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Masco Reports Q3 Inline With Expectations

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Masco Corporation (NYSE: MAS) reported net sales and adjusted operating profit growth Monday for the third quarter of 2014.

Sales increased 4 percent to $2.2 billion, inline with the average estimate of $2.27 billion.

Adjusted EPS grew 15 percent to $.31 per common share, $0.01 below the average estimate.

Compared to third quarter 2013, results for key financial measures, as adjusted for certain items and with a normalized tax rate of 36 percent, were as follows:

Gross margins improved to 28.6 percent compared to 28.5 percent
Operating margins improved to 10.9 percent compared to 10.3 percent
Income from continuing operations was $.31 per common share compared to $.27 per common share

"We delivered improved top- and bottom- line results in the third quarter," said Masco’s President and CEO, Keith Allman. "The positive trends we saw in the second quarter continued in the third with particular strength in our Plumbing wholesale channel, ongoing growth in all channels of our Installation segment, and solid momentum in our North American and international window businesses. In our Cabinet business, we remain steadfast in our efforts to strengthen our performance and are actively positioning the business for future growth and profitability."

Masco Corporation traded at $22.40 afterhours, down 2.4 percent.

 

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Posted-In: Earnings News