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Net sales decreased 2% to $2,091 million, while operating profit decreased 1% to $397 million.
Masco Corporation reported its second quarter 2024 results.
On a reported basis, compared to second quarter 2023, net sales decreased 2% to $2,091 million; in local currency and excluding acquisitions, net sales decreased 2%. Plumbing Products’ net sales increased 2%; in local currency and excluding acquisitions, net sales increased 1%. Decorative Architectural Products’ net sales decreased 7; in local currency, North American and International sales both decreased 1%.
Gross margin increased 130 basis points to 37.5% from 36.2%. Operating profit decreased 1% to $397 million from $403 million. Net income increased to $1.17 per share, compared to $1.16 per share. Liquidity at the end of the second quarter was $1,398 million (including availability under Masco’s 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 Keith Allman. “In the second quarter, we delivered strong adjusted operating profit margin of 19.1% and grew adjusted earnings per share by 1%. Additionally, our capital allocation strategy enabled us to return $206 million to shareholders though dividends and share repurchases.
“In the second half of the year, we anticipate ongoing demand headwinds as market conditions remain challenged,” added Allman. “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.”
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