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Masco Corporation Reports Second Quarter 2021 Results

Nachrichtenquelle: Business Wire (engl.)
29.07.2021, 13:00  |  111   |   |   

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

“Our business performed exceptionally well during the second quarter, demonstrating the strength, diversification and resilience of our business,” said Masco President and CEO, Keith Allman. “We delivered our fourth consecutive quarter of double-digit sales growth, and our sixth consecutive quarter of adjusted margin expansion and double-digit adjusted earnings per share growth. We also continued our capital deployment strategy and leveraged our strong free cash flow by returning $507 million to shareholders through dividends and share repurchases during the quarter. Finally, we further improved our balance sheet and reduced future cash contributions by settling our domestic qualified defined-benefit pension plans during the quarter.”

2021 Second Quarter Commentary

  • On a reported basis, compared to second quarter 2020:
    • Net sales increased 24 percent to $2,179 million; in local currency and excluding acquisitions and divestitures, net sales increased 18 percent
    • In local currency, North American sales increased 15 percent and international sales increased 50 percent
    • Gross margins increased 70 basis points to 36.3 percent from 35.6 percent
    • Operating profit increased 29 percent to $437 million
    • Operating margins increased 90 basis points to 20.1 percent from 19.2 percent
    • (Loss) income from continuing operations was $(0.14) per share, compared to $0.80 per share, due to the settlement of domestic qualified defined-benefit pension plans
  • Compared to second quarter 2020, 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 margins increased 50 basis points to 36.3 percent compared to 35.8 percent
    • Operating profit increased 27 percent to $438 million from $344 million
    • Operating margins increased 60 basis points to 20.1 percent compared to 19.5 percent
    • Income from continuing operations increased to $1.14 per share, compared to $0.85 per share
  • Liquidity as of June 30, 2021 was $1,769 million (including availability under our revolving credit facility)
  • Plumbing Products’ net sales increased 53 percent; in local currency and excluding acquisitions and divestitures, sales increased 44 percent
  • Decorative Architectural Products’ net sales decreased five percent; in local currency and excluding acquisitions, sales decreased seven percent

“We continue to see robust demand for our products across our end markets,” stated Allman. “We are effectively managing supply chain tightness and escalating logistics inflation to deliver value for our customers and our shareholders. Based on our strong performance for the first half of 2021 and continued strong demand in our international business and trade channel, we now anticipate earnings per share to be in the range of $3.65 to $3.75 per share, increased from our previous expectation of $3.50 to $3.70 per share,” concluded Allman.

Dividend Declaration

Masco’s Board of Directors declared a quarterly dividend of $0.235 per common share, payable on August 30, 2021, to shareholders of record on August 13, 2021.

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.

The second quarter 2021 supplemental material, including a presentation in PDF format, is available on Masco’s website at www.masco.com.

Conference Call Detail

A conference call regarding items contained in this release is scheduled for Thursday, July 29, 2021 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 (855) 226-2726 (855-22MASCO) and from outside the U.S. at (706) 679-3614. Please use the conference identification number 8935219. The conference call will be webcast simultaneously and in its entirety through Masco’s website. Shareholders, media representatives and others interested in Masco may participate in the webcast by registering through the Investor Relations section on Masco’s website.

A replay of the call will be available on Masco’s website or by phone by dialing (855) 859-2056 and from outside the U.S. at (404) 537-3406. Please use the conference identification number 8935219. The telephone replay will be available approximately two hours after the end of the call and continue through August 29, 2021.

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 and reputation and to develop innovative products, our ability to maintain our competitive position in our industries, our reliance on key customers, the length and severity of the ongoing COVID-19 pandemic, including its impact on domestic and international economic activity, consumer confidence, our production capabilities, our employees and our supply chain; the cost and availability of materials and the imposition of tariffs, our dependence on third-party suppliers, 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 and may acquire, our ability to attract, develop and retain talented and diverse personnel, risks associated with our reliance on information systems and technology, and our ability to achieve the anticipated benefits from our investments in new 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 and Six Months Ended June 30, 2021 and 2020

(in millions, except per common share data)

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2021

 

2020

 

2021

 

2020

Net sales

$

2,179

 

 

$

1,764

 

 

$

4,149

 

 

$

3,345

 

Cost of sales

1,388

 

 

1,136

 

 

2,658

 

 

2,170

 

Gross profit

791

 

 

628

 

 

1,491

 

 

1,175

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

354

 

 

289

 

 

689

 

 

611

 

Operating profit

437

 

 

339

 

 

802

 

 

564

 

 

 

 

 

 

 

 

 

Other income (expense), net:

 

 

 

 

 

 

 

Interest expense

(25

)

 

(35

)

 

(227

)

 

(70

)

Other, net

(415

)

 

(2

)

 

(421

)

 

(18

)

 

(440

)

 

(37

)

 

(648

)

 

(88

)

(Loss) income from continuing operations before income taxes

(3

)

 

302

 

 

154

 

 

476

 

 

 

 

 

 

 

 

 

Income tax expense

12

 

 

82

 

 

55

 

 

115

 

(Loss) income from continuing operations

(15

)

 

220

 

 

99

 

 

361

 

 

 

 

 

 

 

 

 

Income from discontinued operations, net

 

 

14

 

 

 

 

411

 

Net (loss) income

(15

)

 

234

 

 

99

 

 

772

 

 

 

 

 

 

 

 

 

Less: Net income attributable to noncontrolling interest

21

 

 

10

 

 

41

 

 

18

 

Net (loss) income attributable to Masco Corporation

$

(36

)

 

$

224

 

 

$

58

 

 

$

754

 

 

 

 

 

 

 

 

 

(Loss) income per common share attributable to Masco Corporation (diluted):

 

 

 

 

 

 

 

(Loss) income from continuing operations

$

(0.14

)

 

$

0.80

 

 

$

0.20

 

 

$

1.27

 

Income from discontinued operations, net

 

 

0.05

 

 

 

 

1.53

 

Net (loss) income

$

(0.14

)

 

$

0.85

 

 

$

0.20

 

 

$

2.80

 

 

 

 

 

 

 

 

 

Average diluted common shares outstanding

252

 

 

263

 

 

256

 

 

268

 

 

 

 

 

 

 

 

 

Amounts attributable to Masco Corporation:

 

 

 

 

 

 

 

(Loss) income from continuing operations

$

(36

)

 

$

210

 

 

$

58

 

 

$

343

 

Income from discontinued operations, net

 

 

14

 

 

 

 

411

 

Net (loss) income attributable to Masco Corporation

$

(36

)

 

$

224

 

 

$

58

 

 

$

754

 

 

Historical information is available on our website.

MASCO CORPORATION

Exhibit A: Reconciliations - Unaudited

For the Three and Six Months Ended June 30, 2021 and 2020

(dollars in millions)

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2021

 

2020

 

2021

 

2020

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

2,179

 

 

$

1,764

 

 

$

4,149

 

 

$

3,345

 

 

 

 

 

 

 

 

 

Gross profit, as reported

$

791

 

 

$

628

 

 

$

1,491

 

 

$

1,175

 

Rationalization charges

1

 

 

3

 

 

2

 

 

6

 

Gross profit, as adjusted

$

792

 

 

$

631

 

 

$

1,493

 

 

$

1,181

 

 

 

 

 

 

 

 

 

Gross margin, as reported

36.3

%

 

35.6

%

 

35.9

%

 

35.1

%

Gross margin, as adjusted

36.3

%

 

35.8

%

 

36.0

%

 

35.3

%

 

 

 

 

 

 

 

 

Selling, general and administrative expenses, as reported

$

354

 

 

$

289

 

 

$

689

 

 

$

611

 

Rationalization charges

 

 

2

 

 

 

 

2

 

Selling, general and administrative expenses, as adjusted

$

354

 

 

$

287

 

 

$

689

 

 

$

609

 

 

 

 

 

 

 

 

 

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

16.2

%

 

16.4

%

 

16.6

%

 

18.3

%

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

16.2

%

 

16.3

%

 

16.6

%

 

18.2

%

 

 

 

 

 

 

 

 

Operating profit, as reported

$

437

 

 

$

339

 

 

$

802

 

 

$

564

 

Rationalization charges

1

 

 

5

 

 

2

 

 

8

 

Operating profit, as adjusted

$

438

 

 

$

344

 

 

$

804

 

 

$

572

 

 

 

 

 

 

 

 

 

Operating margin, as reported

20.1

%

 

19.2

%

 

19.3

%

 

16.9

%

Operating margin, as adjusted

20.1

%

 

19.5

%

 

19.4

%

 

17.1

%

 

Historical information is available on our website.

MASCO CORPORATION

Exhibit A: Reconciliations - Unaudited

For the Three and Six Months Ended June 30, 2021 and 2020

(in millions, except per common share data)

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2021

 

2020

 

2021

 

2020

Income Per Common Share Reconciliations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) income from continuing operations before income taxes, as reported

$

(3

)

 

$

302

 

 

$

154

 

 

$

476

 

Rationalization charges

1

 

 

5

 

 

2

 

 

8

 

Pension costs associated with terminated plans

413

 

 

5

 

 

422

 

 

11

 

Loss on sale of business

18

 

 

 

 

18

 

 

 

(Gain) on preferred stock redemption

(14

)

 

 

 

(14

)

 

 

(Earnings) from equity investments, net

 

 

 

 

(2

)

 

 

Loss on extinguishment of debt

 

 

 

 

168

 

 

 

Income from continuing operations before income taxes, as adjusted

415

 

 

312

 

 

748

 

 

495

 

Tax at 25% rate

(104

)

 

(78

)

 

(187

)

 

(124

)

Less: Net income attributable to noncontrolling interest

21

 

 

10

 

 

41

 

 

18

 

Income from continuing operations, as adjusted

$

290

 

 

$

224

 

 

$

520

 

 

$

353

 

 

 

 

 

 

 

 

 

Income from continuing operations per common share, as adjusted

$

1.14

 

 

$

0.85

 

 

$

2.03

 

 

$

1.32

 

 

 

 

 

 

 

 

 

Average diluted common shares outstanding, as reported

252

 

 

263

 

 

256

 

 

268

 

Stock option dilution (1)

2

 

 

 

 

 

 

 

Average diluted common shares outstanding, as adjusted

254

 

 

263

 

 

256

 

 

268

 

(1)

 

For the three months ended June 30, 2021, 2 million of stock option dilution was included in the average diluted common shares outstanding, as adjusted to reflect what the average diluted common shares outstanding would have been if there was income from continuing operations, as reported.

Outlook for the Twelve Months Ended December 31, 2021

 

 

Twelve Months Ended December 31, 2021

 

Low End

 

High End

Income Per Common Share Outlook

 

 

 

 

 

 

 

Income from continuing operations per common share

$

1.74

 

 

$

1.84

 

Rationalization charges

0.02

 

 

0.02

 

Pension costs associated with terminated plans (1)

1.32

 

 

1.32

 

Loss on sale of business

0.05

 

 

0.05

 

(Gain) on preferred stock redemption

(0.04

)

 

(0.04

)

Loss on extinguishment of debt

0.53

 

 

0.53

 

Allocation to participating securities per share (2)

0.03

 

 

0.03

 

Income from continuing operations per common share, as adjusted

$

3.65

 

 

$

3.75

 

(1)

Represents costs associated with our qualified domestic defined-benefit pension plans that were settled in the second quarter of 2021.

(2)

Represents the impact of distributed dividends and undistributed earnings to unvested restricted stock awards as well as an allocation to redeemable noncontrolling interest in accordance with the two-class method of calculating earnings per share.

Historical information is available on our website.

MASCO CORPORATION

Condensed Consolidated Balance Sheets and Other Financial Data - Unaudited

June 30, 2021 and December 31, 2020

(dollars in millions)

 

 

June 30, 2021

 

December 31, 2020

Balance Sheet

 

 

 

Assets

 

 

 

Current Assets:

 

 

 

Cash and cash investments

$

769

 

$

1,326

Receivables

1,352

 

1,138

Prepaid expenses and other

117

 

149

Inventories

1,021

 

876

Total Current Assets

3,259

 

3,489

 

 

 

 

Property and equipment, net

896

 

908

Operating lease right-of-use assets

169

 

166

Goodwill

592

 

563

Other intangible assets, net

372

 

357

Other assets

135

 

294

Total Assets

$

5,423

 

$

5,777

 

 

 

 

Liabilities

 

 

 

Current Liabilities:

 

 

 

Accounts payable

$

1,021

 

$

893

Notes payable

10

 

3

Accrued liabilities

747

 

1,038

Total Current Liabilities

1,778

 

1,934

 

 

 

 

Long-term debt

2,950

 

2,792

Noncurrent operating lease liabilities

152

 

149

Other liabilities

458

 

481

Total Liabilities

5,338

 

5,356

 

 

 

 

Redeemable noncontrolling interest

25

 

 

 

 

 

Equity

60

 

421

Total Liabilities and Equity

$

5,423

 

$

5,777

 

As of June 30,

 

2021

 

2020

Other Financial Data

 

 

 

Working Capital Days

 

 

 

Receivable days

53

 

 

58

 

Inventory days

77

 

 

66

 

Payable days

69

 

 

74

 

Working capital

$

1,352

 

 

$

1,213

 

Working capital as a % of sales (LTM) (1)

16.9

%

 

18.1

%

(1)

Working capital as a % of sales as of June 30, 2021, excluding acquisitions made in the first quarter of 2021 and the fourth quarter of 2020, was 16.5%.

Historical information is available on our website.

MASCO CORPORATION

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

For the Six Months Ended June 30, 2021 and 2020

(dollars in millions)

 

 

Six Months Ended June 30,

 

2021

 

2020

Cash Flows From (For) Operating Activities:

 

 

 

Cash provided by operating activities

$

610

 

 

$

283

 

Working capital changes

(371

)

 

7

 

Net cash from operating activities

239

 

 

290

 

 

 

 

 

Cash Flows From (For) Financing Activities:

 

 

 

Retirement of notes

(1,326

)

 

 

Purchase of Company common stock

(750

)

 

(602

)

Cash dividends paid

(96

)

 

(73

)

Dividends paid to noncontrolling interest

(43

)

 

(23

)

Issuance of notes, net of issuance costs

1,481

 

 

 

Debt extinguishment costs

(160

)

 

 

Proceeds from the exercise of stock options

1

 

 

21

 

Employee withholding taxes paid on stock-based compensation

(14

)

 

(22

)

(Decrease) increase in debt, net

(2

)

 

5

 

Net cash for financing activities

(909

)

 

(694

)

 

 

 

 

Cash Flows From (For) Investing Activities:

 

 

 

Capital expenditures

(53

)

 

(45

)

Acquisition of businesses, net of cash acquired

(1

)

 

(24

)

Proceeds from disposition of businesses, net of cash disposed

5

 

 

865

 

Proceeds from disposition of other financial investments

168

 

 

1

 

Other, net

3

 

 

2

 

Net cash from investing activities

122

 

 

799

 

 

 

 

 

Effect of exchange rate changes on cash and cash investments

(9

)

 

(3

)

 

 

 

 

Cash and Cash Investments:

 

 

 

(Decrease) increase for the period

(557

)

 

392

 

At January 1

1,326

 

 

697

 

At June 30

$

769

 

 

$

1,089

 

 

As of June 30,

 

2021

 

2020

Liquidity

 

 

 

Cash and cash investments

$

769

 

 

$

1,089

 

Revolver availability

1,000

 

 

1,000

 

Total Liquidity

$

1,769

 

 

$

2,089

 

 

Historical information is available on our website.

MASCO CORPORATION

Segment Data - Unaudited

For the Three and Six Months Ended June 30, 2021 and 2020

(dollars in millions)

 

 

Three Months Ended June 30,

 

 

 

Six Months Ended June 30,

 

 

 

2021

 

2020

 

Change

 

2021

 

2020

 

Change

Plumbing Products

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

1,329

 

 

$

868

 

 

53

%

 

$

2,578

 

 

$

1,823

 

 

41

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit, as reported

$

273

 

 

$

155

 

 

 

 

$

525

 

 

$

312

 

 

 

Operating margin, as reported

20.5

%

 

17.9

%

 

 

 

20.4

%

 

17.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rationalization charges

1

 

 

3

 

 

 

 

2

 

 

5

 

 

 

Accelerated depreciation related to rationalization activity

 

 

1

 

 

 

 

 

 

1

 

 

 

Operating profit, as adjusted

274

 

 

159

 

 

 

 

527

 

 

318

 

 

 

Operating margin, as adjusted

20.6

%

 

18.3

%

 

 

 

20.4

%

 

17.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

24

 

 

20

 

 

 

 

50

 

 

40

 

 

 

EBITDA, as adjusted

$

298

 

 

$

179

 

 

 

 

$

577

 

 

$

358

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Decorative Architectural Products

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

850

 

 

$

896

 

 

(5

)%

 

$

1,571

 

 

$

1,522

 

 

3

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit, as reported

$

188

 

 

$

201

 

 

 

 

$

330

 

 

$

296

 

 

 

Operating margin, as reported

22.1

%

 

22.4

%

 

 

 

21.0

%

 

19.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rationalization charges

 

 

1

 

 

 

 

 

 

2

 

 

 

Operating profit, as adjusted

188

 

 

202

 

 

 

 

330

 

 

298

 

 

 

Operating margin, as adjusted

22.1

%

 

22.5

%

 

 

 

21.0

%

 

19.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

9

 

 

10

 

 

 

 

19

 

 

21

 

 

 

EBITDA, as adjusted

$

197

 

 

$

212

 

 

 

 

$

349

 

 

$

319

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

2,179

 

 

$

1,764

 

 

24

%

 

$

4,149

 

 

$

3,345

 

 

24

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit, as reported - segment

$

461

 

 

$

356

 

 

 

 

$

855

 

 

$

608

 

 

 

General corporate expense, net

(24

)

 

(17

)

 

 

 

(53

)

 

(44

)

 

 

Operating profit, as reported

437

 

 

339

 

 

 

 

802

 

 

564

 

 

 

Operating margin, as reported

20.1

%

 

19.2

%

 

 

 

19.3

%

 

16.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rationalization charges - segment

1

 

 

4

 

 

 

 

2

 

 

7

 

 

 

Accelerated depreciation related to rationalization activity - segment

 

 

1

 

 

 

 

 

 

1

 

 

 

Operating profit, as adjusted

438

 

 

344

 

 

 

 

804

 

 

572

 

 

 

Operating margin, as adjusted

20.1

%

 

19.5

%

 

 

 

19.4

%

 

17.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization - segment

33

 

 

30

 

 

 

 

69

 

 

61

 

 

 

Depreciation and amortization - non-operating

2

 

 

2

 

 

 

 

9

 

 

4

 

 

 

EBITDA, as adjusted

$

473

 

 

$

376

 

 

 

 

$

882

 

 

$

637

 

 

 

 

Historical information is available on our website.

MASCO CORPORATION

North American and International Data - Unaudited

For the Three and Six Months Ended June 30, 2021 and 2020

(dollars in millions)

 

 

Three Months Ended June 30,

 

 

 

Six Months Ended June 30,

 

 

 

2021

 

2020

 

Change

 

2021

 

2020

 

Change

North American

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

1,717

 

 

$

1,480

 

 

16

%

 

$

3,246

 

 

$

2,738

 

 

19

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit, as reported

$

370

 

 

$

321

 

 

 

 

$

678

 

 

$

531

 

 

 

Operating margin, as reported

21.5

%

 

21.7

%

 

 

 

20.9

%

 

19.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rationalization charges

1

 

 

4

 

 

 

 

2

 

 

7

 

 

 

Accelerated depreciation related to rationalization activity

 

 

1

 

 

 

 

 

 

1

 

 

 

Operating profit, as adjusted

371

 

 

326

 

 

 

 

680

 

 

539

 

 

 

Operating margin, as adjusted

21.6

%

 

22.0

%

 

 

 

20.9

%

 

19.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

21

 

 

19

 

 

 

 

44

 

 

39

 

 

 

EBITDA, as adjusted

$

392

 

 

$

345

 

 

 

 

$

724

 

 

$

578

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

462

 

 

$

284

 

 

63

%

 

$

903

 

 

$

607

 

 

49

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit, as reported

$

91

 

 

$

35

 

 

 

 

$

177

 

 

$

77

 

 

 

Operating margin, as reported

19.7

%

 

12.3

%

 

 

 

19.6

%

 

12.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

12

 

 

11

 

 

 

 

25

 

 

22

 

 

 

EBITDA

$

103

 

 

$

46

 

 

 

 

$

202

 

 

$

99

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

2,179

 

 

$

1,764

 

 

24

%

 

$

4,149

 

 

$

3,345

 

 

24

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit, as reported - segment

$

461

 

 

$

356

 

 

 

 

$

855

 

 

$

608

 

 

 

General corporate expense, net

(24

)

 

(17

)

 

 

 

(53

)

 

(44

)

 

 

Operating profit, as reported

437

 

 

339

 

 

 

 

802

 

 

564

 

 

 

Operating margin, as reported

20.1

%

 

19.2

%

 

 

 

19.3

%

 

16.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rationalization charges - segment

1

 

 

4

 

 

 

 

2

 

 

7

 

 

 

Accelerated depreciation related to rationalization activity

 

 

1

 

 

 

 

 

 

1

 

 

 

Operating profit, as adjusted

438

 

 

344

 

 

 

 

804

 

 

572

 

 

 

Operating margin, as adjusted

20.1

%

 

19.5

%

 

 

 

19.4

%

 

17.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization - segment

33

 

 

30

 

 

 

 

69

 

 

61

 

 

 

Depreciation and amortization - non-operating

2

 

 

2

 

 

 

 

9

 

 

4

 

 

 

EBITDA, as adjusted

$

473

 

 

$

376

 

 

 

 

$

882

 

 

$

637

 

 

 

 

Historical information is available on our website.

 

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Disclaimer

Masco Corporation Reports Second Quarter 2021 Results Masco Corporation (NYSE: MAS), one of the world’s leading manufacturers of branded home improvement and building products, reported its second quarter results. “Our business performed exceptionally well during the second quarter, demonstrating the …

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