

Impairment charge for other intangible assets

 

 

 

 

 

 

 

 

 

9

 

 

Pension costs associated with expected terminated plans

6

 

 

 

 

 

 

17

 

 

 

 

 

(Earnings) from equity investments, net

(1

)

 

 

(1

)

 

 

(1

)

 

 

(1

)

 

Loss on extinguishment of debt

6

 

 

 

 

 

 

6

 

 

 

 

 

Income from continuing operations before income taxes, as adjusted

392

 

 

 

249

 

 

 

887

 

 

 

716

 

 

Tax at 26% rate

(102

)

 

 

(65

)

 

 

(231

)

 

 

(186

)

 

Less: Net income attributable to noncontrolling interest

18

 

 

 

12

 

 

 

36

 

 

 

35

 

 

Income from continuing operations, as adjusted

$

272

 

 

 

$

172

 

 

 

$

620

 

 

 

$

495

 

 

 

 

 

 

 

 

 

 

Income from continuing operations per common share, as adjusted

$

1.04

 

 

 

$

0.60

 

 

 

$

2.33

 

 

 

$

1.71

 

 

 

 

 

 

 

 

 

 

Average diluted common shares outstanding

261

 

 

 

287

 

 

 

266

 

 

 

290

 

 

 

Historical information is available on our website.

MASCO CORPORATION

Condensed Consolidated Balance Sheets and Other Financial Data - Unaudited

September 30, 2020 and December 31, 2019

 

(dollars in millions)

 

September 30, 2020

 

December 31, 2019

Balance Sheet

 

 

 

Assets

 

 

 

Current Assets:

 

 

 

Cash and cash investments

$

1,326

 

 

$

697

 

 

Receivables

1,262

 

 

997

 

 

Prepaid expenses and other

88

 

 

90

 

 

Inventories

811

 

 

754

 

 

Assets held for sale

 

 

173

 

 

Total Current Assets

3,487

 

 

2,711

 

 

 

 

 

 

Property and equipment, net

878

 

 

878

 

 

Operating lease right-of-use assets

156

 

 

176

 

 

Goodwill

528

 

 

509

 

 

Other intangible assets, net

253

 

 

259

 

 

Other assets

273

 

 

139

 

 

Assets held for sale

 

 

355

 

 

Total Assets

$

5,575

 

 

$

5,027

 

 

 

 

 

 

Liabilities

 

 

 

Current Liabilities:

 

 

 

Accounts payable

$

933

 

 

$

697

 

 

Notes payable

5

 

 

2

 

 

Accrued liabilities

799

 

 

700

 

 

Liabilities held for sale

 

 

149

 

 

Total Current Liabilities

1,737

 

 

1,548

 

 

 

 

 

 

Long-term debt

2,787

 

 

2,771

 

 

Noncurrent operating lease liabilities

143

 

 

162

 

 

Other liabilities

567

 

 

589

 

 

Liabilities held for sale

 

 

13

 

 

Total Liabilities

5,234

 

 

5,083

 

 

 

 

 

 

Equity

341

 

 

(56

)

 

Total Liabilities and Equity

$

5,575

 

 

$

5,027

 

 

 

As of September 30,

 

2020

 

2019

Other Financial Data

 

 

 

Working Capital Days

 

 

 

Receivable days

55

 

 

55

 

Inventory days

70

 

 

72

 

Payable days

74

 

 

68

 

Working capital

$

1,140

 

 

$

1,146

 

Working capital as a % of sales (LTM)

16.4

%

 

17.1

%

 

Historical information is available on our website.

MASCO CORPORATION

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

For the Nine Months Ended September 30, 2020 and 2019

 

(dollars in millions)

 

Nine Months Ended September 30,

 

2020

 

 

2019

 

Cash Flows From (For) Operating Activities:

 

 

 

Cash provided by operating activities

$

590

 

 

 

$

754

 

 

Working capital changes

(17

)

 

 

(149

)

 

Net cash from operating activities

573

 

 

 

605

 

 

 

 

 

 

Cash Flows From (For) Financing Activities:

 

 

 

Retirement of notes

(400

)

 

 

 

 

Purchase of Company common stock

(602

)

 

 

(440

)

 

Cash dividends paid

(108

)

 

 

(105

)

 

Dividends paid to noncontrolling interest

(23

)

 

 

(42

)

 

Issuance of notes, net of issuance costs

415

 

 

 

 

 

Debt extinguishment costs

(5

)

 

 

 

 

Proceeds from the exercise of stock options

26

 

 

 

23

 

 

Employee withholding taxes paid on stock-based compensation

(25

)

 

 

(21

)

 

Increase (decrease) in debt, net

1

 

 

 

(3

)

 

Credit Agreement and other financing costs

 

 

 

(2

)

 

Net cash for financing activities

(721

)

 

 

(590

)

 

 

 

 

 

Cash Flows From (For) Investing Activities:

 

 

 

Capital expenditures

(72

)

 

 

(111

)

 

Acquisition of business, net of cash acquired

(24

)

 

 

 

 

Proceeds from disposition of businesses, net of cash disposed

868

 

 

 

2

 

 

Other, net

(2

)

 

 

5

 

 

Net cash from (for) investing activities

770

 

 

 

(104

)

 

 

 

 

 

Effect of exchange rate changes on cash and cash investments

7

 

 

 

10

 

 

 

 

 

 

Cash and Cash Investments:

 

 

 

Increase (decrease) for the period

629

 

 

 

(79

)

 

At January 1

697

 

 

 

559

 

 

At September 30

$

1,326

 

 

 

$

480

 

 

 

As of September 30,

 

2020

 

2019

Liquidity

 

 

 

Cash and cash investments

$

1,326

 

 

$

480

 

Revolver availability

1,000

 

 

1,000

 

Total Liquidity

$

2,326

 

 

$

1,480

 

 

Historical information is available on our website.

MASCO CORPORATION

Segment Data - Unaudited

For the Three and Nine Months Ended September 30, 2020 and 2019

 

(dollars in millions)

 

Three Months Ended September 30,

 

 

 

Nine Months Ended September 30,

 

 

 

2020

 

2019

 

Change

 

2020

 

2019

 

Change

Plumbing Products

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

1,141

 

 

$

1,006

 

 

13

%

 

$

2,964

 

 

$

2,958

 

 

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit, as reported

$

271

 

 

$

179

 

 

 

 

$

583

 

 

$

530

 

 

 

Operating margin, as reported

23.8

%

 

17.8

%

 

 

 

19.7

%

 

17.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rationalization charges

 

 

9

 

 

 

 

5

 

 

11

 

 

 

Accelerated depreciation related to rationalization activity

 

 

 

 

 

 

1

 

 

 

 

 

Operating profit, as adjusted

271

 

 

188

 

 

 

 

589

 

 

541

 

 

 

Operating margin, as adjusted

23.8

%

 

18.7

%

 

 

 

19.9

%

 

18.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

21

 

 

20

 

 

 

 

61

 

 

59

 

 

 

EBITDA, as adjusted

$

292

 

 

$

208

 

 

 

 

$

650

 

 

$

600

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Decorative Architectural Products

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

842

 

 

$

710

 

 

19

%

 

$

2,364

 

 

$

2,110

 

 

12

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit, as reported

$

179

 

 

$

134

 

 

 

 

$

475

 

 

$

380

 

 

 

Operating margin, as reported

21.3

%

 

18.9

%

 

 

 

20.1

%

 

18.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rationalization charges

1

 

 

 

 

 

 

3

 

 

 

 

 

Impairment charge for other intangible assets

 

 

 

 

 

 

 

 

9

 

 

 

Operating profit, as adjusted

180

 

 

134

 

 

 

 

478

 

 

389

 

 

 

Operating margin, as adjusted

21.4

%

 

18.9

%

 

 

 

20.2

%

 

18.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

10

 

 

11

 

 

 

 

31

 

 

31

 

 

 

EBITDA, as adjusted

$

190

 

 

$

145

 

 

 

 

$

509

 

 

$

420

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

1,983

 

 

$

1,716

 

 

16

%

 

$

5,328

 

 

$

5,068

 

 

5

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit, as reported - segment

$

450

 

 

$

313

 

 

 

 

$

1,058

 

 

$

910

 

 

 

General corporate expense, net

(26)

 

 

(24)

 

 

 

 

(70)

 

 

(77)

 

 

 

Operating profit, as reported

424

 

 

289

 

 

 

 

988

 

 

833

 

 

 

Operating margin, as reported

21.4

%

 

16.8

%

 

 

 

18.5

%

 

16.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rationalization charges - segment

1

 

 

9

 

 

 

 

8

 

 

11

 

 

 

Accelerated depreciation related to rationalization activity - segment

 

 

 

 

 

 

1

 

 

 

 

 

Impairment charge for other intangible assets

 

 

 

 

 

 

 

 

9

 

 

 

Operating profit, as adjusted

425

 

 

298

 

 

 

 

997

 

 

853

 

 

 

Operating margin, as adjusted

21.4

%

 

17.4

%

 

 

 

18.7

%

 

16.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization - segment

31

 

 

31

 

 

 

 

92

 

 

90

 

 

 

Depreciation and amortization - non-operating

2

 

 

2

 

 

 

 

6

 

 

7

 

 

 

EBITDA, as adjusted

$

458

 

 

$

331

 

 

 

 

$

1,095

 

 

$

950

 

 

 

 

Historical information is available on our website.

MASCO CORPORATION

North American and International Data - Unaudited

For the Three and Nine Months Ended September 30, 2020 and 2019

 

(dollars in millions)

 

Three Months Ended
September 30,

 

 

 

Nine Months Ended
September 30,

 

 

 

2020

 

2019

 

Change

 

2020

 

2019

 

Change

North American

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

1,599

 

 

$

1,374

 

 

16

%

 

$

4,337

 

 

$

4,033

 

 

8

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit, as reported

$

368

 

 

$

262

 

 

 

 

$

899

 

 

$

759

 

 

 

Operating margin, as reported

23.0

%

 

19.1

%

 

 

 

20.7

%

 

18.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rationalization charges

1

 

 

9

 

 

 

 

8

 

 

11

 

 

 

Accelerated depreciation related to rationalization activity

 

 

 

 

 

 

1

 

 

 

 

 

Impairment charge for other intangible assets

 

 

 

 

 

 

 

 

9

 

 

 

Operating profit, as adjusted

369

 

 

271

 

 

 

 

908

 

 

779

 

 

 

Operating margin, as adjusted

23.1

%

 

19.7

%

 

 

 

20.9

%

 

19.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

21

 

 

21

 

 

 

 

60

 

 

61

 

 

 

EBITDA, as adjusted

$

390

 

 

$

292

 

 

 

 

$

968

 

 

$

840

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

384

 

 

$

342

 

 

12

%

 

$

991

 

 

$

1,035

 

 

(4)

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit, as reported

$

82

 

 

$

51

 

 

 

 

$

159

 

 

$

151

 

 

 

Operating margin, as reported

21.4

%

 

14.9

%

 

 

 

16.0

%

 

14.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

10

 

 

10

 

 

 

 

32

 

 

29

 

 

 

EBITDA

$

92

 

 

$

61

 

 

 

 

$

191

 

 

$

180

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

1,983

 

 

$

1,716

 

 

16

%

 

$

5,328

 

 

$

5,068

 

 

5

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit, as reported - segment

$

450

 

 

$

313

 

 

 

 

$

1,058

 

 

$

910

 

 

 

General corporate expense, net

(26)

 

 

(24)

 

 

 

 

(70)

 

 

(77)

 

 

 

Operating profit, as reported

424

 

 

289

 

 

 

 

988

 

 

833

 

 

 

Operating margin, as reported

21.4

%

 

16.8

%

 

 

 

18.5

%

 

16.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rationalization charges - segment

1

 

 

9

 

 

 

 

8

 

 

11

 

 

 

Accelerated depreciation related to rationalization activity

 

 

 

 

 

 

1

 

 

 

 

 

Impairment charge for other intangible assets

 

 

 

 

 

 

 

 

9

 

 

 

Operating profit, as adjusted

425

 

 

298

 

 

 

 

997

 

 

853

 

 

 

Operating margin, as adjusted

21.4

%

 

17.4

%

 

 

 

18.7

%

 

16.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization - segment

31

 

 

31

 

 

 

 

92

 

 

90

 

 

 

Depreciation and amortization - non-operating

2

 

 

2

 

 

 

 

6

 

 

7

 

 

 

EBITDA, as adjusted

$

458

 

 

$

331

 

 

 

 

$

1,095

 

 

$

950

 

 

 

 

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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