Masco Corporation Reports First Quarter 2022 Results

Masco Corporation (“Masco”), one of the world’s leading manufacturers of branded home improvement and building products, reported its first quarter results.

2022 First Quarter Results

• On a reported basis, compared to first quarter 2021:
  • Net sales increased 12 percent to $2,201 million; in local currency and excluding acquisitions and divestitures, net sales increased 14 percent
  • In local currency, North American sales increased 14 percent and international sales increased 12 percent
  • Gross margin decreased 350 basis points to 32.0 percent from 35.5 percent
  • Operating profit decreased 3 percent to $353 million
  • Operating margin decreased 250 basis points to 16.0 percent from 18.5 percent
  • Net income increased to $0.97 per share, compared to $0.34 per share
• Compared to first 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 350 basis points to 32.1 percent from 35.6 percent
  • Operating profit decreased 3 percent to $356 million from $366 million
  • Operating margin decreased 240 basis points to 16.2 percent from 18.6 percent
  • Net income increased 7 percent to $0.95 per share from $0.89 per share
• Liquidity at the end of the first quarter was $1,216 million (including availability under our revolving credit facility)
• Plumbing Products’ net sales increased 9 percent; in local currency and excluding acquisitions and divestitures, sales increased 12 percent
• Decorative Architectural Products’ net sales increased 17 percent

“We achieved solid first quarter results,” said Masco President and CEO, Keith Allman. “We delivered strong sales growth of 12 percent and increased adjusted earnings per share by 7 percent. We also furthered our capital deployment by returning $431 million to shareholders through dividends and share repurchases during the quarter.”

“We are off to a strong start in 2022,” continued Allman. “Demand for our products remains healthy, and we are executing well to offset ongoing inflation while still driving volume growth. With this continued solid demand and our strong first quarter performance, we now anticipate our adjusted earnings per share for 2022 to be in the range of $4.15 to $4.35 per share, increased from our previous expectation of $4.10 to $4.30 per share,” concluded Allman.

For the full first quarter results, click here.

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.

Contact:

David Chaika – Vice President, Treasurer & Investor Relations – david_chaika@mascohq.com – (313) 792-5500

Source: Masco Corporation