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Masco Corporation Reports Second Quarter 2022 Results

July 28, 2022

Highlights

  • Sales increased 8 percent to $2,352 million; in local currency, sales increased 11 percent
  • Operating profit was $408 million and operating margin was 17.3 percent; adjusted operating profit was $414 million and adjusted operating margin was 17.6 percent
  • Earnings per share was $1.18; adjusted earnings per share matched prior year at $1.14
  • Repurchased 10.4 million shares for $550 million
  • Anticipate 2022 earnings per share in the range of $4.19 - $4.29 per share, and on an adjusted basis, in the range of $4.15 - $4.25 per share, narrowed from the previous range of $4.15 - $4.35 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 second quarter results.

2022 Second Quarter Results

  • On a reported basis, compared to second quarter 2021:
    • Net sales increased 8 percent to $2,352 million; in local currency and excluding acquisitions and divestitures, net sales increased 11 percent
    • North American sales increased 11 percent and international sales decreased 3 percent; in local currency, North American sales increased 11 percent and international sales increased 8 percent
    • Gross margin decreased 360 basis points to 32.7 percent from 36.3 percent
    • Operating profit decreased 7 percent to $408 million
    • Operating margin decreased 280 basis points to 17.3 percent from 20.1 percent
    • Net income (loss) increased to $1.18 per share, compared to $(0.14) per share
  • Compared to second quarter 2021, results for key financial measures, as adjusted for certain items (see Exhibit A) and with a normalized tax rate of 25 percent, were as follows:
    • Gross margin decreased 330 basis points to 33.0 percent compared to 36.3 percent
    • Operating profit decreased 5 percent to $414 million from $438 million
    • Operating margin decreased 250 basis points to 17.6 percent compared to 20.1 percent
    • Net income matched prior year at $1.14 per share
  • Liquidity as of June 30, 2022 was $1,440 million (including availability under our revolving credit facility)
  • Plumbing Products’ net sales increased 3 percent; in local currency and excluding acquisitions and divestitures, sales increased 8 percent
  • Decorative Architectural Products’ net sales increased 15 percent; in local currency, sales increased 16 percent

“In this challenging environment, I am proud of the results our team has achieved in the first half of 2022,” said Masco President and CEO, Keith Allman. “We delivered another strong quarter with sales growth of 8 percent and continued to execute our capital deployment strategy by returning $614 million to shareholders through dividends and share repurchases during the quarter.”

“As we enter the second half of the year, we expect growth to be more modest than the first half and largely driven by pricing actions,” continued Allman. “We continue to position ourselves for profitable growth while mitigating the impacts of the challenging supply chain environment. Given moderating demand and additional foreign currency headwinds, we are narrowing our previous guidance and now anticipate our adjusted earnings per share for 2022 to be in the range of $4.15 to $4.25 per share, a 14 percent increase compared to 2021 at the midpoint, from our previous expectation of $4.15 to $4.35 per share,” concluded Allman.

Dividend Declaration

Masco’s Board of Directors declared a quarterly dividend of $0.28 per share payable on August 29, 2022 to shareholders of record on August 12, 2022.

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 2022 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 28, 2022 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 (844) 200-6205 from the U.S., (833) 950-0062 from Canada, and (929) 526-1599 from all other locations. Please use the conference identification number 593826. Alternatively, you can pre-register for the call using this link: https://ige.netroadshow.com/registration/q4inc/11232/masco-corporation-2022-second-quarter-conference-call/

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 (866) 813-9403 from the U.S., (226) 828-7578 from Canada, and +44 204 525 0658 from all other locations. Please use the conference identification number 256946. The telephone replay will be available approximately two hours after the end of the call and continue through August 28, 2022.

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 and reputation and to develop innovative products, our ability to maintain our competitive position in our industries, our reliance on key customers, the duration of the ongoing COVID-19 pandemic, including its impact on domestic and international economic activity, consumer discretionary spending, our employees and our supply chain, the cost and availability of materials, our dependence on third-party 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 and may acquire, our ability to attract, develop and retain talented and diverse personnel, risks associated with our reliance on information systems and technology, and risks associated with cybersecurity vulnerabilities, threats and attacks. 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

North American and International Data - Unaudited

For the Three and Six Months Ended June 30, 2022 and 2021

(in millions, except per common share data)

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2022

 

2021

 

2022

 

2021

Net sales

$

2,352

 

 

$

2,179

 

 

$

4,553

 

 

$

4,149

 

Cost of sales

 

1,583

 

 

 

1,388

 

 

 

3,080

 

 

 

2,658

 

Gross profit

 

769

 

 

 

791

 

 

 

1,473

 

 

 

1,491

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

361

 

 

 

354

 

 

 

712

 

 

 

689

 

Operating profit

 

408

 

 

 

437

 

 

 

761

 

 

 

802

 

 

 

 

 

 

 

 

 

Other income (expense), net:

 

 

 

 

 

 

 

Interest expense

 

(28

)

 

 

(25

)

 

 

(53

)

 

 

(227

)

Other, net

 

17

 

 

 

(415

)

 

 

16

 

 

 

(421

)

 

 

(11

)

 

 

(440

)

 

 

(37

)

 

 

(648

)

Income (loss) before income taxes

 

397

 

 

 

(3

)

 

 

724

 

 

 

154

 

 

 

 

 

 

 

 

 

Income tax expense

 

103

 

 

 

12

 

 

 

178

 

 

 

55

 

Net income (loss)

 

294

 

 

 

(15

)

 

 

546

 

 

 

99

 

 

 

 

 

 

 

 

 

Less: Net income attributable to noncontrolling interest

 

16

 

 

 

21

 

 

 

35

 

 

 

41

 

Net income (loss) attributable to Masco Corporation

$

278

 

 

$

(36

)

 

$

511

 

 

$

58

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

Net income (loss)

$

1.18

 

 

$

(0.14

)

 

$

2.15

 

 

$

0.20

 

 

 

 

 

 

 

 

 

Average diluted common shares outstanding

 

233

 

 

 

252

 

 

 

237

 

 

 

256

 

 

Historical information is available on our website.

MASCO CORPORATION

Exhibit A: Reconciliations - Unaudited

For the Three and Six Months Ended June 30, 2022 and 2021

(dollars in millions)

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2022

 

2021

 

2022

 

2021

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

2,352

 

 

$

2,179

 

 

$

4,553

 

 

$

4,149

 

 

 

 

 

 

 

 

 

Gross profit, as reported

$

769

 

 

$

791

 

 

$

1,473

 

 

$

1,491

 

Rationalization charges

 

6

 

 

 

1

 

 

 

9

 

 

 

2

 

Gross profit, as adjusted

$

775

 

 

$

792

 

 

$

1,482

 

 

$

1,493

 

 

 

 

 

 

 

 

 

Gross margin, as reported

 

32.7

%

 

 

36.3

%

 

 

32.4

%

 

 

35.9

%

Gross margin, as adjusted

 

33.0

%

 

 

36.3

%

 

 

32.5

%

 

 

36.0

%

 

 

 

 

 

 

 

 

Selling, general and administrative expenses, as reported

$

361

 

 

$

354

 

 

$

712

 

 

$

689

 

 

 

 

 

 

 

 

 

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

 

15.3

%

 

 

16.2

%

 

 

15.6

%

 

 

16.6

%

 

 

 

 

 

 

 

 

Operating profit, as reported

$

408

 

 

$

437

 

 

$

761

 

 

$

802

 

Rationalization charges

 

6

 

 

 

1

 

 

 

9

 

 

 

2

 

Operating profit, as adjusted

$

414

 

 

$

438

 

 

$

770

 

 

$

804

 

 

 

 

 

 

 

 

 

Operating margin, as reported

 

17.3

%

 

 

20.1

%

 

 

16.7

%

 

 

19.3

%

Operating margin, as adjusted

 

17.6

%

 

 

20.1

%

 

 

16.9

%

 

 

19.4

%

 

Historical information is available on our website.

MASCO CORPORATION

Exhibit A: Reconciliations - Unaudited

For the Three and Six Months Ended June 30, 2022 and 2021

(in millions, except per common share data)

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2022

 

2021

 

2022

 

2021

Income Per Common Share Reconciliations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes, as reported

$

397

 

 

$

(3

)

 

$

724

 

 

$

154

 

Rationalization charges

 

6

 

 

 

1

 

 

 

9

 

 

 

2

 

Pension costs associated with terminated plans

 

 

 

 

413

 

 

 

 

 

 

422

 

(Earnings) from equity investments, net

 

 

 

 

 

 

 

 

 

 

(2

)

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

 

 

168

 

Fair value adjustment to contingent earnout obligation (1)

 

(28

)

 

 

 

 

 

(24

)

 

 

 

Loss (gain) on sale of business (2)

 

 

 

 

18

 

 

 

(2

)

 

 

18

 

(Gain) on preferred stock redemption

 

 

 

 

(14

)

 

 

 

 

 

(14

)

Income before income taxes, as adjusted

 

375

 

 

 

415

 

 

 

707

 

 

 

748

 

Tax at 25% rate

 

(94

)

 

 

(104

)

 

 

(177

)

 

 

(187

)

Less: Net income attributable to noncontrolling interest

 

16

 

 

 

21

 

 

 

35

 

 

 

41

 

Net income, as adjusted

$

265

 

 

$

290

 

 

$

495

 

 

$

520

 

 

 

 

 

 

 

 

 

Net income per common share, as adjusted

$

1.14

 

 

$

1.14

 

 

$

2.09

 

 

$

2.03

 

 

 

 

 

 

 

 

 

Average diluted common shares outstanding, as reported

 

233

 

 

 

252

 

 

 

237

 

 

 

256

 

Stock option dilution (3)

 

 

 

 

2

 

 

 

 

 

 

 

Average diluted common shares outstanding, as adjusted

 

233

 

 

 

254

 

 

 

237

 

 

 

256

 

(1)

Represents income from the revaluation of contingent consideration related to a prior acquisition.

(2)

Represents a loss related to the divestiture of Hüppe GmbH (“Hüppe”) for the three and six months ended June 30, 2021. Represents a pre-tax post-closing gain related to the finalization of working capital items related to the divestiture of Hüppe for the six months ended June 30, 2022.

(3)

For the three months ended June 30, 2021, 2 million of stock option dilution was included in the average diluted common shares outstanding, as adjusted to reflect what the average diluted common shares outstanding would have been if there was net income, as reported.

Outlook for the Twelve Months Ended December 31, 2022

 

Twelve Months Ended December 31, 2022

 

Low End

 

High End

Income Per Common Share Outlook

 

 

 

 

 

 

 

Net income per common share

$

4.19

 

 

$

4.29

 

Rationalization charges

 

0.03

 

 

 

0.03

 

Fair value adjustment to contingent earnout obligation (1)

 

(0.08

)

 

 

(0.08

)

(Gain) on sale of business (2)

 

(0.01

)

 

 

(0.01

)

Allocation to participating securities per share (3)

 

0.02

 

 

 

0.02

 

Net income per common share, as adjusted

$

4.15

 

 

$

4.25

 

(1)

Represents income from the revaluation of contingent consideration related to a prior acquisition.

(2)

Represents a pre-tax post-closing gain related to the finalization of working capital items related to the divestiture of Hüppe.

(3)

Represents the impact of distributed dividends and undistributed earnings to unvested restricted stock awards as well as an allocation to redeemable noncontrolling interest in accordance with the two-class method of calculating earnings per share.

Historical information is available on our website.

MASCO CORPORATION

Condensed Consolidated Balance Sheets and Other Financial Data - Unaudited

June 30, 2022 and December 31, 2021

(dollars in millions)

 

June 30, 2022

 

December 31, 2021

Balance Sheet

 

 

 

Assets

 

 

 

Current Assets:

 

 

 

Cash and cash investments

$

440

 

 

$

926

 

Receivables

 

1,434

 

 

 

1,171

 

Prepaid expenses and other

 

131

 

 

 

109

 

Inventories

 

1,354

 

 

 

1,216

 

Total Current Assets

 

3,359

 

 

 

3,422

 

 

 

 

 

Property and equipment, net

 

884

 

 

 

896

 

Goodwill

 

554

 

 

 

568

 

Other intangible assets, net

 

369

 

 

 

388

 

Operating lease right-of-use assets

 

198

 

 

 

187

 

Other assets

 

103

 

 

 

114

 

Total Assets

$

5,467

 

 

$

5,575

 

 

 

 

 

Liabilities

 

 

 

Current Liabilities:

 

 

 

Accounts payable

$

1,128

 

 

$

1,045

 

Notes payable

 

508

 

 

 

10

 

Accrued liabilities

 

831

 

 

 

884

 

Total Current Liabilities

 

2,467

 

 

 

1,939

 

 

 

 

 

Long-term debt

 

2,946

 

 

 

2,949

 

Noncurrent operating lease liabilities

 

185

 

 

 

172

 

Other liabilities

 

410

 

 

 

437

 

Total Liabilities

 

6,008

 

 

 

5,497

 

 

 

 

 

Redeemable noncontrolling interest

 

22

 

 

 

22

 

 

 

 

 

Equity

 

(563

)

 

 

56

 

Total Liabilities and Equity

$

5,467

 

 

$

5,575

 

 

 

 

 

 

 

 

Other Financial Data

Working Capital Days

Receivable days

 

52

 

 

 

53

 

Inventory days

 

88

 

 

 

77

 

Payable days

 

67

 

 

 

69

 

Working capital

$

1,660

 

 

$

1,352

 

Working capital as a % of sales (LTM)

 

18.9

%

 

 

16.9

%

 

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, 2022 and 2021

(dollars in millions)

 

Six Months Ended June 30,

 

2022

 

2021

Cash Flows From (For) Operating Activities:

 

 

 

Cash provided by operating activities

$

662

 

 

$

610

 

Working capital changes

 

(488

)

 

 

(371

)

Net cash from operating activities

 

174

 

 

 

239

 

 

 

 

 

Cash Flows From (For) Financing Activities:

 

 

 

Retirement of notes

 

 

 

 

(1,326

)

Purchase of Company common stock

 

(914

)

 

 

(750

)

Cash dividends paid

 

(131

)

 

 

(96

)

Dividends paid to noncontrolling interest

 

 

 

 

(43

)

Issuance of notes, net of issuance costs

 

 

 

 

1,481

 

Proceeds from term loan

 

500

 

 

 

 

Debt extinguishment costs

 

 

 

 

(160

)

Proceeds from the exercise of stock options

 

1

 

 

 

1

 

Employee withholding taxes paid on stock-based compensation

 

(17

)

 

 

(14

)

Decrease in debt, net

 

(7

)

 

 

(2

)

Net cash for financing activities

 

(568

)

 

 

(909

)

 

 

 

 

Cash Flows From (For) Investing Activities:

 

 

 

Capital expenditures

 

(70

)

 

 

(53

)

Acquisition of businesses, net of cash acquired

 

 

 

 

(1

)

Proceeds from disposition of businesses, net of cash disposed

 

 

 

 

5

 

Proceeds from disposition of other financial investments

 

1

 

 

 

168

 

Other, net

 

(5

)

 

 

3

 

Net cash (for) from investing activities

 

(74

)

 

 

122

 

 

 

 

 

Effect of exchange rate changes on cash and cash investments

 

(18

)

 

 

(9

)

 

 

 

 

Cash and Cash Investments:

 

 

 

Decrease for the period

 

(486

)

 

 

(557

)

At January 1

 

926

 

 

 

1,326

 

At June 30

$

440

 

 

$

769

 

 

 

As of June 30,

 

2022

 

2021

Liquidity

 

 

 

Cash and cash investments

$

440

 

 

$

769

 

Revolver availability

 

1,000

 

 

 

1,000

 

Total Liquidity

$

1,440

 

 

$

1,769

 

 

Historical information is available on our website.

MASCO CORPORATION

Segment Data - Unaudited

For the Three and Six Months Ended June 30, 2022 and 2021

(dollars in millions)

 

Three Months Ended June 30,

 

 

 

Six Months Ended June 30,

 

 

 

2022

 

2021

 

Change

 

2022

 

2021

 

Change

Plumbing Products

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

1,373

 

 

$

1,329

 

 

3

%

 

$

2,732

 

 

$

2,578

 

 

6

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit, as reported

$

238

 

 

$

273

 

 

 

 

$

466

 

 

$

525

 

 

 

Operating margin, as reported

 

17.3

%

 

 

20.5

%

 

 

 

 

17.1

%

 

 

20.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rationalization charges

 

 

 

 

1

 

 

 

 

 

 

 

 

2

 

 

 

Operating profit, as adjusted

 

238

 

 

 

274

 

 

 

 

 

466

 

 

 

527

 

 

 

Operating margin, as adjusted

 

17.3

%

 

 

20.6

%

 

 

 

 

17.1

%

 

 

20.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

25

 

 

 

24

 

 

 

 

 

49

 

 

 

50

 

 

 

EBITDA, as adjusted

$

263

 

 

$

298

 

 

 

 

$

515

 

 

$

577

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Decorative Architectural Products

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

979

 

 

$

850

 

 

15

%

 

$

1,821

 

 

$

1,571

 

 

16

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit, as reported

$

192

 

 

$

188

 

 

 

 

$

347

 

 

$

330

 

 

 

Operating margin, as reported

 

19.6

%

 

 

22.1

%

 

 

 

 

19.1

%

 

 

21.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rationalization charges

 

6

 

 

 

 

 

 

 

 

8

 

 

 

 

 

 

Accelerated depreciation related to rationalization activity - segment

 

 

 

 

 

 

 

 

 

1

 

 

 

 

 

 

Operating profit, as adjusted

 

198

 

 

 

188

 

 

 

 

 

356

 

 

 

330

 

 

 

Operating margin, as adjusted

 

20.2

%

 

 

22.1

%

 

 

 

 

19.5

%

 

 

21.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

9

 

 

 

9

 

 

 

 

 

17

 

 

 

19

 

 

 

EBITDA, as adjusted

$

207

 

 

$

197

 

 

 

 

$

373

 

 

$

349

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

2,352

 

 

$

2,179

 

 

8

%

 

$

4,553

 

 

$

4,149

 

 

10

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit, as reported - segment

$

430

 

 

$

461

 

 

 

 

$

813

 

 

$

855

 

 

 

General corporate expense, net

 

(22

)

 

 

(24

)

 

 

 

 

(52

)

 

 

(53

)

 

 

Operating profit, as reported

 

408

 

 

 

437

 

 

 

 

 

761

 

 

 

802

 

 

 

Operating margin, as reported

 

17.3

%

 

 

20.1

%

 

 

 

 

16.7

%

 

 

19.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rationalization charges - segment

 

6

 

 

 

1

 

 

 

 

 

8

 

 

 

2

 

 

 

Accelerated depreciation related to rationalization activity - segment

 

 

 

 

 

 

 

 

 

1

 

 

 

 

 

 

Operating profit, as adjusted

 

414

 

 

 

438

 

 

 

 

 

770

 

 

 

804

 

 

 

Operating margin, as adjusted

 

17.6

%

 

 

20.1

%

 

 

 

 

16.9

%

 

 

19.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization -

segment

 

34

 

 

 

33

 

 

 

 

 

66

 

 

 

69

 

 

 

Depreciation and amortization - other

 

2

 

 

 

2

 

 

 

 

 

4

 

 

 

9

 

 

 

EBITDA, as adjusted

$

450

 

 

$

473

 

 

 

 

$

840

 

 

$

882

 

 

 

 

Historical information is available on our website.

MASCO CORPORATION

North American and International Data - Unaudited

For the Three and Six Months Ended June 30, 2022 and 2021

(dollars in millions)

 

Three Months Ended June 30,

 

 

 

Six Months Ended June 30,

 

 

 

2022

 

2021

 

Change

 

2022

 

2021

 

Change

North American

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

1,905

 

 

$

1,717

 

 

11

%

 

$

3,639

 

 

$

3,246

 

 

12

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit, as reported

$

356

 

 

$

370

 

 

 

 

$

656

 

 

$

678

 

 

 

Operating margin, as reported

 

18.7

%

 

 

21.5

%

 

 

 

 

18.0

%

 

 

20.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rationalization charges

 

6

 

 

 

1

 

 

 

 

 

8

 

 

 

2

 

 

 

Accelerated depreciation related to rationalization activity

 

 

 

 

 

 

 

 

 

1

 

 

 

 

 

 

Operating profit, as adjusted

 

362

 

 

 

371

 

 

 

 

 

665

 

 

 

680

 

 

 

Operating margin, as adjusted

 

19.0

%

 

 

21.6

%

 

 

 

 

18.3

%

 

 

20.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

23

 

 

 

21

 

 

 

 

 

43

 

 

 

44

 

 

 

EBITDA, as adjusted

$

385

 

 

$

392

 

 

 

 

$

708

 

 

$

724

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

447

 

 

$

462

 

 

(3

)%

 

$

914

 

 

$

903

 

 

1

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit, as reported

$

74

 

 

$

91

 

 

 

 

$

157

 

 

$

177

 

 

 

Operating margin, as reported

 

16.6

%

 

 

19.7

%

 

 

 

 

17.2

%

 

 

19.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

11

 

 

 

12

 

 

 

 

 

23

 

 

 

25

 

 

 

EBITDA

$

85

 

 

$

103

 

 

 

 

$

180

 

 

$

202

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

2,352

 

 

$

2,179

 

 

8

%

 

$

4,553

 

 

$

4,149

 

 

10

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit, as reported - segment

$

430

 

 

$

461

 

 

 

 

$

813

 

 

$

855

 

 

 

General corporate expense, net

 

(22

)

 

 

(24

)

 

 

 

 

(52

)

 

 

(53

)

 

 

Operating profit, as reported

 

408

 

 

 

437

 

 

 

 

 

761

 

 

 

802

 

 

 

Operating margin, as reported

 

17.3

%

 

 

20.1

%

 

 

 

 

16.7

%

 

 

19.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rationalization charges - segment

 

6

 

 

 

1

 

 

 

 

 

8

 

 

 

2

 

 

 

Accelerated depreciation related to rationalization activity - segment

 

 

 

 

 

 

 

 

 

1

 

 

 

 

 

 

Operating profit, as adjusted

 

414

 

 

 

438

 

 

 

 

 

770

 

 

 

804

 

 

 

Operating margin, as adjusted

 

17.6

%

 

 

20.1

%

 

 

 

 

16.9

%

 

 

19.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization –

segment

 

34

 

 

 

33

 

 

 

 

 

66

 

 

 

69

 

 

 

Depreciation and amortization - other

 

2

 

 

 

2

 

 

 

 

 

4

 

 

 

9

 

 

 

EBITDA, as adjusted

$

450

 

 

$

473

 

 

 

 

$

840

 

 

$

882

 

 

 

 

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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