Financial News

Masco Corporation Reports Fourth Quarter and 2023 Year-End Results

Highlights

  • Sales for the fourth quarter decreased 2 percent to $1,882 million
  • Operating profit for the quarter was $247 million; adjusted operating profit increased 16 percent to $272 million
  • Earnings per share for the quarter was $0.85 per share; adjusted earnings per share grew 28 percent to $0.83 per share
  • Anticipate 2024 earnings per share to be in the range of $4.00 – $4.25 per share
  • Board declares a quarterly dividend of $0.29 per share, a 2 percent increase, payable on March 11, 2024 to shareholders of record on February 22, 2024

Masco Corporation (NYSE: MAS), one of the world’s leading manufacturers of branded home improvement and building products, reported its fourth quarter and full-year 2023 results.

2023 Fourth Quarter Results

  • On a reported basis, compared to fourth quarter 2022:
    • Net sales decreased 2 percent to $1,882 million; in local currency and excluding acquisitions, net sales decreased 4 percent
    • In local currency, North American and international sales each decreased 3 percent
    • Gross margin increased 640 basis points to 34.7 percent from 28.3 percent
    • Operating profit increased 34 percent to $247 million from $185 million
    • Operating margin increased 350 basis points to 13.1 percent from 9.6 percent
    • Net income increased to $0.85 per share, compared to $0.51 per share
  • Compared to fourth quarter 2022, results for key financial measures, as adjusted for certain items (see Exhibit A) and with a normalized tax rate of 24.5 percent (24 percent for 2022), were as follows:
    • Gross margin increased 560 basis points to 35.1 percent from 29.5 percent
    • Operating profit increased 16 percent to $272 million from $234 million
    • Operating margin increased 230 basis points to 14.5 percent from 12.2 percent
    • Net income increased 28 percent to $0.83 per share, compared to $0.65 per share
  • Liquidity at the end of the fourth quarter was $1,634 million (including availability under revolving credit facility)
  • Plumbing Products’ net sales increased 1 percent; in local currency and excluding acquisitions, net sales decreased 2 percent
  • Decorative Architectural Products’ net sales decreased 7 percent

2023 Full Year Highlights

  • Sales for the year decreased 8 percent to $7,967 million
  • Operating profit increased 4 percent to $1,348 million; adjusted operating profit decreased 1 percent to $1,336 million
  • Operating margin increased 200 basis points to 16.9 percent from 14.9 percent; adjusted operating margin increased 120 basis points to 16.8 percent from 15.6 percent
  • Returned $610 million to shareholders through share repurchases and dividends
  • Earnings per share for the year increased 11 percent to $4.02 per share; adjusted earnings per share increased 2 percent to $3.86 per share from $3.77 per share

2023 Full Year Results

  • On a reported basis, compared to full year 2022:
    • Net sales decreased 8 percent to $7,967 million; in local currency and excluding acquisitions, net sales decreased 8 percent
    • In local currency, North American sales decreased 9 percent and international sales decreased 6 percent
    • Gross margin increased 430 basis points to 35.6 percent from 31.3 percent
    • Operating profit increased 4 percent to $1,348 million from $1,297 million
    • Operating margin increased 200 basis points to 16.9 percent from 14.9 percent
    • Net income increased to $4.02 per share, compared to $3.63 per share
  • Compared to full year 2022, results for key financial measures, as adjusted for certain items (see Exhibit A) and with a normalized tax rate of 24.5 percent (24 percent for 2022), were as follows:
    • Gross margin increased 360 basis points to 35.2 percent from 31.6 percent
    • Operating profit decreased 1 percent to $1,336 million from $1,355 million
    • Operating margin increased 120 basis points to 16.8 percent from 15.6 percent
    • Net income increased to $3.86 per share, compared to $3.77 per share

“We finished the year strong by delivering fourth quarter adjusted operating profit margin expansion of 230 basis points and adjusted earnings per share growth of 28 percent,” said Keith Allman, Masco’s President and Chief Executive Officer. “Additionally, we continued our focus on disciplined capital allocation and returned $291 million to shareholders in the quarter through dividends and share repurchases.”

“For the full year 2023, we achieved strong adjusted operating margin expansion of 120 basis points through disciplined pricing and improved operational efficiencies,” continued Allman. “With this strong execution, we delivered adjusted earnings per share growth of 2 percent despite weaker end-markets and lower volume. Our strong cash flow also enabled us to deploy nearly $1 billion toward capital expenditures, acquisitions, share repurchases and dividends.”

“In 2024, we believe demand is stabilizing and expect our sales to be approximately flat for the full year in a market that is flat to down low single digits,” said Allman. “Based on this market outlook and our expected operating performance and capital deployment actions, we anticipate full year adjusted earnings per share to be in the range of $4.00 to $4.25 per share. With our industry leading repair and remodel-oriented products in diverse channels, strong balance sheet, and disciplined capital allocation, we believe Masco is well positioned to deliver long-term shareholder value.”

Dividend Declaration

Masco’s Board of Directors declared a quarterly dividend of $0.29 per share, payable on March 11, 2024 to shareholders of record on February 22, 2024.

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; Liberty® branded decorative and functional hardware; 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 2023 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 Thursday, February 8, 2024 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 888-259-6580 and from outside the U.S. at 206-962-3782. Please use the conference identification number 96682919.

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 877-674-7070 and from outside the U.S. at 416-764-8692. Please use the playback passcode 682919#. The telephone replay will be available approximately two hours after the end of the call and continue through March 9, 2024.

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 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, 2023 and 2022

(in millions, except per common share data)

 

Three Months Ended

December 31,

 

Year Ended

December 31,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Net sales

$

1,882

 

 

$

1,923

 

 

$

7,967

 

 

$

8,680

 

Cost of sales

 

1,228

 

 

 

1,378

 

 

 

5,131

 

 

 

5,967

 

Gross profit

 

653

 

 

 

545

 

 

 

2,836

 

 

 

2,713

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

391

 

 

 

334

 

 

 

1,473

 

 

 

1,390

 

Impairment charges for goodwill and other intangible assets

 

15

 

 

 

26

 

 

 

15

 

 

 

26

 

Operating profit

 

247

 

 

 

185

 

 

 

1,348

 

 

 

1,297

 

 

 

 

 

 

 

 

 

Other income (expense), net:

 

 

 

 

 

 

 

Interest expense

 

(25

)

 

 

(26

)

 

 

(106

)

 

 

(108

)

Other, net

 

10

 

 

 

 

 

 

(4

)

 

 

4

 

 

 

(15

)

 

 

(26

)

 

 

(110

)

 

 

(104

)

Income before income taxes

 

233

 

 

 

159

 

 

 

1,238

 

 

 

1,193

 

 

 

 

 

 

 

 

 

Income tax expense

 

32

 

 

 

33

 

 

 

278

 

 

 

288

 

Net income

 

200

 

 

 

126

 

 

 

960

 

 

 

905

 

 

 

 

 

 

 

 

 

Less: Net income attributable to noncontrolling interest

 

9

 

 

 

11

 

 

 

52

 

 

 

61

 

Net income attributable to Masco Corporation

$

191

 

 

$

115

 

 

$

908

 

 

$

844

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

Net income

$

0.85

 

 

$

0.51

 

 

$

4.02

 

 

$

3.63

 

 

 

 

 

 

 

 

 

Average diluted common shares outstanding

 

224

 

 

 

227

 

 

 

226

 

 

 

232

 

Historical information is available on our website.

Amounts may not add due to rounding.

MASCO CORPORATION

Exhibit A: Reconciliations - Unaudited

For the Three Months and Years Ended December 31, 2023 and 2022

(dollars in millions)

 

Three Months Ended

December 31,

 

Year Ended

December 31,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

1,882

 

 

$

1,923

 

 

$

7,967

 

 

$

8,680

 

 

 

 

 

 

 

 

 

Gross profit, as reported

$

653

 

 

$

545

 

 

$

2,836

 

 

$

2,713

 

Rationalization charges

 

7

 

 

 

23

 

 

 

9

 

 

 

32

 

Insurance settlement (1)

 

 

 

 

 

 

 

(40

)

 

 

 

Gross profit, as adjusted

$

660

 

 

$

568

 

 

$

2,805

 

 

$

2,745

 

 

 

 

 

 

 

 

 

Gross margin, as reported

 

34.7

%

 

 

28.3

%

 

 

35.6

%

 

 

31.3

%

Gross margin, as adjusted

 

35.1

%

 

 

29.5

%

 

 

35.2

%

 

 

31.6

%

 

 

 

 

 

 

 

 

Selling, general and administrative expenses, as reported

$

391

 

 

$

334

 

 

$

1,473

 

 

$

1,390

 

Rationalization charges

 

3

 

 

 

 

 

 

4

 

 

 

 

Selling, general and administrative expenses, as adjusted

$

388

 

 

$

334

 

 

$

1,469

 

 

$

1,390

 

 

 

 

 

 

 

 

 

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

 

20.8

%

 

 

17.4

%

 

 

18.5

%

 

 

16.0

%

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

 

20.6

%

 

 

17.4

%

 

 

18.4

%

 

 

16.0

%

 

 

 

 

 

 

 

 

Operating profit, as reported

$

247

 

 

$

185

 

 

$

1,348

 

 

$

1,297

 

Rationalization charges

 

10

 

 

 

23

 

 

 

13

 

 

 

32

 

Impairment charges for goodwill and other intangible assets

 

15

 

 

 

26

 

 

 

15

 

 

 

26

 

Insurance settlement (1)

 

 

 

 

 

 

 

(40

)

 

 

 

Operating profit, as adjusted

$

272

 

 

$

234

 

 

$

1,336

 

 

$

1,355

 

 

 

 

 

 

 

 

 

Operating margin, as reported

 

13.1

%

 

 

9.6

%

 

 

16.9

%

 

 

14.9

%

Operating margin, as adjusted

 

14.5

%

 

 

12.2

%

 

 

16.8

%

 

 

15.6

%

(1)

 

Represents income for the year ended December 31, 2023 from the receipt of an insurance settlement payment.

Historical information is available on our website.

Amounts may not add due to rounding.

MASCO CORPORATION

Exhibit A: Reconciliations - Unaudited

For the Three Months and Years Ended December 31, 2023 and 2022

 

(in millions, except per common share data)

Three Months Ended

December 31,

 

Year Ended

December 31,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Income Per Common Share Reconciliations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes, as reported

$

233

 

 

$

159

 

 

$

1,238

 

 

$

1,193

 

Rationalization charges

 

10

 

 

 

23

 

 

 

13

 

 

 

32

 

Impairment charges for goodwill and other intangible assets

 

15

 

 

 

26

 

 

 

15

 

 

 

26

 

Fair value adjustment to contingent earnout obligation (1)

 

 

 

 

 

 

 

 

 

 

(24

)

(Gain) on sale of business (2)

 

 

 

 

 

 

 

 

 

 

(2

)

Realized (gains) from private equity funds

 

 

 

 

 

 

 

(1

)

 

 

 

Loss from equity investments, net

 

 

 

 

 

 

 

1

 

 

 

6

 

Insurance settlement (3)

 

 

 

 

 

 

 

(40

)

 

 

 

Income before income taxes, as adjusted

 

257

 

 

 

208

 

 

 

1,226

 

 

 

1,231

 

Tax at 24.5% rate (24% for 2022)

 

(63

)

 

 

(49

)

 

 

(300

)

 

 

(295

)

Less: Net income attributable to noncontrolling interest

 

9

 

 

 

11

 

 

 

52

 

 

 

61

 

Net income, as adjusted

$

185

 

 

$

148

 

 

$

873

 

 

$

875

 

 

 

 

 

 

 

 

 

Net income per common share, as adjusted

$

0.83

 

 

$

0.65

 

 

$

3.86

 

 

$

3.77

 

 

 

 

 

 

 

 

 

Average diluted common shares outstanding

 

224

 

 

 

227

 

 

 

226

 

 

 

232

 

(1)

 

Represents income for the year ended December 31, 2022 from the revaluation of contingent consideration related to a prior acquisition.

(2)

 

Represents a pre-tax post-closing gain related to the finalization of working capital items related to the divestiture of Hüppe GmbH for the year ended December 31, 2022.

(3)

 

Represents income for year ended December 31, 2023 from the receipt of an insurance settlement payment.

Outlook for the Year Ended December 31, 2024

 

 

Year Ended December 31, 2024

 

Low End

 

High End

Income Per Common Share Reconciliation

 

 

 

 

 

 

 

Net income per common share

$

4.00

 

$

4.25

Rationalization charges

 

 

 

Net income per common share, as adjusted

$

4.00

 

$

4.25

Historical information is available on our website.

Amounts may not add due to rounding.

MASCO CORPORATION

Condensed Consolidated Balance Sheets and Other Financial Data - Unaudited

December 31, 2023 and 2022

 

(dollars in millions)

 

December 31, 2023

 

December 31, 2022

Balance Sheet

 

 

 

 

Assets

 

 

 

 

Current assets:

 

 

 

 

Cash and cash investments

 

$

634

 

$

452

 

Receivables

 

 

1,090

 

 

1,149

 

Inventories

 

 

1,022

 

 

1,236

 

Prepaid expenses and other

 

 

110

 

 

109

 

Total current assets

 

 

2,856

 

 

2,946

 

 

 

 

 

 

Property and equipment, net

 

 

1,121

 

 

975

 

Goodwill

 

 

604

 

 

537

 

Other intangible assets, net

 

 

377

 

 

350

 

Operating lease right-of-use assets

 

 

268

 

 

266

 

Other assets

 

 

139

 

 

113

 

Total assets

 

$

5,363

 

$

5,187

 

 

 

 

 

 

Liabilities

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

840

 

$

877

 

Notes payable

 

 

3

 

 

205

 

Accrued liabilities

 

 

852

 

 

807

 

Total current liabilities

 

 

1,695

 

 

1,889

 

 

 

 

 

 

Long-term debt

 

 

2,945

 

 

2,946

 

Noncurrent operating lease liabilities

 

 

258

 

 

255

 

Other liabilities

 

 

349

 

 

339

 

Total liabilities

 

 

5,247

 

 

5,429

 

 

 

 

 

 

Redeemable noncontrolling interest

 

 

18

 

 

20

 

 

 

 

 

 

Equity

 

 

98

 

 

(262

)

Total liabilities and equity

 

$

5,363

 

$

5,187

 

 

As of December 31,

 

 

2023

 

 

 

2022

 

Other Financial Data

 

 

 

Working capital days

 

 

 

Receivable days

 

52

 

 

 

53

 

Inventory days

 

77

 

 

 

80

 

Payable days

 

70

 

 

 

68

 

Working capital

$

1,272

 

 

$

1,508

 

Working capital as a % of sales (LTM)

 

16.0

%

 

 

17.4

%

Historical information is available on our website.

Amounts may not add due to rounding.

MASCO CORPORATION

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

For the Years Ended December 31, 2023 and 2022

 

 

(dollars in millions)

 

Year Ended December 31,

 

 

2023

 

 

 

2022

 

Cash Flows From (For) Operating Activities:

 

 

 

Cash provided by operating activities

$

1,172

 

 

$

1,123

 

Working capital changes

 

241

 

 

 

(283

)

Net cash from operating activities

 

1,413

 

 

 

840

 

 

 

 

 

Cash Flows From (For) Financing Activities:

 

 

 

Purchase of Company common stock

 

(353

)

 

 

(914

)

Cash dividends paid

 

(257

)

 

 

(258

)

Dividends paid to noncontrolling interest

 

(49

)

 

 

(68

)

Proceeds from short-term borrowings

 

77

 

 

 

 

Payment of short-term borrowings

 

(77

)

 

 

 

Proceeds from term loan

 

 

 

 

500

 

Payment of term loan

 

(200

)

 

 

(300

)

Proceeds from the exercise of stock options

 

38

 

 

 

1

 

Employee withholding taxes paid on stock-based compensation

 

(29

)

 

 

(17

)

Payment of debt

 

(5

)

 

 

(10

)

Net cash for financing activities

 

(854

)

 

 

(1,066

)

 

 

 

 

Cash Flows From (For) Investing Activities:

 

 

 

Capital expenditures

 

(243

)

 

 

(224

)

Acquisition of business, net of cash acquired

 

(136

)

 

 

 

Other, net

 

(4

)

 

 

(6

)

Net cash for investing activities

 

(383

)

 

 

(230

)

 

 

 

 

Effect of exchange rate changes on cash and cash investments

 

6

 

 

 

(18

)

 

 

 

 

Cash and Cash Investments:

 

 

 

Increase (decrease) for the year

 

182

 

 

 

(474

)

At January 1

 

452

 

 

 

926

 

At December 31

$

634

 

 

$

452

 

 

As of December 31,

 

 

2023

 

 

2022

Liquidity

 

 

 

Cash and cash investments

$

634

 

$

452

Revolver availability

 

1,000

 

 

1,000

Total Liquidity

$

1,634

 

$

1,452

Historical information is available on our website.

Amounts may not add due to rounding.

MASCO CORPORATION

Segment Data - Unaudited

For the Three Months and Years Ended December 31, 2023 and 2022

 

(dollars in millions)

 

Three Months Ended

December 31,

 

 

 

Year Ended

December 31,

 

 

 

 

2023

 

 

 

2022

 

 

Change

 

 

2023

 

 

 

2022

 

 

Change

Plumbing Products

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

1,204

 

 

$

1,196

 

 

1%

 

$

4,842

 

 

$

5,252

 

 

(8)%

Operating profit, as reported

$

189

 

 

$

133

 

 

 

 

$

861

 

 

$

819

 

 

 

Operating margin, as reported

 

15.7

%

 

 

11.1

%

 

 

 

 

17.8

%

 

 

15.6

%

 

 

Rationalization charges

 

9

 

 

 

10

 

 

 

 

 

8

 

 

 

10

 

 

 

Accelerated depreciation related to rationalization activity

 

1

 

 

 

5

 

 

 

 

 

1

 

 

 

5

 

 

 

Operating profit, as adjusted

 

198

 

 

 

148

 

 

 

 

 

870

 

 

 

834

 

 

 

Operating margin, as adjusted

 

16.4

%

 

 

12.4

%

 

 

 

 

18.0

%

 

 

15.9

%

 

 

Depreciation and amortization

 

30

 

 

 

25

 

 

 

 

 

106

 

 

 

98

 

 

 

EBITDA, as adjusted

$

228

 

 

$

173

 

 

 

 

$

976

 

 

$

932

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Decorative Architectural Products

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

677

 

 

$

727

 

 

(7)%

 

$

3,125

 

 

$

3,428

 

 

(9)%

Operating profit, as reported

$

85

 

 

$

67

 

 

 

 

$

578

 

 

$

565

 

 

 

Operating margin, as reported

 

12.6

%

 

 

9.2

%

 

 

 

 

18.5

%

 

 

16.5

%

 

 

Rationalization charges

 

 

 

 

8

 

 

 

 

 

4

 

 

 

16

 

 

 

Accelerated depreciation related to rationalization activity

 

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

Impairment charges for goodwill and other intangible assets

 

15

 

 

 

26

 

 

 

 

 

15

 

 

 

26

 

 

 

Insurance settlement

 

 

 

 

 

 

 

 

 

(40

)

 

 

 

 

 

Operating profit, as adjusted

 

100

 

 

 

101

 

 

 

 

 

557

 

 

 

608

 

 

 

Operating margin, as adjusted

 

14.8

%

 

 

13.9

%

 

 

 

 

17.8

%

 

 

17.7

%

 

 

Depreciation and amortization

 

10

 

 

 

8

 

 

 

 

 

35

 

 

 

33

 

 

 

EBITDA, as adjusted

$

110

 

 

$

109

 

 

 

 

$

592

 

 

$

641

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

1,882

 

 

$

1,923

 

 

(2)%

 

$

7,967

 

 

$

8,680

 

 

(8)%

Operating profit, as reported - segment

$

274

 

 

$

200

 

 

 

 

$

1,439

 

 

$

1,384

 

 

 

General corporate expense, net

 

(26

)

 

 

(15

)

 

 

 

 

(91

)

 

 

(87

)

 

 

Operating profit, as reported

 

247

 

 

 

185

 

 

 

 

 

1,348

 

 

 

1,297

 

 

 

Operating margin, as reported

 

13.1

%

 

 

9.6

%

 

 

 

 

16.9

%

 

 

14.9

%

 

 

Rationalization charges - segment

 

9

 

 

 

18

 

 

 

 

 

12

 

 

 

26

 

 

 

Accelerated depreciation related to rationalization activity - segment

 

1

 

 

 

5

 

 

 

 

 

1

 

 

 

6

 

 

 

Impairment charges for goodwill and other intangible assets

 

15

 

 

 

26

 

 

 

 

 

15

 

 

 

26

 

 

 

Insurance settlement

 

 

 

 

 

 

 

 

 

(40

)

 

 

 

 

 

Operating profit, as adjusted

 

272

 

 

 

234

 

 

 

 

 

1,336

 

 

 

1,355

 

 

 

Operating margin, as adjusted

 

14.5

%

 

 

12.2

%

 

 

 

 

16.8

%

 

 

15.6

%

 

 

Depreciation and amortization - segment

 

40

 

 

 

33

 

 

 

 

 

141

 

 

 

131

 

 

 

Depreciation and amortization - other

 

2

 

 

 

2

 

 

 

 

 

7

 

 

 

8

 

 

 

EBITDA, as adjusted

$

314

 

 

$

269

 

 

 

 

$

1,485

 

 

$

1,494

 

 

 

Historical information is available on our website.

Amounts may not add due to rounding.

MASCO CORPORATION

North American and International Data - Unaudited

For the Three Months and Years Ended December 31, 2023 and 2022

 

(dollars in millions)

 

Three Months Ended

December 31,

 

 

 

Year Ended

December 31,

 

 

 

 

2023

 

 

 

2022

 

 

Change

 

 

2023

 

 

 

2022

 

 

Change

North American

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

1,508

 

 

$

1,547

 

 

(3)%

 

$

6,384

 

 

$

6,978

 

 

(9)%

Operating profit, as reported

$

238

 

 

$

155

 

 

 

 

$

1,210

 

 

$

1,116

 

 

 

Operating margin, as reported

 

15.8

%

 

 

10.0

%

 

 

 

 

19.0

%

 

 

16.0

%

 

 

Rationalization charges

 

2

 

 

 

18

 

 

 

 

 

5

 

 

 

26

 

 

 

Accelerated depreciation related to rationalization activity

 

1

 

 

 

5

 

 

 

 

 

1

 

 

 

6

 

 

 

Impairment charges for goodwill and other intangible assets

 

15

 

 

 

26

 

 

 

 

 

15

 

 

 

26

 

 

 

Insurance settlement

 

 

 

 

 

 

 

 

 

(40

)

 

 

 

 

 

Operating profit, as adjusted

 

256

 

 

 

204

 

 

 

 

 

1,191

 

 

 

1,174

 

 

 

Operating margin, as adjusted

 

17.0

%

 

 

13.2

%

 

 

 

 

18.7

%

 

 

16.8

%

 

 

Depreciation and amortization

 

24

 

 

 

20

 

 

 

 

 

89

 

 

 

84

 

 

 

EBITDA, as adjusted

$

280

 

 

$

224

 

 

 

 

$

1,280

 

 

$

1,258

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

373

 

 

$

376

 

 

(1)%

 

$

1,583

 

 

$

1,702

 

 

(7)%

Operating profit, as reported

$

36

 

 

$

45

 

 

 

 

$

229

 

 

$

268

 

 

 

Operating margin, as reported

 

9.7

%

 

 

12.0

%

 

 

 

 

14.5

%

 

 

15.7

%

 

 

Rationalization charges

 

7

 

 

 

 

 

 

 

 

7

 

 

 

 

 

 

Operating profit, as adjusted

 

43

 

 

 

45

 

 

 

 

 

236

 

 

 

268

 

 

 

Operating margin, as adjusted

 

11.5

%

 

 

12.0

%

 

 

 

 

14.9

%

 

 

15.7

%

 

 

Depreciation and amortization

 

16

 

 

 

13

 

 

 

 

 

53

 

 

 

47

 

 

 

EBITDA, as adjusted

$

59

 

 

$

58

 

 

 

 

$

289

 

 

$

315

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

1,882

 

 

$

1,923

 

 

(2)%

 

$

7,967

 

 

$

8,680

 

 

(8)%

Operating profit, as reported - segment

$

274

 

 

$

200

 

 

 

 

$

1,439

 

 

$

1,384

 

 

 

General corporate expense, net

 

(26

)

 

 

(15

)

 

 

 

 

(91

)

 

 

(87

)

 

 

Operating profit, as reported

 

247

 

 

 

185

 

 

 

 

 

1,348

 

 

 

1,297

 

 

 

Operating margin, as reported

 

13.1

%

 

 

9.6

%

 

 

 

 

16.9

%

 

 

14.9

%

 

 

Rationalization charges - segment

 

9

 

 

 

18

 

 

 

 

 

12

 

 

 

26

 

 

 

Accelerated depreciation related to rationalization activity - segment

 

1

 

 

 

5

 

 

 

 

 

1

 

 

 

6

 

 

 

Impairment charges for goodwill and other intangible assets

 

15

 

 

 

26

 

 

 

 

 

15

 

 

 

26

 

 

 

Insurance settlement

 

 

 

 

 

 

 

 

 

(40

)

 

 

 

 

 

Operating profit, as adjusted

 

272

 

 

 

234

 

 

 

 

 

1,336

 

 

 

1,355

 

 

 

Operating margin, as adjusted

 

14.5

%

 

 

12.2

%

 

 

 

 

16.8

%

 

 

15.6

%

 

 

Depreciation and amortization - segment

 

40

 

 

 

33

 

 

 

 

 

141

 

 

 

131

 

 

 

Depreciation and amortization - other

 

2

 

 

 

2

 

 

 

 

 

7

 

 

 

8

 

 

 

EBITDA, as adjusted

$

314

 

 

$

269

 

 

 

 

$

1,485

 

 

$

1,494

 

 

 

Historical information is available on our website.

Amounts may not add due to rounding.

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