News Details

Masco Corporation Reports Second Quarter 2023 Results

July 27, 2023

Highlights

  • Operating profit was $403 million; adjusted operating profit was $404 million
  • Operating profit margin was 18.9 percent; adjusted operating profit margin expanded 140 basis points to 19.0 percent
  • Earnings per share was $1.16 per share; adjusted earnings per share grew 3 percent to $1.19 per share
  • Entered into an agreement to acquire Sauna360 Group Oy, a strategic bolt-on that expands the Company’s spa and wellness product offerings
  • Raising expected 2023 earnings per share to be in the range of $3.48 – $3.63 per share, and on an adjusted basis, $3.50 – $3.65 per share

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

2023 Second Quarter Results

  • On a reported basis, compared to second quarter 2022:
    • Net sales decreased 10 percent to $2,127 million; in local currency, net sales decreased 9 percent
    • In local currency, North American sales decreased 10 percent and international sales decreased 8 percent
    • Gross margin increased 350 basis points to 36.2 percent from 32.7 percent
    • Operating profit decreased 1 percent to $403 million from $408 million
    • Operating margin increased 160 basis points to 18.9 percent from 17.3 percent
    • Net income decreased to $1.16 per share, compared to $1.18 per share
  • Compared to second quarter 2022, results for key financial measures, as adjusted for certain items (see Exhibit A) and with a normalized tax rate of 24 percent, were as follows:
    • Gross margin increased 320 basis points to 36.2 percent from 33.0 percent
    • Operating profit decreased 2 percent to $404 million from $414 million
    • Operating margin increased 140 basis points to 19.0 percent from 17.6 percent
    • Net income increased 3 percent to $1.19 per share, compared to $1.15 per share
  • Liquidity at the end of the second quarter was $1,380 million (including availability under revolving credit facility)
  • Plumbing Products’ net sales decreased 11 percent; in local currency, net sales decreased 10 percent
  • Decorative Architectural Products’ net sales decreased 8 percent

“In the first half of the year, we demonstrated our ability to mitigate the impacts of a lower demand environment with a focus on productivity and shareholder returns,” said Masco President and CEO, Keith Allman. “In the second quarter, our pricing actions and improved operational efficiency helped drive adjusted operating profit margin expansion of 140 basis points. At the same time, we continued to execute on our balanced capital deployment strategy and returned $89 million to shareholders through dividends and share repurchases in the quarter, while announcing a strategic bolt-on with the anticipated addition of Sauna360 Group Oy to expand our spa and wellness product offerings.”

Allman continued, “As a result of our strong execution during the first half of the year, we now anticipate adjusted earnings per share in the range of $3.50 to $3.65 per share for 2023, up from our previous expectation of $3.10 to $3.40 per share. While the near-term demand environment remains challenging, the long-term fundamentals of our repair and remodel markets continue to be strong. We remain focused on investing in our brands and capabilities and maintaining strong execution. Given Masco’s strong free cash flow and disciplined capital deployment, we are well positioned to drive shareholder value creation for the long-term,” concluded Allman.

Agreement to Acquire Sauna360 Group Oy

Masco has entered into an agreement to acquire Sauna360 Group Oy, a leading global manufacturer of sauna solutions. Sauna360 Group Oy complements the Company’s spa business and will expand its wellness product offerings with the addition of the Tylö®, Helo®, Kastor®, Finnleo® and Amerec® brands. The transaction is expected to close in the third quarter, subject to regulatory approval.

Dividend Declaration

Masco’s Board of Directors declared a quarterly dividend of $0.285 per share, payable on August 28, 2023 to shareholders of record on August 11, 2023.

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 2023 second 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 Thursday, July 27, 2023 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 888-886-7786 and from outside the U.S. at 416-764-8658. Please use the conference identification number 14959971.

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 877-674-7070 and from outside the U.S. at 416-764-8692. Please use the playback passcode 959971#. The telephone replay will be available approximately two hours after the end of the call and continue through August 27, 2023.

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 to develop innovative products, our ability to maintain our public reputation, our ability to maintain our competitive position in our industries, our reliance on key customers, the cost and availability of materials, our dependence on suppliers and service providers, extreme weather events and changes in climate, risks associated with our international operations and global strategies, our ability to achieve the anticipated benefits of our strategic initiatives, our ability to successfully execute our acquisition strategy and integrate businesses that we have acquired and may in the future acquire, our ability to attract, develop and retain a talented and diverse workforce, risks associated with cybersecurity vulnerabilities, threats and attacks, risks associated with our reliance on information systems and technology and the impact of the ongoing COVID-19 pandemic on our business and operations. These and other factors are discussed in detail in Item 1A. "Risk Factors" in our most recent Annual Report on Form 10-K, as well as in our Quarterly Reports on Form 10-Q and in other filings we make with the Securities and Exchange Commission. Any forward-looking statement made by us speaks only as of the date on which it was made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. Unless required by law, we undertake no obligation to update publicly any forward-looking statements as a result of new information, future events or otherwise.

MASCO CORPORATION

Condensed Consolidated Statements of Operations - Unaudited

For the Three and Six Months Ended June 30, 2023 and 2022

 

(in millions, except per common share data)

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2023

 

2022

 

2023

 

2022

Net sales

$

2,127

 

 

$

2,352

 

 

$

4,106

 

 

$

4,553

 

Cost of sales

 

1,358

 

 

 

1,583

 

 

 

2,668

 

 

 

3,080

 

Gross profit

 

769

 

 

 

769

 

 

 

1,438

 

 

 

1,473

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

366

 

 

 

361

 

 

 

720

 

 

 

712

 

Operating profit

 

403

 

 

 

408

 

 

 

718

 

 

 

761

 

 

 

 

 

 

 

 

 

Other income (expense), net:

 

 

 

 

 

 

 

Interest expense

 

(28

)

 

 

(28

)

 

 

(56

)

 

 

(53

)

Other, net

 

(1

)

 

 

17

 

 

 

(3

)

 

 

16

 

 

 

(29

)

 

 

(11

)

 

 

(59

)

 

 

(37

)

Income before income taxes

 

374

 

 

 

397

 

 

 

659

 

 

 

724

 

 

 

 

 

 

 

 

 

Income tax expense

 

96

 

 

 

103

 

 

 

160

 

 

 

178

 

Net income

 

278

 

 

 

294

 

 

 

499

 

 

 

546

 

 

 

 

 

 

 

 

 

Less: Net income attributable to noncontrolling interest

 

15

 

 

 

16

 

 

 

31

 

 

 

35

 

Net income attributable to Masco Corporation

$

263

 

 

$

278

 

 

$

468

 

 

$

511

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

Net income

$

1.16

 

 

$

1.18

 

 

$

2.07

 

 

$

2.15

 

 

 

 

 

 

 

 

 

Average diluted common shares outstanding

 

226

 

 

 

233

 

 

 

226

 

 

 

237

 
















 

Historical information is available on our website.

MASCO CORPORATION

Exhibit A: Reconciliations - Unaudited

For the Three and Six Months Ended June 30, 2023 and 2022

 


(dollars in millions)

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2023

 

2022

 

2023

 

2022

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

2,127

 

 

$

2,352

 

 

$

4,106

 

 

$

4,553

 

 

 

 

 

 

 

 

 

Gross profit, as reported

$

769

 

 

$

769

 

 

$

1,438

 

 

$

1,473

 

Rationalization charges (income) (1)

 

1

 

 

 

6

 

 

 

(3

)

 

 

9

 

Gross profit, as adjusted

$

770

 

 

$

775

 

 

$

1,435

 

 

$

1,482

 

 

 

 

 

 

 

 

 

Gross margin, as reported

 

36.2

%

 

 

32.7

%

 

 

35.0

%

 

 

32.4

%

Gross margin, as adjusted

 

36.2

%

 

 

33.0

%

 

 

34.9

%

 

 

32.5

%

 

 

 

 

 

 

 

 

Selling, general and administrative expenses, as reported

$

366

 

 

$

361

 

 

$

720

 

 

$

712

 

Rationalization charges

 

 

 

 

 

 

 

1

 

 

 

 

Selling, general and administrative expenses, as adjusted

$

366

 

 

$

361

 

 

$

719

 

 

$

712

 

 

 

 

 

 

 

 

 

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

 

17.2

%

 

 

15.3

%

 

 

17.5

%

 

 

15.6

%

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

 

17.2

%

 

 

15.3

%

 

 

17.5

%

 

 

15.6

%

 

 

 

 

 

 

 

 

Operating profit, as reported

$

403

 

 

$

408

 

 

$

718

 

 

$

761

 

Rationalization charges (income) (1)

 

1

 

 

 

6

 

 

 

(2

)

 

 

9

 

Operating profit, as adjusted

$

404

 

 

$

414

 

 

$

716

 

 

$

770

 

 

 

 

 

 

 

 

 

Operating margin, as reported

 

18.9

%

 

 

17.3

%

 

 

17.5

%

 

 

16.7

%

Operating margin, as adjusted

 

19.0

%

 

 

17.6

%

 

 

17.4

%

 

 

16.9

%

(1)


Represents income for the six months ended June 30, 2023 due to the sale of excess and obsolete inventory that was related to a rationalization activity, partially offset by rationalization charges.



 

Historical information is available on our website.

MASCO CORPORATION

Exhibit A: Reconciliations - Unaudited

For the Three and Six Months Ended June 30, 2023 and 2022

 

(in millions, except per common share data)

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2023

 

2022

 

2023

 

2022

Income Per Common Share Reconciliations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes, as reported

$

374

 

 

$

397

 

 

$

659

 

 

$

724

 

Rationalization charges (income) (1)

 

1

 

 

 

6

 

 

 

(2

)

 

 

9

 

Fair value adjustment to contingent earnout obligation (2)

 

 

 

 

(28

)

 

 

 

 

 

(24

)

(Gain) on sale of business (3)

 

 

 

 

 

 

 

 

 

 

(2

)

Realized (gains) from private equity funds

 

 

 

 

 

 

 

(1

)

 

 

 

Income before income taxes, as adjusted

 

375

 

 

 

375

 

 

 

656

 

 

 

707

 

Tax at 24% rate

 

(90

)

 

 

(90

)

 

 

(157

)

 

 

(170

)

Less: Net income attributable to noncontrolling interest

 

15

 

 

 

16

 

 

 

31

 

 

 

35

 

Net income, as adjusted

$

270

 

 

$

269

 

 

$

468

 

 

$

502

 

 

 

 

 

 

 

 

 

Net income per common share, as adjusted

$

1.19

 

 

$

1.15

 

 

$

2.07

 

 

$

2.12

 

 

 

 

 

 

 

 

 

Average diluted common shares outstanding

 

226

 

 

 

233

 

 

 

226

 

 

 

237

 

(1)


Represents income for the six months ended June 30, 2023 due to the sale of excess and obsolete inventory that was related to a rationalization activity, partially offset by rationalization charges.

(2)


Represents income for the three and six months ended June 30, 2022 from the revaluation of contingent consideration related to a prior acquisition.

(3)


Represents a pre-tax post-closing gain related to the finalization of working capital items related to the divestiture of Hüppe GmbH for the six months ended June 30, 2022.

Outlook for the Year Ended December 31, 2023

 

 

 

Year Ended December 31, 2023

 

Low End

 

High End

Income Per Common Share Reconciliation

 

 

 

 

 

 

 

Net income per common share

$

3.48

 

$

3.63

Rationalization charges

 

0.02

 

 

0.02

Net income per common share, as adjusted

$

3.50

 

$

3.65






 

Historical information is available on our website.

MASCO CORPORATION

Condensed Consolidated Balance Sheets and Other Financial Data - Unaudited

June 30, 2023 and December 31, 2022

 



(dollars in millions)

 

 

June 30, 2023

 

December 31, 2022

Balance Sheet

 

 

 

 

Assets

 

 

 

 

Current assets:

 

 

 

 

Cash and cash investments

 

$

380

 

$

452

 

Receivables

 

 

1,371

 

 

1,149

 

Inventories

 

 

1,144

 

 

1,236

 

Prepaid expenses and other

 

 

112

 

 

109

 

Total current assets

 

 

3,007

 

 

2,946

 

 

 

 

 

 

Property and equipment, net

 

 

1,063

 

 

975

 

Goodwill

 

 

540

 

 

537

 

Other intangible assets, net

 

 

337

 

 

350

 

Operating lease right-of-use assets

 

 

264

 

 

266

 

Other assets

 

 

97

 

 

113

 

Total assets

 

$

5,308

 

$

5,187

 

 

 

 

 

 

Liabilities

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

958

 

$

877

 

Notes payable

 

 

79

 

 

205

 

Accrued liabilities

 

 

712

 

 

807

 

Total current liabilities

 

 

1,749

 

 

1,889

 

 

 

 

 

 

Long-term debt

 

 

2,946

 

 

2,946

 

Noncurrent operating lease liabilities

 

 

252

 

 

255

 

Other liabilities

 

 

333

 

 

339

 

Total liabilities

 

 

5,280

 

 

5,429

 

 

 

 

 

 

Redeemable noncontrolling interest

 

 

21

 

 

20

 

 

 

 

 

 

Equity

 

 

7

 

 

(262

)

Total liabilities and equity

 

$

5,308

 

$

5,187

 

 

As of June 30,

 

2023

 

2022

Other Financial Data

 

 

 

Working capital days

 

 

 

Receivable days

 

54

 

 

 

52

 

Inventory days

 

80

 

 

 

88

 

Payable days

 

70

 

 

 

67

 

Working capital

$

1,557

 

 

$

1,660

 

Working capital as a % of sales (LTM)

 

18.9

%

 

 

18.9

%








 

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, 2023 and 2022

 


(dollars in millions)

 

Six Months Ended June 30,

 

2023

 

2022

Cash Flows From (For) Operating Activities:

 

 

 

Cash provided by operating activities

$

632

 

 

$

662

 

Working capital changes

 

(184

)

 

 

(488

)

Net cash from operating activities

 

448

 

 

 

174

 

 

 

 

 

Cash Flows From (For) Financing Activities:

 

 

 

Purchase of Company common stock

 

(81

)

 

 

(914

)

Cash dividends paid

 

(129

)

 

 

(131

)

Dividends paid to noncontrolling interest

 

(49

)

 

 

 

Proceeds from short-term borrowings

 

77

 

 

 

 

Proceeds from term loan

 

 

 

 

500

 

Payment of term loan

 

(200

)

 

 

 

Proceeds from the exercise of stock options

 

23

 

 

 

1

 

Employee withholding taxes paid on stock-based compensation

 

(23

)

 

 

(17

)

Decrease in debt, net

 

(4

)

 

 

(7

)

Net cash for financing activities

 

(386

)

 

 

(568

)

 

 

 

 

Cash Flows From (For) Investing Activities:

 

 

 

Capital expenditures

 

(133

)

 

 

(70

)

Other, net

 

(4

)

 

 

(4

)

Net cash for investing activities

 

(137

)

 

 

(74

)

 

 

 

 

Effect of exchange rate changes on cash and cash investments

 

3

 

 

 

(18

)

 

 

 

 

Cash and Cash Investments:

 

 

 

Decrease for the period

 

(72

)

 

 

(486

)

At January 1

 

452

 

 

 

926

 

At June 30

$

380

 

 

$

440

 

 

As of June 30,

 

2023

 

2022

Liquidity

 

 

 

Cash and cash investments

$

380

 

$

440

Revolver availability

 

1,000

 

 

1,000

Total Liquidity

$

1,380

 

$

1,440






 

Historical information is available on our website.

MASCO CORPORATION

Segment Data - Unaudited

For the Three and Six Months Ended June 30, 2023 and 2022

 


(dollars in millions)

 

Three Months Ended June 30,

 

 

 

Six Months Ended June 30,

 

 

 

2023

 

2022

 

Change

 

2023

 

2022

 

Change

Plumbing Products

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

1,225

 

 

$

1,373

 

 

(11

)%

 

$

2,447

 

 

$

2,732

 

 

(10

)%

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit, as reported

$

244

 

 

$

238

 

 

 

 

$

450

 

 

$

466

 

 

 

Operating margin, as reported

 

19.9

%

 

 

17.3

%

 

 

 

 

18.4

%

 

 

17.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rationalization charges (income)

 

1

 

 

 

 

 

 

 

 

(3

)

 

 

 

 

 

Operating profit, as adjusted

 

245

 

 

 

238

 

 

 

 

 

447

 

 

 

466

 

 

 

Operating margin, as adjusted

 

20.0

%

 

 

17.3

%

 

 

 

 

18.3

%

 

 

17.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

25

 

 

 

25

 

 

 

 

 

50

 

 

 

49

 

 

 

EBITDA, as adjusted

$

270

 

 

$

263

 

 

 

 

$

497

 

 

$

515

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Decorative Architectural Products

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

902

 

 

$

979

 

 

(8

)%

 

$

1,659

 

 

$

1,821

 

 

(9

)%

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit, as reported

$

180

 

 

$

192

 

 

 

 

$

312

 

 

$

347

 

 

 

Operating margin, as reported

 

20.0

%

 

 

19.6

%

 

 

 

 

18.8

%

 

 

19.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rationalization charges

 

 

 

 

6

 

 

 

 

 

1

 

 

 

8

 

 

 

Accelerated depreciation related to rationalization activity

 

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

Operating profit, as adjusted

 

180

 

 

 

198

 

 

 

 

 

313

 

 

 

356

 

 

 

Operating margin, as adjusted

 

20.0

%

 

 

20.2

%

 

 

 

 

18.9

%

 

 

19.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

9

 

 

 

9

 

 

 

 

 

17

 

 

 

17

 

 

 

EBITDA, as adjusted

$

189

 

 

$

207

 

 

 

 

$

330

 

 

$

373

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

2,127

 

 

$

2,352

 

 

(10

)%

 

$

4,106

 

 

$

4,553

 

 

(10

)%

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit, as reported - segment

$

424

 

 

$

430

 

 

 

 

$

762

 

 

$

813

 

 

 

General corporate expense, net

 

(21

)

 

 

(22

)

 

 

 

 

(44

)

 

 

(52

)

 

 

Operating profit, as reported

 

403

 

 

 

408

 

 

 

 

 

718

 

 

 

761

 

 

 

Operating margin, as reported

 

18.9

%

 

 

17.3

%

 

 

 

 

17.5

%

 

 

16.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rationalization charges (income) - segment

 

1

 

 

 

6

 

 

 

 

 

(2

)

 

 

8

 

 

 

Accelerated depreciation related to rationalization activity - segment

 

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

Operating profit, as adjusted

 

404

 

 

 

414

 

 

 

 

 

716

 

 

 

770

 

 

 

Operating margin, as adjusted

 

19.0

%

 

 

17.6

%

 

 

 

 

17.4

%

 

 

16.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization - segment

 

34

 

 

 

34

 

 

 

 

 

67

 

 

 

66

 

 

 

Depreciation and amortization - other

 

1

 

 

 

2

 

 

 

 

 

3

 

 

 

4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA, as adjusted

$

439

 

 

$

450

 

 

 

 

$

786

 

 

$

840

 

 

 












 

Historical information is available on our website.

MASCO CORPORATION

North American and International Data - Unaudited

For the Three and Six Months Ended June 30, 2023 and 2022

 


(dollars in millions)

 

Three Months Ended June 30,

 

 

 

Six Months Ended June 30,

 

 

 

2023

 

2022

 

Change

 

2023

 

2022

 

Change

North American

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

1,718

 

 

$

1,905

 

 

(10

)%

 

$

3,273

 

 

$

3,639

 

 

(10

)%

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit, as reported

$

358

 

 

$

356

 

 

 

 

$

624

 

 

$

656

 

 

 

Operating margin, as reported

 

20.8

%

 

 

18.7

%

 

 

 

 

19.1

%

 

 

18.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rationalization charges (income)

 

1

 

 

 

6

 

 

 

 

 

(2

)

 

 

8

 

 

 

Accelerated depreciation related to rationalization activity

 

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

Operating profit, as adjusted

 

359

 

 

 

362

 

 

 

 

 

622

 

 

 

665

 

 

 

Operating margin, as adjusted

 

20.9

%

 

 

19.0

%

 

 

 

 

19.0

%

 

 

18.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

22

 

 

 

23

 

 

 

 

 

43

 

 

 

43

 

 

 

EBITDA, as adjusted

$

381

 

 

$

385

 

 

 

 

$

665

 

 

$

708

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

409

 

 

$

447

 

 

(9

)%

 

$

833

 

 

$

914

 

 

(9

)%

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit, as reported

$

66

 

 

$

74

 

 

 

 

$

138

 

 

$

157

 

 

 

Operating margin, as reported

 

16.1

%

 

 

16.6

%

 

 

 

 

16.6

%

 

 

17.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

12

 

 

 

11

 

 

 

 

 

24

 

 

 

23

 

 

 

EBITDA

$

78

 

 

$

85

 

 

 

 

$

162

 

 

$

180

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

2,127

 

 

$

2,352

 

 

(10

)%

 

$

4,106

 

 

$

4,553

 

 

(10

)%

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit, as reported - segment

$

424

 

 

$

430

 

 

 

 

$

762

 

 

$

813

 

 

 

General corporate expense, net

 

(21

)

 

 

(22

)

 

 

 

 

(44

)

 

 

(52

)

 

 

Operating profit, as reported

 

403

 

 

 

408

 

 

 

 

 

718

 

 

 

761

 

 

 

Operating margin, as reported

 

18.9

%

 

 

17.3

%

 

 

 

 

17.5

%

 

 

16.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rationalization charges (income) - segment

 

1

 

 

 

6

 

 

 

 

 

(2

)

 

 

8

 

 

 

Accelerated depreciation related to rationalization activity - segment

 

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

Operating profit, as adjusted

 

404

 

 

 

414

 

 

 

 

 

716

 

 

 

770

 

 

 

Operating margin, as adjusted

 

19.0

%

 

 

17.6

%

 

 

 

 

17.4

%

 

 

16.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization - segment

 

34

 

 

 

34

 

 

 

 

 

67

 

 

 

66

 

 

 

Depreciation and amortization - other

 

1

 

 

 

2

 

 

 

 

 

3

 

 

 

4

 

 

 

EBITDA, as adjusted

$

439

 

 

$

450

 

 

 

 

$

786

 

 

$

840

 

 

 




















 

Historical information is available on our website.

 

David Chaika
Interim Chief Financial Officer
313.792.5500
david_chaika@mascohq.com

Source: Masco Corporation