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Masco Corporation Reports Fourth Quarter and 2020 Year-End Results

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Highlights

  • Sales for the fourth quarter increased 13 percent to $1,860 million; in local currency, sales increased 12 percent
  • Operating profit for the quarter increased 20 percent to $307 million; adjusted operating profit increased 20 percent to $309 million
  • Earnings per share from continuing operations for the quarter increased 30 percent to $0.73 per share; adjusted earnings per share from continuing operations increased 36 percent to $0.75 per share
  • 2021 earnings per share from continuing operations expected to be in the range of $1.80 – $2.00 per share, and on an adjusted basis, to be in the range of $3.25 – $3.45 per share
  • Board announces its intent to increase annual dividend 68 percent to $0.94 per share from $0.56 per share, beginning in the second quarter, and authorizes new $2.0 billion share repurchase program

Masco Corporation (NYSE:MAS), one of the world's leading manufacturers of branded home improvement and building products, reported its results for the fourth quarter and full year of 2020.

2020 Fourth Quarter Commentary

  • On a reported basis, compared to fourth quarter 2019:
    • Net sales increased 13 percent to $1,860 million; in local currency, net sales increased 12 percent
    • In local currency, North American sales increased 13 percent and international sales increased 8 percent
    • Gross margin increased 100 basis points to 35.5 percent from 34.5 percent
    • Operating margin increased 90 basis points to 16.5 percent from 15.6 percent
    • Income from continuing operations increased to $0.73 per share, compared to $0.56 per share
  • Compared to fourth quarter 2019, results for key financial measures, as adjusted for certain items (see Exhibit A) and with a normalized tax rate of 25 percent (reduced from previously guided normalized tax rate of 26%), were as follows:
    • Gross margin increased 100 basis points to 35.6 percent from 34.6 percent
    • Operating margin increased 90 basis points to 16.6 percent from 15.7 percent
    • Income from continuing operations increased to $0.75 per share, compared to $0.55 per share
  • Liquidity at the end of the fourth quarter was $2,326 million (including availability under revolving credit facility)
  • Plumbing Products' net sales increased 14 percent (12 percent excluding the impact of foreign currency)
  • Decorative Architectural Products' net sales increased 12 percent

"We experienced robust demand in the fourth quarter, operated safely and efficiently, and finished the year strong," said Keith Allman, Masco's President and CEO. "We continued to successfully execute our strategy, which resulted in earnings per share growth of 36 percent and a net sales increase of 13 percent. We also returned $162 million to shareholders through share repurchases and dividends during the fourth quarter, and recently completed three bolt-on acquisitions, which we expect to contribute approximately 3% top-line growth in 2021."

2020 Full Year Key Results

  • Sales for the year increased 7 percent to $7,188 million; in local currency, sales increased 7 percent
  • Operating profit grew 19 percent to $1,295 million; adjusted operating profit grew 18 percent to $1,306 million
  • Returned $872 million to shareholders through share repurchases and dividends
  • Earnings per share from continuing operations for the year grew 38 percent to $3.04 per share; adjusted earnings per share from continuing operations grew 37 percent to $3.12 per share

2020 Full Year Commentary

  • On a reported basis, compared to full year 2019:
    • Net sales increased 7 percent to $7,188 million
    • In local currency, North American sales increased 9 percent and international sales decreased 1 percent
    • Gross margin increased 60 basis points to 36.0 percent from 35.4 percent
    • Operating margin increased 180 basis points to 18.0 percent from 16.2 percent
    • Operating profit increased 19 percent to $1,295 million from $1,088 million
    • Income from continuing operations increased 38 percent to $3.04 per share compared to $2.20 per share
  • Compared to full year 2019, 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 increased 60 basis points to 36.1 percent from 35.5 percent
    • Operating margin increased 170 basis points to 18.2 percent from 16.5 percent
    • Operating profit increased 18 percent to $1,306 million from $1,110 million
    • Income from continuing operations increased 37 percent to $3.12 per share compared to $2.28 per share

"We closed out 2020 on a high note and our results for the year demonstrate the power of Masco's differentiated portfolio of leading repair and remodel brands, strong cash generation capabilities, and most of all, the commitment of our people," said Allman. "In an ever-changing environment, our employees continued to meet the needs of our customers and deliver value for our shareholders. Thanks to their dedicated efforts, we surpassed our previously guided expectation of achieving $2.80 – $3.00 of adjusted earnings per share in 2021, a full year earlier than planned."

"We anticipate the demand for our products will remain strong in 2021," said Allman. "The key housing fundamentals that drive our business, such as home price appreciation and existing home turnover, improved during the second half of 2020, and consumers are clearly viewing the value of their homes more favorably in light of the pandemic. Given these dynamics, we anticipate 2021 adjusted earnings per share to range from $3.25 to $3.45 per share."

Dividend and Share Repurchase Authorization

Masco's Board of Directors announced its intention to increase the Company's annual dividend to $0.94 per share from $0.56 per share, a 68 percent increase, beginning in the second quarter of 2021.

The Board also approved a new $2.0 billion share repurchase authorization effective February 10, 2021, replacing the existing authorization.

"The anticipated dividend increase we've announced today, along with the new $2.0 billion share repurchase authorization, underscores our strong financial position and the Board's confidence in our future," concluded Allman.

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 2020 fourth quarter and full year 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 Tuesday, February 9, 2021 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 1576288. 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 (855) 859-2056 and from outside the U.S. at (404) 537-3406. Please use the conference identification number 1576288. The telephone replay will be available approximately two hours after the end of the call and continue through March 9, 2021.

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 length and severity of the ongoing COVID-19 pandemic, including its impact on domestic and international economic activity, consumer confidence, 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 and diverse 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 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 Months and Years Ended December 31, 2020 and 2019

 

(in millions, except per common share data)

 

 

 

Three Months Ended

December 31,

 

Year Ended

December 31,

 

 

2020

 

2019

 

2020

 

2019

Net sales

 

$

1,860

 

 

$

1,639

 

 

$

7,188

 

 

$

6,707

 

Cost of sales

 

1,200

 

 

1,074

 

 

4,601

 

 

4,336

 

Gross profit

 

660

 

 

565

 

 

2,587

 

 

2,371

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

353

 

 

310

 

 

1,292

 

 

1,274

 

Impairment charge for other intangible assets

 

 

 

 

 

 

 

9

 

Operating profit

 

307

 

 

255

 

 

1,295

 

 

1,088

 

 

 

 

 

 

 

 

 

 

Other income (expense), net:

 

 

 

 

 

 

 

 

Interest expense

 

(34

)

 

(40

)

 

(144

)

 

(159

)

Other, net

 

2

 

 

2

 

 

(20

)

 

(15

)

 

 

(32

)

 

(38

)

 

(164

)

 

(174

)

Income from continuing operations before income taxes

 

275

 

 

217

 

 

1,131

 

 

914

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

67

 

 

49

 

 

269

 

 

230

 

Income from continuing operations

 

208

 

 

168

 

 

862

 

 

684

 

 

 

 

 

 

 

 

 

 

Income from discontinued operations, net

 

3

 

 

295

 

 

414

 

 

296

 

Net income

 

211

 

 

463

 

 

1,276

 

 

980

 

 

 

 

 

 

 

 

 

 

Less: Net income attributable to noncontrolling interest

 

16

 

 

10

 

 

52

 

 

45

 

Net income attributable to Masco Corporation

 

$

195

 

 

$

453

 

 

$

1,224

 

 

$

935

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

0.73

 

 

$

0.56

 

 

$

3.04

 

 

$

2.20

 

Income from discontinued operations, net

 

0.01

 

 

1.03

 

 

1.55

 

 

1.02

 

Net income

 

$

0.74

 

 

$

1.59

 

 

$

4.59

 

 

$

3.22

 

 

 

 

 

 

 

 

 

 

Average diluted common shares outstanding

 

261

 

 

282

 

 

264

 

 

288

 

 

 

 

 

 

 

 

 

 

Amounts attributable to Masco Corporation:

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

192

 

 

$

158

 

 

$

810

 

 

$

639

 

Income from discontinued operations, net

 

3

 

 

295

 

 

414

 

 

296

 

Net income

 

$

195

 

 

$

453

 

 

$

1,224

 

 

$

935

 

Historical information is available on our website.

MASCO CORPORATION

Exhibit A: Reconciliations - Unaudited

For the Three Months and Years Ended December 31, 2020 and 2019

 

(dollars in millions)

 

 

 

Three Months Ended

December 31,

 

Year Ended

December 31,

 

 

2020

 

2019

 

2020

 

2019

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

1,860

 

 

$

1,639

 

 

$

7,188

 

 

$

6,707

 

 

 

 

 

 

 

 

 

 

Gross profit, as reported

 

$

660

 

 

$

565

 

 

$

2,587

 

 

$

2,371

 

Rationalization charges

 

2

 

 

2

 

 

9

 

 

9

 

Gross profit, as adjusted

 

$

662

 

 

$

567

 

 

$

2,596

 

 

$

2,380

 

 

 

 

 

 

 

 

 

 

Gross margin, as reported

 

35.5

%

 

34.5

%

 

36.0

%

 

35.4

%

Gross margin, as adjusted

 

35.6

%

 

34.6

%

 

36.1

%

 

35.5

%

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses, as reported

 

$

353

 

 

$

310

 

 

$

1,292

 

 

$

1,274

 

Rationalization charges

 

 

 

 

 

2

 

 

4

 

Selling, general and administrative expenses, as adjusted

 

$

353

 

 

$

310

 

 

$

1,290

 

 

$

1,270

 

 

 

 

 

 

 

 

 

 

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

 

19.0

%

 

18.9

%

 

18.0

%

 

19.0

%

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

 

19.0

%

 

18.9

%

 

17.9

%

 

18.9

%

 

 

 

 

 

 

 

 

 

Operating profit, as reported

 

$

307

 

 

$

255

 

 

$

1,295

 

 

$

1,088

 

Rationalization charges

 

2

 

 

2

 

 

11

 

 

13

 

Impairment charge for other intangible assets

 

 

 

 

 

 

 

9

 

Operating profit, as adjusted

 

$

309

 

 

$

257

 

 

$

1,306

 

 

$

1,110

 

 

 

 

 

 

 

 

 

 

Operating margin, as reported

 

16.5

%

 

15.6

%

 

18.0

%

 

16.2

%

Operating margin, as adjusted

 

16.6

%

 

15.7

%

 

18.2

%

 

16.5

%

Historical information is available on our website.

MASCO CORPORATION

Exhibit A: Reconciliations - Unaudited

For the Three Months and Years Ended December 31, 2020 and 2019

 

(in millions, except per common share data)

 

 

Three Months Ended

December 31,

 

Year Ended

December 31,

 

2020

 

2019

 

2020

 

2019

Income Per Common Share Reconciliation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before income taxes, as reported

$

275

 

 

$

217

 

 

$

1,131

 

 

$

914

 

Rationalization charges

2

 

 

2

 

 

11

 

 

13

 

Impairment charge for other intangible assets

 

 

 

 

 

 

9

 

Pension costs associated with expected terminated plans

6

 

 

 

 

23

 

 

 

Income related to an escrow settlement

(9

)

 

 

 

(9

)

 

 

Currency translation loss on liquidation of dormant entities

9

 

 

 

 

9

 

 

 

(Earnings) from equity investments, net

(2

)

 

 

 

(3

)

 

(1

)

Loss on extinguishment of debt

 

 

 

 

6

 

 

 

Income from continuing operations before income taxes, as adjusted

281

 

 

219

 

 

1,168

 

 

935

 

Tax at 25% rate

(70

)

 

(55

)

 

(292

)

 

(234

)

Less: Net income attributable to noncontrolling interest

16

 

 

10

 

 

52

 

 

45

 

Income from continuing operations, as adjusted

$

195

 

 

$

154

 

 

$

824

 

 

$

656

 

 

 

 

 

 

 

 

 

Income from continuing operations per common share, as adjusted

$

0.75

 

 

$

0.55

 

 

$

3.12

 

 

$

2.28

 

 

 

 

 

 

 

 

 

Average diluted common shares outstanding

261

 

 

282

 

 

264

 

 

288

 

Outlook for the Year Ended December 31, 2021

 

 

Year Ended December 31, 2021

 

 

Low End

 

High End

Income Per Common Share Reconciliation

 

 

 

 

 

 

 

 

 

Income from continuing operations per common share

 

$

1.80

 

$

2.00

Rationalization charges

 

0.01

 

0.01

Pension costs associated with expected terminated plans (1)

 

1.42

 

1.42

Allocation to participating securities per share (2)

 

0.02

 

0.02

Income from continuing operations per common share, as adjusted

 

$

3.25

 

$

3.45

(1) Represents costs associated with our qualified domestic defined-benefit pension plans that are expected to be terminated in 2021.

(2) Represents the impact of distributed dividends and undistributed earnings to unvested restricted stock awards 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

December 31, 2020 and 2019

 

(dollars in millions)

 

 

 

December 31, 2020

 

December 31, 2019

Balance Sheet

 

 

 

 

Assets

 

 

 

 

Current Assets:

 

 

 

 

Cash and cash investments

 

$

1,326

 

 

$

697

 

Receivables

 

1,138

 

 

997

 

Inventories

 

876

 

 

754

 

Prepaid expenses and other

 

149

 

 

90

 

Assets held for sale

 

 

 

173

 

Total Current Assets

 

3,489

 

 

2,711

 

 

 

 

 

 

Property and equipment, net

 

908

 

 

878

 

Goodwill

 

563

 

 

509

 

Other intangible assets, net

 

357

 

 

259

 

Operating lease right-of-use assets

 

166

 

 

176

 

Other assets

 

294

 

 

139

 

Assets held for sale

 

 

 

355

 

Total Assets

 

$

5,777

 

 

$

5,027

 

 

 

 

 

 

Liabilities

 

 

 

 

Current Liabilities:

 

 

 

 

Accounts payable

 

$

893

 

 

$

697

 

Notes payable

 

3

 

 

2

 

Accrued liabilities

 

1,038

 

 

700

 

Liabilities held for sale

 

 

 

149

 

Total Current Liabilities

 

1,934

 

 

1,548

 

 

 

 

 

 

Long-term debt

 

2,792

 

 

2,771

 

Noncurrent operating lease liabilities

 

149

 

 

162

 

Other liabilities

 

481

 

 

589

 

Liabilities held for sale

 

 

 

13

 

Total Liabilities

 

5,356

 

 

5,083

 

 

 

 

 

 

Equity

 

421

 

 

(56

)

Total Liabilities and Equity

 

$

5,777

 

 

$

5,027

 

 

As of December 31,

2020

2019

Other Financial Data

Working Capital Days

Receivable days

54

54

 

Inventory days

72

67

 

Payable days

71

68

 

Working capital

$

1,121

$

1,054

Working capital as a % of sales (LTM) (1)

15.6

%

15.7

%

(1) Working capital as a % of sales for 2020, excluding acquisitions made in the fourth quarter, was 15.2%.

Historical information is available on our website.

MASCO CORPORATION

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

For the Years Ended December 31, 2020 and 2019

 

(dollars in millions)

 

 

 

Year Ended December 31,

 

 

2020

 

2019

Cash Flows From (For) Operating Activities:

 

 

 

 

Cash provided by operating activities

 

$

851

 

 

$

839

 

Working capital changes

 

102

 

 

(6

)

Net cash from operating activities

 

953

 

 

833

 

 

 

 

 

 

Cash Flows From (For) Financing Activities:

 

 

 

 

Retirement of notes

 

(400

)

 

(201

)

Purchase of Company common stock

 

(727

)

 

(896

)

Cash dividends paid

 

(145

)

 

(144

)

Dividends paid to noncontrolling interest

 

(23

)

 

(42

)

Issuance of notes, net of issuance costs

 

415

 

 

 

Payment of debt

 

(2

)

 

(8

)

Debt extinguishment costs

 

(5

)

 

(2

)

Proceeds from the exercise of stock options

 

26

 

 

27

 

Employee withholding taxes paid on stock-based compensation

 

(25

)

 

(23

)

Credit Agreement and other financing costs

 

 

 

(2

)

Net cash for financing activities

 

(886

)

 

(1,291

)

 

 

 

 

 

Cash Flows From (For) Investing Activities:

 

 

 

 

Capital expenditures

 

(114

)

 

(162

)

Acquisition of businesses, net of cash acquired

 

(227

)

 

 

Proceeds from disposition of businesses, net of cash disposed

 

870

 

 

722

 

Other, net

 

2

 

 

22

 

Net cash from investing activities

 

531

 

 

582

 

 

 

 

 

 

Effect of exchange rate changes on cash and cash investments

 

31

 

 

14

 

 

 

 

 

 

Cash and Cash Investments:

 

 

 

 

Increase for the year

 

629

 

 

138

 

At January 1

 

697

 

 

559

 

At December 31

 

$

1,326

 

 

$

697

 

 

As of December 31,

2020

2019

Liquidity

Cash and cash investments

$

1,326

 

$

697

 

Revolver availability

1,000

 

1,000

 

Total Liquidity

$

2,326

 

$

1,697

 

Historical information is available on our website.

MASCO CORPORATION

Segment Data - Unaudited

For the Three Months and Years Ended December 31, 2020 and 2019

 

(dollars in millions)

 

 

Three Months Ended

December 31,

 

 

 

Year Ended

December 31,

 

 

 

2020

 

2019

 

Change

 

2020

 

2019

 

Change

Plumbing Products

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

1,172

 

 

$

1,026

 

 

14

%

 

$

4,136

 

 

$

3,984

 

 

4

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit, as reported

$

223

 

 

$

178

 

 

 

 

$

806

 

 

$

708

 

 

 

Operating margin, as reported

19.0

%

 

17.3

%

 

 

 

19.5

%

 

17.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rationalization charges

1

 

 

2

 

 

 

 

6

 

 

13

 

 

 

Accelerated depreciation related to rationalization activity

 

 

 

 

 

 

1

 

 

 

 

 

Operating profit, as adjusted

224

 

 

180

 

 

 

 

813

 

 

721

 

 

 

Operating margin, as adjusted

19.1

%

 

17.5

%

 

 

 

19.7

%

 

18.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

22

 

 

21

 

 

 

 

83

 

 

80

 

 

 

EBITDA, as adjusted

$

246

 

 

$

201

 

 

 

 

$

896

 

 

$

801

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Decorative Architectural Products

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

688

 

 

$

613

 

 

12

%

 

$

3,052

 

 

$

2,723

 

 

12

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit, as reported

$

108

 

 

$

100

 

 

 

 

$

583

 

 

$

480

 

 

 

Operating margin, as reported

15.7

%

 

16.3

%

 

 

 

19.1

%

 

17.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rationalization charges

1

 

 

 

 

 

 

4

 

 

 

 

 

Impairment charge for other intangible assets

 

 

 

 

 

 

 

 

9

 

 

 

Operating profit, as adjusted

109

 

 

100

 

 

 

 

587

 

 

489

 

 

 

Operating margin, as adjusted

15.8

%

 

16.3

%

 

 

 

19.2

%

 

18.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

10

 

 

10

 

 

 

 

41

 

 

41

 

 

 

EBITDA, as adjusted

$

119

 

 

$

110

 

 

 

 

$

628

 

 

$

530

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

1,860

 

 

$

1,639

 

 

13

%

 

$

7,188

 

 

$

6,707

 

 

7

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit, as reported - segment

$

331

 

 

$

278

 

 

 

 

$

1,389

 

 

$

1,188

 

 

 

General corporate expense, net

(24)

 

 

(23)

 

 

 

 

(94)

 

 

(100)

 

 

 

Operating profit, as reported

307

 

 

255

 

 

 

 

1,295

 

 

1,088

 

 

 

Operating margin, as reported

16.5

%

 

15.6

%

 

 

 

18.0

%

 

16.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rationalization charges - segment

2

 

 

2

 

 

 

 

10

 

 

13

 

 

 

Accelerated depreciation related to rationalization activity - segment

 

 

 

 

 

 

1

 

 

 

 

 

Impairment charge for other intangible assets

 

 

 

 

 

 

 

 

9

 

 

 

Operating profit, as adjusted

309

 

 

257

 

 

 

 

1,306

 

 

1,110

 

 

 

Operating margin, as adjusted

16.6

%

 

15.7

%

 

 

 

18.2

%

 

16.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization - segment

32

 

 

31

 

 

 

 

124

 

 

121

 

 

 

Depreciation and amortization - non-operating

2

 

 

2

 

 

 

 

8

 

 

9

 

 

 

EBITDA, as adjusted

$

343

 

 

$

290

 

 

 

 

$

1,438

 

 

$

1,240

 

 

 

Historical information is available on our website.

MASCO CORPORATION

North American and International Data - Unaudited

For the Three Months and Years Ended December 31, 2020 and 2019

 

(dollars in millions)

 

 

Three Months Ended

December 31,

 

 

 

Year Ended

December 31,

 

 

 

2020

 

2019

 

Change

 

2020

 

2019

 

Change

North American

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

1,468

 

 

$

1,295

 

 

13

%

 

$

5,805

 

 

$

5,328

 

 

9

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit, as reported

$

268

 

 

$

228

 

 

 

 

$

1,167

 

 

$

987

 

 

 

Operating margin, as reported

18.3

%

 

17.6

%

 

 

 

20.1

%

 

18.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rationalization charges

2

 

 

2

 

 

 

 

10

 

 

13

 

 

 

Accelerated depreciation related to rationalization activity

 

 

 

 

 

 

1

 

 

 

 

 

Impairment charge for other intangible assets

 

 

 

 

 

 

 

 

9

 

 

 

Operating profit, as adjusted

270

 

 

230

 

 

 

 

1,178

 

 

1,009

 

 

 

Operating margin, as adjusted

18.4

%

 

17.8

%

 

 

 

20.3

%

 

18.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

20

 

 

20

 

 

 

 

80

 

 

81

 

 

 

EBITDA, as adjusted

$

290

 

 

$

250

 

 

 

 

$

1,258

 

 

$

1,090

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

392

 

 

$

344

 

 

14

%

 

$

1,383

 

 

$

1,379

 

 

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit, as reported

$

63

 

 

$

50

 

 

 

 

$

222

 

 

$

201

 

 

 

Operating margin, as reported

16.1

%

 

14.5

%

 

 

 

16.1

%

 

14.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

12

 

 

11

 

 

 

 

44

 

 

40

 

 

 

EBITDA

$

75

 

 

$

61

 

 

 

 

$

266

 

 

$

241

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

1,860

 

 

$

1,639

 

 

13

%

 

$

7,188

 

 

$

6,707

 

 

7

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit, as reported - segment

$

331

 

 

$

278

 

 

 

 

$

1,389

 

 

$

1,188

 

 

 

General corporate expense, net

(24)

 

 

(23)

 

 

 

 

(94)

 

 

(100)

 

 

 

Operating profit, as reported

307

 

 

255

 

 

 

 

1,295

 

 

1,088

 

 

 

Operating margin, as reported

16.5

%

 

15.6

%

 

 

 

18.0

%

 

16.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rationalization charges - segment

2

 

 

2

 

 

 

 

10

 

 

13

 

 

 

Accelerated depreciation related to rationalization activity - segment

 

 

 

 

 

 

1

 

 

 

 

 

Impairment charge for other intangible assets

 

 

 

 

 

 

 

 

9

 

 

 

Operating profit, as adjusted

309

 

 

257

 

 

 

 

1,306

 

 

1,110

 

 

 

Operating margin, as adjusted

16.6

%

 

15.7

%

 

 

 

18.2

%

 

16.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization - segment

32

 

 

31

 

 

 

 

124

 

 

121

 

 

 

Depreciation and amortization - non-operating

2

 

 

2

 

 

 

 

8

 

 

9

 

 

 

EBITDA, as adjusted

$

343

 

 

$

290

 

 

 

 

$

1,438

 

 

$

1,240

 

 

 

Historical information is available on our website.

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