Masco Corporation Reports Second Quarter 2024 Results
Highlights
-
Net sales decreased 2 percent to
$2,091 million -
Operating profit decreased 1 percent to
$397 million ; adjusted operating profit decreased 1 percent to$399 million - Operating profit margin increased 10 basis points to 19.0 percent; adjusted operating profit margin increased 10 basis points to 19.1 percent
-
Earnings per share was
$1.17 per share; adjusted earnings per share grew 1 percent to$1.20 per share -
Repurchased 2.0 million shares for
$143 million -
Expect 2024 earnings per share in the range of
$4.03 -$4.18 per share, and on an adjusted basis,$4.05 -$4.20 per share
2024 Second Quarter Results
-
On a reported basis, compared to second quarter 2023:
-
Net sales decreased 2 percent to
$2,091 million ; in local currency and excluding acquisitions, net sales decreased 2 percent- Plumbing Products’ net sales increased 2 percent; in local currency and excluding acquisitions, net sales increased 1 percent
- Decorative Architectural Products’ net sales decreased 7 percent
- In local currency, North American and International sales both decreased 1 percent
- Gross margin increased 130 basis points to 37.5 percent from 36.2 percent
-
Operating profit decreased 1 percent to
$397 million from$403 million - Operating margin increased 10 basis points to 19.0 percent from 18.9 percent
-
Net income increased to
$1.17 per share, compared to$1.16 per share
-
Net sales decreased 2 percent to
-
Compared to second quarter 2023, results for key financial measures, as adjusted for certain items (see Exhibit A) and with a normalized tax rate of 24.5 percent, were as follows:
- Gross margin increased 140 basis points to 37.6 percent from 36.2 percent
-
Operating profit decreased 1 percent to
$399 million from$404 million - Operating margin increased 10 basis points to 19.1 percent from 19.0 percent
-
Net income increased 1 percent to
$1.20 per share, compared to$1.19 per share
-
Liquidity at the end of the second quarter was
$1,398 million (including availability under our revolving credit facility)
“During the first half of this year, we continued to deliver solid results and shareholder value, despite a challenging environment, through the strength of our operating performance,” said Masco President and CEO,
“In the second half of the year, we anticipate ongoing demand headwinds as market conditions remain challenged. However, with our continued focus on execution and operational efficiencies, we are well positioned to drive operating margin expansion for the full year. Additionally, we remain confident in the long-term fundamentals of the repair and remodel market and the strength of our brands and product portfolio,” said Allman. “We now anticipate our 2024 adjusted earnings per share to be in the range of
Dividend Declaration
Masco’s Board of Directors declared a quarterly dividend of
About Masco
Headquartered in
The 2024 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
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 888-660-6264 or 646-517-3975. Please use the playback passcode 45864#. The telephone replay will be available approximately two hours after the end of the call and continue through
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, to develop innovative products and respond to changing consumer purchasing practices and preferences, our ability to maintain our public image and 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 and risks associated with our reliance on information systems and 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
Condensed Consolidated Statements of Operations - Unaudited
For the Three and Six Months Ended |
|||||||||||||||
(in millions, except per common share data) |
|||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net sales |
$ |
2,091 |
|
|
$ |
2,127 |
|
|
$ |
4,017 |
|
|
$ |
4,106 |
|
Cost of sales |
|
1,306 |
|
|
|
1,358 |
|
|
|
2,547 |
|
|
|
2,668 |
|
Gross profit |
|
785 |
|
|
|
769 |
|
|
|
1,470 |
|
|
|
1,438 |
|
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative expenses |
|
388 |
|
|
|
366 |
|
|
|
755 |
|
|
|
720 |
|
Operating profit |
|
397 |
|
|
|
403 |
|
|
|
715 |
|
|
|
718 |
|
|
|
|
|
|
|
|
|
||||||||
Other income (expense), net: |
|
|
|
|
|
|
|
||||||||
Interest expense |
|
(26 |
) |
|
|
(28 |
) |
|
|
(50 |
) |
|
|
(56 |
) |
Other, net |
|
(5 |
) |
|
|
(1 |
) |
|
|
(10 |
) |
|
|
(3 |
) |
|
|
(31 |
) |
|
|
(29 |
) |
|
|
(61 |
) |
|
|
(59 |
) |
Income before income taxes |
|
366 |
|
|
|
374 |
|
|
|
655 |
|
|
|
659 |
|
|
|
|
|
|
|
|
|
||||||||
Income tax expense |
|
94 |
|
|
|
96 |
|
|
|
154 |
|
|
|
160 |
|
Net income |
|
272 |
|
|
|
278 |
|
|
|
501 |
|
|
|
499 |
|
|
|
|
|
|
|
|
|
||||||||
Less: Net income attributable to noncontrolling interest |
|
14 |
|
|
|
15 |
|
|
|
28 |
|
|
|
31 |
|
Net income attributable to |
$ |
258 |
|
|
$ |
263 |
|
|
$ |
473 |
|
|
$ |
468 |
|
|
|
|
|
|
|
|
|
||||||||
Income per common share attributable to |
|
|
|
|
|
|
|
||||||||
Net income |
$ |
1.17 |
|
|
$ |
1.16 |
|
|
$ |
2.14 |
|
|
$ |
2.07 |
|
|
|
|
|
|
|
|
|
||||||||
Average diluted common shares outstanding |
|
220 |
|
|
|
226 |
|
|
|
221 |
|
|
|
226 |
|
Historical information is available on our website.
Amounts may not add due to rounding.
Exhibit A: Reconciliations - Unaudited
For the Three and Six Months Ended |
|||||||||||||||
(dollars in millions) |
|||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Gross Profit, Selling, General and Administrative Expenses, and Operating Profit Reconciliations |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Net sales |
$ |
2,091 |
|
|
$ |
2,127 |
|
|
$ |
4,017 |
|
|
$ |
4,106 |
|
|
|
|
|
|
|
|
|
||||||||
Gross profit, as reported |
$ |
785 |
|
|
$ |
769 |
|
|
$ |
1,470 |
|
|
$ |
1,438 |
|
Rationalization charges (income) (1) |
|
1 |
|
|
|
1 |
|
|
|
5 |
|
|
|
(3 |
) |
Gross profit, as adjusted |
$ |
786 |
|
|
$ |
770 |
|
|
$ |
1,475 |
|
|
$ |
1,435 |
|
|
|
|
|
|
|
|
|
||||||||
Gross margin, as reported |
|
37.5 |
% |
|
|
36.2 |
% |
|
|
36.6 |
% |
|
|
35.0 |
% |
Gross margin, as adjusted |
|
37.6 |
% |
|
|
36.2 |
% |
|
|
36.7 |
% |
|
|
34.9 |
% |
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative expenses, as reported |
$ |
388 |
|
|
$ |
366 |
|
|
$ |
755 |
|
|
$ |
720 |
|
Rationalization charges |
|
1 |
|
|
|
— |
|
|
|
1 |
|
|
|
1 |
|
Selling, general and administrative expenses, as adjusted |
$ |
387 |
|
|
$ |
366 |
|
|
$ |
754 |
|
|
$ |
719 |
|
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative expenses as a percent of net sales, as reported |
|
18.6 |
% |
|
|
17.2 |
% |
|
|
18.8 |
% |
|
|
17.5 |
% |
Selling, general and administrative expenses as a percent of net sales, as adjusted |
|
18.5 |
% |
|
|
17.2 |
% |
|
|
18.8 |
% |
|
|
17.5 |
% |
|
|
|
|
|
|
|
|
||||||||
Operating profit, as reported |
$ |
397 |
|
|
$ |
403 |
|
|
$ |
715 |
|
|
$ |
718 |
|
Rationalization charges (income) (1) |
|
2 |
|
|
|
1 |
|
|
|
6 |
|
|
|
(2 |
) |
Operating profit, as adjusted |
$ |
399 |
|
|
$ |
404 |
|
|
$ |
721 |
|
|
$ |
716 |
|
|
|
|
|
|
|
|
|
||||||||
Operating margin, as reported |
|
19.0 |
% |
|
|
18.9 |
% |
|
|
17.8 |
% |
|
|
17.5 |
% |
Operating margin, as adjusted |
|
19.1 |
% |
|
|
19.0 |
% |
|
|
17.9 |
% |
|
|
17.4 |
% |
(1) |
Represents income for the six months ended |
Historical information is available on our website.
Amounts may not add due to rounding.
Exhibit A: Reconciliations - Unaudited
For the Three and Six Months Ended |
|||||||||||||||
(in millions, except per common share data) |
|||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Income Per Common Share Reconciliations |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Income before income taxes, as reported |
$ |
366 |
|
|
$ |
374 |
|
|
$ |
655 |
|
|
$ |
659 |
|
Rationalization charges (income) (1) |
|
2 |
|
|
|
1 |
|
|
|
6 |
|
|
|
(2 |
) |
Realized (gains) from private equity funds |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1 |
) |
Income before income taxes, as adjusted |
|
368 |
|
|
|
375 |
|
|
|
660 |
|
|
|
656 |
|
Tax at 24.5% rate |
|
(90 |
) |
|
|
(92 |
) |
|
|
(162 |
) |
|
|
(161 |
) |
Less: Net income attributable to noncontrolling interest |
|
14 |
|
|
|
15 |
|
|
|
28 |
|
|
|
31 |
|
Net income, as adjusted |
$ |
264 |
|
|
$ |
268 |
|
|
$ |
470 |
|
|
$ |
464 |
|
|
|
|
|
|
|
|
|
||||||||
Net income per common share, as adjusted |
$ |
1.20 |
|
|
$ |
1.19 |
|
|
$ |
2.13 |
|
|
$ |
2.05 |
|
|
|
|
|
|
|
|
|
||||||||
Average diluted common shares outstanding |
|
220 |
|
|
|
226 |
|
|
|
221 |
|
|
|
226 |
|
(1) |
Represents income for the six months ended |
Outlook for the Year Ended |
|||||
|
Year Ended |
||||
|
Low End |
|
High End |
||
Income Per Common Share Reconciliation |
|
|
|
||
|
|
|
|
||
Net income per common share |
$ |
4.03 |
|
$ |
4.18 |
Rationalization charges |
|
0.02 |
|
|
0.02 |
Net income per common share, as adjusted |
$ |
4.05 |
|
$ |
4.20 |
Historical information is available on our website.
Amounts may not add due to rounding.
Condensed Consolidated Balance Sheets and Other Financial Data - Unaudited
|
||||||
(dollars in millions) |
||||||
|
|
|
|
|
||
Balance Sheet |
|
|
|
|
||
Assets |
|
|
|
|
||
Current assets: |
|
|
|
|
||
Cash and cash investments |
|
$ |
398 |
|
$ |
634 |
Receivables |
|
|
1,314 |
|
|
1,090 |
Inventories |
|
|
1,057 |
|
|
1,022 |
Prepaid expenses and other |
|
|
129 |
|
|
110 |
Total current assets |
|
|
2,898 |
|
|
2,856 |
|
|
|
|
|
||
Property and equipment, net |
|
|
1,116 |
|
|
1,121 |
|
|
|
601 |
|
|
604 |
Other intangible assets, net |
|
|
359 |
|
|
377 |
Operating lease right-of-use assets |
|
|
254 |
|
|
268 |
Other assets |
|
|
137 |
|
|
139 |
Total assets |
|
$ |
5,365 |
|
$ |
5,363 |
|
|
|
|
|
||
Liabilities |
|
|
|
|
||
Current liabilities: |
|
|
|
|
||
Accounts payable |
|
$ |
924 |
|
$ |
840 |
Notes payable |
|
|
3 |
|
|
3 |
Accrued liabilities |
|
|
718 |
|
|
852 |
Total current liabilities |
|
|
1,645 |
|
|
1,695 |
|
|
|
|
|
||
Long-term debt |
|
|
2,945 |
|
|
2,945 |
Noncurrent operating lease liabilities |
|
|
245 |
|
|
258 |
Other liabilities |
|
|
347 |
|
|
349 |
Total liabilities |
|
|
5,183 |
|
|
5,247 |
|
|
|
|
|
||
Redeemable noncontrolling interest |
|
|
— |
|
|
18 |
|
|
|
|
|
||
Equity |
|
|
182 |
|
|
98 |
Total liabilities and equity |
|
$ |
5,365 |
|
$ |
5,363 |
|
As of |
||||||
|
|
2024 |
|
|
|
2023 |
|
Other Financial Data |
|
|
|
||||
Working capital days |
|
|
|
||||
Receivable days |
|
54 |
|
|
|
54 |
|
Inventory days |
|
82 |
|
|
|
80 |
|
Payable days |
|
71 |
|
|
|
70 |
|
Working capital |
$ |
1,447 |
|
|
$ |
1,557 |
|
Working capital as a % of sales (LTM) |
|
18.4 |
% |
|
|
18.9 |
% |
Historical information is available on our website.
Amounts may not add due to rounding.
Condensed Consolidated Statements of Cash Flows and Other Financial Data - Unaudited
For the Six Months Ended |
|||||||
(dollars in millions) |
|||||||
|
Six Months Ended |
||||||
|
|
2024 |
|
|
|
2023 |
|
Cash Flows From (For) Operating Activities: |
|
|
|
||||
Cash provided by operating activities |
$ |
648 |
|
|
$ |
632 |
|
Working capital changes |
|
(395 |
) |
|
|
(184 |
) |
Net cash from operating activities |
|
252 |
|
|
|
448 |
|
|
|
|
|
||||
Cash Flows From (For) Financing Activities: |
|
|
|
||||
Purchase of Company common stock |
|
(290 |
) |
|
|
(81 |
) |
Cash dividends paid |
|
(128 |
) |
|
|
(129 |
) |
Dividends paid to noncontrolling interest |
|
(12 |
) |
|
|
(49 |
) |
Purchase of redeemable noncontrolling interest |
|
(15 |
) |
|
|
— |
|
Proceeds from short-term borrowings |
|
— |
|
|
|
77 |
|
Payment of term loan |
|
— |
|
|
|
(200 |
) |
Proceeds from the exercise of stock options |
|
75 |
|
|
|
23 |
|
Employee withholding taxes paid on stock-based compensation |
|
(33 |
) |
|
|
(23 |
) |
Decrease in debt, net |
|
(1 |
) |
|
|
(4 |
) |
Net cash for financing activities |
|
(404 |
) |
|
|
(386 |
) |
|
|
|
|
||||
Cash Flows From (For) Investing Activities: |
|
|
|
||||
Capital expenditures |
|
(74 |
) |
|
|
(133 |
) |
Acquisition of business |
|
(4 |
) |
|
|
— |
|
Other, net |
|
(1 |
) |
|
|
(4 |
) |
Net cash for investing activities |
|
(80 |
) |
|
|
(137 |
) |
|
|
|
|
||||
Effect of exchange rate changes on cash and cash investments |
|
(5 |
) |
|
|
3 |
|
|
|
|
|
||||
Cash and Cash Investments: |
|
|
|
||||
Decrease for the period |
|
(236 |
) |
|
|
(72 |
) |
At |
|
634 |
|
|
|
452 |
|
At |
$ |
398 |
|
|
$ |
380 |
|
|
As of |
||||
|
2024 |
|
2023 |
||
Liquidity |
|
|
|
||
Cash and cash investments |
$ |
398 |
|
$ |
380 |
Revolver availability |
|
1,000 |
|
|
1,000 |
Total Liquidity |
$ |
1,398 |
|
$ |
1,380 |
Historical information is available on our website.
Amounts may not add due to rounding.
Segment Data - Unaudited
For the Three and Six Months Ended |
|||||||||||||||||||||
(dollars in millions) |
|||||||||||||||||||||
|
Three Months Ended |
|
|
|
Six Months Ended |
|
|
||||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
Change |
|
|
2024 |
|
|
|
2023 |
|
|
Change |
||
Plumbing Products |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales |
$ |
1,253 |
|
|
$ |
1,225 |
|
|
2 |
% |
|
$ |
2,445 |
|
|
$ |
2,447 |
|
|
— |
% |
Operating profit, as reported |
$ |
247 |
|
|
$ |
244 |
|
|
|
|
$ |
472 |
|
|
$ |
450 |
|
|
|
||
Operating margin, as reported |
|
19.7 |
% |
|
|
19.9 |
% |
|
|
|
|
19.3 |
% |
|
|
18.4 |
% |
|
|
||
Rationalization charges (income) |
|
2 |
|
|
|
1 |
|
|
|
|
|
5 |
|
|
|
(3 |
) |
|
|
||
Operating profit, as adjusted |
|
249 |
|
|
|
245 |
|
|
|
|
|
477 |
|
|
|
447 |
|
|
|
||
Operating margin, as adjusted |
|
19.9 |
% |
|
|
20.0 |
% |
|
|
|
|
19.5 |
% |
|
|
18.3 |
% |
|
|
||
Depreciation and amortization |
|
27 |
|
|
|
25 |
|
|
|
|
|
53 |
|
|
|
50 |
|
|
|
||
EBITDA, as adjusted |
$ |
276 |
|
|
$ |
270 |
|
|
|
|
$ |
530 |
|
|
$ |
497 |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Decorative Architectural Products |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales |
$ |
838 |
|
|
$ |
902 |
|
|
(7 |
)% |
|
$ |
1,572 |
|
|
$ |
1,659 |
|
|
(5 |
)% |
Operating profit, as reported |
$ |
174 |
|
|
$ |
180 |
|
|
|
|
$ |
299 |
|
|
$ |
312 |
|
|
|
||
Operating margin, as reported |
|
20.8 |
% |
|
|
20.0 |
% |
|
|
|
|
19.0 |
% |
|
|
18.8 |
% |
|
|
||
Rationalization charges |
|
— |
|
|
|
— |
|
|
|
|
|
1 |
|
|
|
1 |
|
|
|
||
Operating profit, as adjusted |
|
174 |
|
|
|
180 |
|
|
|
|
|
299 |
|
|
|
313 |
|
|
|
||
Operating margin, as adjusted |
|
20.8 |
% |
|
|
20.0 |
% |
|
|
|
|
19.0 |
% |
|
|
18.9 |
% |
|
|
||
Depreciation and amortization |
|
9 |
|
|
|
9 |
|
|
|
|
|
19 |
|
|
|
17 |
|
|
|
||
EBITDA, as adjusted |
$ |
184 |
|
|
$ |
189 |
|
|
|
|
$ |
318 |
|
|
$ |
330 |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales |
$ |
2,091 |
|
|
$ |
2,127 |
|
|
(2 |
)% |
|
$ |
4,017 |
|
|
$ |
4,106 |
|
|
(2 |
)% |
Operating profit, as reported - segment |
$ |
421 |
|
|
$ |
424 |
|
|
|
|
$ |
771 |
|
|
$ |
762 |
|
|
|
||
General corporate expense, net |
|
(24 |
) |
|
|
(21 |
) |
|
|
|
|
(55 |
) |
|
|
(44 |
) |
|
|
||
Operating profit, as reported |
|
397 |
|
|
|
403 |
|
|
|
|
|
715 |
|
|
|
718 |
|
|
|
||
Operating margin, as reported |
|
19.0 |
% |
|
|
18.9 |
% |
|
|
|
|
17.8 |
% |
|
|
17.5 |
% |
|
|
||
Rationalization charges (income) - segment |
|
2 |
|
|
|
1 |
|
|
|
|
|
6 |
|
|
|
(2 |
) |
|
|
||
Operating profit, as adjusted |
|
399 |
|
|
|
404 |
|
|
|
|
|
721 |
|
|
|
716 |
|
|
|
||
Operating margin, as adjusted |
|
19.1 |
% |
|
|
19.0 |
% |
|
|
|
|
17.9 |
% |
|
|
17.4 |
% |
|
|
||
Depreciation and amortization - segment |
|
36 |
|
|
|
34 |
|
|
|
|
|
72 |
|
|
|
67 |
|
|
|
||
Depreciation and amortization - other |
|
2 |
|
|
|
1 |
|
|
|
|
|
4 |
|
|
|
3 |
|
|
|
||
EBITDA, as adjusted |
$ |
437 |
|
|
$ |
439 |
|
|
|
|
$ |
797 |
|
|
$ |
786 |
|
|
|
Historical information is available on our website.
Amounts may not add due to rounding
North American and
For the Three and Six Months Ended |
|||||||||||||||||||||
(dollars in millions) |
|||||||||||||||||||||
|
Three Months Ended |
|
|
|
Six Months Ended |
|
|
||||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
Change |
|
|
2024 |
|
|
|
2023 |
|
|
Change |
||
North American |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales |
$ |
1,695 |
|
|
$ |
1,718 |
|
|
(1 |
)% |
|
$ |
3,220 |
|
|
$ |
3,273 |
|
|
(2 |
)% |
Operating profit, as reported |
$ |
360 |
|
|
$ |
358 |
|
|
|
|
$ |
645 |
|
|
$ |
624 |
|
|
|
||
Operating margin, as reported |
|
21.2 |
% |
|
|
20.8 |
% |
|
|
|
|
20.0 |
% |
|
|
19.1 |
% |
|
|
||
Rationalization charges (income) |
|
1 |
|
|
|
1 |
|
|
|
|
|
4 |
|
|
|
(2 |
) |
|
|
||
Operating profit, as adjusted |
|
361 |
|
|
|
359 |
|
|
|
|
|
649 |
|
|
|
622 |
|
|
|
||
Operating margin, as adjusted |
|
21.3 |
% |
|
|
20.9 |
% |
|
|
|
|
20.2 |
% |
|
|
19.0 |
% |
|
|
||
Depreciation and amortization |
|
23 |
|
|
|
22 |
|
|
|
|
|
47 |
|
|
|
43 |
|
|
|
||
EBITDA, as adjusted |
$ |
385 |
|
|
$ |
381 |
|
|
|
|
$ |
695 |
|
|
$ |
665 |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
International |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales |
$ |
397 |
|
|
$ |
409 |
|
|
(3 |
)% |
|
$ |
797 |
|
|
$ |
833 |
|
|
(4 |
)% |
Operating profit, as reported |
$ |
61 |
|
|
$ |
66 |
|
|
|
|
$ |
126 |
|
|
$ |
138 |
|
|
|
||
Operating margin, as reported |
|
15.4 |
% |
|
|
16.1 |
% |
|
|
|
|
15.8 |
% |
|
|
16.6 |
% |
|
|
||
Rationalization charges |
|
1 |
|
|
|
— |
|
|
|
|
|
2 |
|
|
|
— |
|
|
|
||
Operating profit, as adjusted |
|
62 |
|
|
|
66 |
|
|
|
|
|
128 |
|
|
|
138 |
|
|
|
||
Operating margin, as adjusted |
|
15.6 |
% |
|
|
16.1 |
% |
|
|
|
|
16.1 |
% |
|
|
16.6 |
% |
|
|
||
Depreciation and amortization |
|
13 |
|
|
|
12 |
|
|
|
|
|
25 |
|
|
|
24 |
|
|
|
||
EBITDA, as adjusted |
$ |
75 |
|
|
$ |
78 |
|
|
|
|
$ |
153 |
|
|
$ |
162 |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales |
$ |
2,091 |
|
|
$ |
2,127 |
|
|
(2 |
)% |
|
$ |
4,017 |
|
|
$ |
4,106 |
|
|
(2 |
)% |
Operating profit, as reported - segment |
$ |
421 |
|
|
$ |
424 |
|
|
|
|
$ |
771 |
|
|
$ |
762 |
|
|
|
||
General corporate expense, net |
|
(24 |
) |
|
|
(21 |
) |
|
|
|
|
(55 |
) |
|
|
(44 |
) |
|
|
||
Operating profit, as reported |
|
397 |
|
|
|
403 |
|
|
|
|
|
715 |
|
|
|
718 |
|
|
|
||
Operating margin, as reported |
|
19.0 |
% |
|
|
18.9 |
% |
|
|
|
|
17.8 |
% |
|
|
17.5 |
% |
|
|
||
Rationalization charges (income) - segment |
|
2 |
|
|
|
1 |
|
|
|
|
|
6 |
|
|
|
(2 |
) |
|
|
||
Operating profit, as adjusted |
|
399 |
|
|
|
404 |
|
|
|
|
|
721 |
|
|
|
716 |
|
|
|
||
Operating margin, as adjusted |
|
19.1 |
% |
|
|
19.0 |
% |
|
|
|
|
17.9 |
% |
|
|
17.4 |
% |
|
|
||
Depreciation and amortization - segment |
|
36 |
|
|
|
34 |
|
|
|
|
|
72 |
|
|
|
67 |
|
|
|
||
Depreciation and amortization - other |
|
2 |
|
|
|
1 |
|
|
|
|
|
4 |
|
|
|
3 |
|
|
|
||
EBITDA, as adjusted |
$ |
437 |
|
|
$ |
439 |
|
|
|
|
$ |
797 |
|
|
$ |
786 |
|
|
|
Historical information is available on our website.
Amounts may not add due to rounding.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240725328908/en/
Investor Contact
Vice President, Investor Relations and FP&A
313.792.5500
robin_zondervan@mascohq.com
Source: