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Net sales decreased 3% to $1,926 million, while operating profit increased 1% to $318 million.
Masco Corporation reported its first quarter 2024 results.
On a reported basis, compared to first quarter 2023:
• Net sales decreased 3% to $1,926 million; in local currency and excluding acquisitions, net sales decreased 4%
• Plumbing Products’ net sales decreased 2%; in local currency and excluding acquisitions, net sales decreased 4%
• Decorative Architectural Products’ net sales decreased 3%
• In local currency, North American sales decreased 2% and international sales decreased 5%
• Gross margin increased 180 basis points to 35.6% from 33.8%
• Operating profit increased 1% to $318 million from $315 million
• Operating margin increased 60 basis points to 16.5% from 15.9%
“We delivered another quarter of strong results,” said Keith Allman, Masco president and CEO. “We expanded adjusted operating profit margin by 90 basis points and grew adjusted earnings per share by 8% through improved operational efficiencies and our continued focus on execution. Additionally, our balanced capital allocation strategy enabled us to return $212 million to shareholders through dividends and share repurchases during the quarter.
“With the year beginning largely as expected, we continue to anticipate that 2024 adjusted earnings per share will be in the range of $4.00 to $4.25 per share,” said Allman. “Through our ongoing investments in our market leading brands, innovation, and service and our disciplined capital allocation strategy, we are confident in Masco’s ability to continue to deliver long-term shareholder value.”
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