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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Masco Corp | NYSE:MAS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.67 | 0.96% | 70.23 | 70.645 | 69.82 | 70.29 | 979,440 | 01:00:00 |
2016 Fourth Quarter Key Highlights
Masco Corporation (NYSE: MAS), one of the world’s leading manufacturers of branded home improvement and building products, reported net sales and operating profit growth for the fourth quarter and full year of 2016.
2016 Fourth Quarter Commentary
2016 Fourth Quarter Operating Segment Highlights
“We finished the year with good fourth quarter results,” said Keith Allman, Masco’s President and CEO. “Our Plumbing Products segment had another record quarter on both the top and bottom lines, demonstrating the strength of our brands and our innovative products. Our Decorative Architectural Products segment posted solid 5 percent growth in the quarter, and we executed our planned investment to drive future profitable growth. Our Cabinetry Products segment continued its strategy of exiting certain direct-to-builder business, introducing new products, and driving growth with our market-leading Merillat® and KraftMaid® brands. We began to see improvements in the operations of our U.S. window business, and we continued our disciplined capital allocation by returning approximately $240 million to shareholders through share repurchases and dividends during the quarter.”
2016 Full Year Key Highlights
2016 Full Year Commentary
“Masco delivered another strong year in 2016,” said Allman. “We continued to execute against our long-term growth and capital allocation strategies that we established in 2015. We demonstrated our ability to capitalize on improving end markets by driving sales growth and expanding our operating margin. We successfully executed our plan to reduce leverage by paying down approximately $400 million in debt early in the year, further strengthening our balance sheet. Lastly, we generated a significant amount of free cash flow and continued our commitment to return capital to shareholders by increasing our dividend and repurchasing $459 million of our shares, enabling us to once again generate solid returns for our shareholders,” continued Allman. “We will continue to execute our strategy and remain confident in our ability to drive growth and productivity as we move into 2017.”
About Masco
Headquartered in Taylor, 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; KraftMaid® and Merillat® cabinets; Milgard® windows and doors; and Hot Spring® 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 2016 fourth quarter 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 9, 2017 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 47955207. 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 (855) 859-2056 and from outside the U.S. at (404) 537-3406. Please use the conference identification number 47955207. The telephone replay will be available approximately two hours after the end of the call and continue through March 9, 2017.
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 “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 home improvement activity and new home construction, our ability to maintain our strong brands and to develop and introduce new and improved products, our ability to maintain our competitive position in our industries, our reliance on key customers, our ability to achieve the anticipated benefits of our strategic initiatives, our ability to improve our under-performing U.S. window business, the cost and availability of raw materials, our dependence on third party suppliers, and risks associated with international operations and global strategies. 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. The forward-looking statements in this press release speak only as of the date of this press release. 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.
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MASCO CORPORATION Condensed Consolidated Statements of Operations - Unaudited For the Three Months and Twelve Months Ended December 31, 2016 and 2015(in millions, except per common share data)
Three Months Ended Twelve Months Ended December 31, December 31, 2016 2015 2016 2015 Net sales $ 1,759 $ 1,715 $ 7,357 $ 7,142 Cost of sales 1,186 1,183 4,901 4,889 Gross profit 573 532 2,456 2,253 Selling, general and administrative expenses 358 320 1,403 1,339 Operating profit 215 212 1,053 914 Other income (expense), net: Interest expense (43 ) (54 ) (229 ) (225 ) Other, net 1 2 6 — (42 ) (52 ) (223 ) (225 ) Income from continuing operations before income taxes 173 160 830 689 Income tax expense 67 74 296 293 Income from continuing operations 106 86 534 396 Loss from discontinued operations, net — (1 ) — (2 ) Net income 106 85 534 394 Less: Net income attributable to noncontrolling interest 8 10 43 39 Net income attributable to Masco Corporation $ 98 $ 75 $ 491 $ 355 Income per common share attributable to Masco Corporation (diluted): Income from continuing operations $ 0.30 $ 0.22 $ 1.47 $ 1.03 Loss from discontinued operations, net — — — (0.01 ) Net income $ 0.30 $ 0.22 $ 1.47 $ 1.02 Average diluted common shares outstanding 323 335 330 341 Amounts attributable to Masco Corporation: Income from continuing operations $ 98 $ 76 $ 491 $ 357 Loss from discontinued operations, net — (1 ) — (2 ) Net income $ 98 $ 75 $ 491 $ 355Historical information is available on our website.
MASCO CORPORATION Exhibit A: Reconciliations - Unaudited For the Three Months and Twelve Months Ended December 31, 2016 and 2015 (in millions, except per common share data) Three Months Ended Twelve Months Ended December 31, December 31, 2016 2015 2016 2015Gross Profit, Selling, General and Administrative Expenses, and Operating Profit Reconciliations
Net sales $ 1,759 $ 1,715 $ 7,357 $ 7,142 Gross profit, as reported $ 573 $ 532 $ 2,456 $ 2,253 Rationalization charges 4 6 14 8 (Gain) on sale of property and equipment — (2 ) — (5 ) Gross profit, as adjusted $ 577 $ 536 $ 2,470 $ 2,256 Gross margin, as reported 32.6 % 31.0 % 33.4 % 31.5 % Gross margin, as adjusted 32.8 % 31.3 % 33.6 % 31.6 % Selling, general and administrative expenses, as reported $ 358 $ 320 $ 1,403 $ 1,339 Rationalization charges 2 3 8 10 Selling, general and administrative expenses, as adjusted $ 356 $ 317 $ 1,395 $ 1,329 Selling, general and administrative expenses as percent of net sales, as reported 20.4 % 18.7 % 19.1 % 18.7 % Selling, general and administrative expenses as percent of net sales, as adjusted 20.2 % 18.5 % 19.0 % 18.6 % Operating profit, as reported $ 215 $ 212 $ 1,053 $ 914 Rationalization charges 6 9 22 18 (Gain) on sale of property and equipment — (2 ) — (5 ) Operating profit, as adjusted $ 221 $ 219 $ 1,075 $ 927 Operating margin, as reported 12.2 % 12.4 % 14.3 % 12.8 % Operating margin, as adjusted 12.6 % 12.8 % 14.6 % 13.0 %Earnings Per Common Share Reconciliation
Income from continuing operations before income taxes, as reported $ 173 $ 160 $ 830 $ 689 Rationalization charges 6 9 22 18 (Gain) on sale of property and equipment — (2 ) — (5 ) (Gain) from auction rate securities (2 ) — (3 ) — (Gains) from private equity funds, net (3 ) (1 ) (5 ) (6 ) (Earnings) from equity investments, net (1 ) — (2 ) (2 ) Loss from other investments 3 — 3 — Income from continuing operations before income taxes, as adjusted 176 166 845 694 Tax at 36% rate (63 ) (60 ) (304 ) (250 ) Less: Net income attributable to noncontrolling interest 8 10 43 39 Income from continuing operations, as adjusted $ 105 $ 96 $ 498 $ 405 Income per common share, as adjusted $ 0.33 $ 0.29 $ 1.51 $ 1.19 Average diluted common shares outstanding 323 335 330 341Historical information is available on our website.
MASCO CORPORATION Condensed Consolidated Balance Sheets and Other Financial Data - Unaudited (dollars in millions) December 31, December 31, 2016 2015 Balance Sheet Assets Current Assets: Cash and cash investments $ 990 $ 1,468 Short-term bank deposits 201 248 Receivables 917 853 Inventories 712 687 Prepaid expenses and other 114 72 Total Current Assets 2,934 3,328 Property and equipment, net 1,060 1,027 Goodwill 832 839 Other intangible assets, net 154 160 Other assets 157 310 Total Assets $ 5,137 $ 5,664 Liabilities Current Liabilities: Accounts payable $ 800 $ 749 Notes payable 2 1,004 Accrued liabilities 658 650 Total Current Liabilities 1,460 2,403 Long-term debt 2,995 2,403 Other liabilities 785 800 Total Liabilities 5,240 5,606 Equity (103 ) 58 Total Liabilities and Equity $ 5,137 $ 5,664 As of December 31, December 31, 2016 2015 Other Financial Data Working Capital Days Receivable days 49 46 Inventory days 54 52 Payable days 70 69 Working capital $ 829 $ 791 Working capital as a % of sales (LTM) 11.3 % 11.1 %Historical information is available on our website.
MASCO CORPORATION Condensed Consolidated Statements of Cash Flows and Other Financial Data - Unaudited (dollars in millions) Twelve Months Ended December 31, 2016 2015 Cash Flows From (For) Operating Activities: Cash provided by operating activities $ 814 $ 704 Working capital changes (88 ) (5 ) Net cash from operating activities 726 699 Cash Flows From (For) Financing Activities: Retirement of notes (1,300 ) (500 ) Purchase of Company common stock (459 ) (456 ) Cash dividends paid (128 ) (126 ) Dividends paid to noncontrolling interest (31 ) (36 ) Cash distributed to TopBuild Corp. — (63 ) Issuance of TopBuild Corp. debt — 200 Issuance of notes, net of issuance costs 889 497 Debt extinguishment costs (40 ) — Issuance of Company common stock 1 2 Excess tax benefit from stock-based compensation 23 75 Credit Agreement and other financing costs — (3 ) Decrease in debt, net (1 ) — Net cash for financing activities (1,046 ) (410 ) Cash Flows From (For) Investing Activities: Capital expenditures (180 ) (158 ) Other, net 56 (31 ) Net cash for investing activities (124 ) (189 ) Effect of exchange rate changes on cash and cash investments (34 ) (15 ) Cash and Cash Investments: (Decrease) increase for the period (478 ) 85 At January 1 1,468 1,383 At December 31 $ 990 $ 1,468 As of December 31, December 31, 2016 2015 Liquidity Cash and cash investments $ 990 $ 1,468 Short-term bank deposits 201 248 Total Liquidity $ 1,191 $ 1,716Historical information is available on our website.
MASCO CORPORATION Segment Data - Unaudited For the Three Months and Twelve Months Ended December 31, 2016 and 2015 (dollars in millions) Three Months Ended Twelve Months Ended December 31, December 31, 2016 2015 Change 2016 2015 Change Plumbing Products Net sales $ 891 $ 846 5 % $ 3,526 $ 3,341 6 % Operating profit, as reported $ 151 $ 126 $ 642 $ 512 Operating margin, as reported 16.9 % 14.9 % 18.2 % 15.3 % Rationalization charges 2 7 13 9 Operating profit, as adjusted 153 133 655 521 Operating margin, as adjusted 17.2 % 15.7 % 18.6 % 15.6 % Depreciation and amortization 15 14 57 56 EBITDA, as adjusted $ 168 $ 147 $ 712 $ 577 Decorative Architectural Products Net sales $ 443 $ 420 5 % $ 2,092 $ 2,020 4 % Operating profit, as reported $ 75 $ 85 $ 430 $ 403 Operating margin, as reported 16.9 % 20.2 % 20.6 % 20.0 % Depreciation and amortization 4 4 16 16 EBITDA $ 79 $ 89 $ 446 $ 419 Cabinetry Products Net sales $ 234 $ 254 (8 )% $ 970 $ 1,025 (5 )% Operating profit, as reported $ 16 $ 19 $ 93 $ 51 Operating margin, as reported 6.8 % 7.5 % 9.6 % 5.0 % Rationalization charges 3 2 8 5 (Gain) on sale of property and equipment — (2 ) — (5 ) Operating profit, as adjusted 19 19 101 51 Operating margin, as adjusted 8.1 % 7.5 % 10.4 % 5.0 % Depreciation and amortization 6 6 21 24 EBITDA, as adjusted $ 25 $ 25 $ 122 $ 75Historical information is available on our website.
MASCO CORPORATION Segment Data - Unaudited For the Three Months and Twelve Months Ended December 31, 2016 and 2015 (dollars in millions) Three Months Ended Twelve Months Ended December 31, December 31, 2016 2015 Change 2016 2015 Change Windows and Other Specialty Products Net sales $ 191 $ 195 (2 )% $ 769 $ 756 2 % Operating profit (loss), as reported $ 6 $ 7 $ (3 ) $ 57 Operating margin, as reported 3.1 % 3.6 % (0.4 )% 7.5 % Rationalization charges 1 — 1 — Operating profit (loss), as adjusted 7 7 (2 ) 57 Operating margin, as adjusted 3.7 % 3.6 % (0.3 )% 7.5 % Depreciation and amortization 5 5 21 18 EBITDA, as adjusted $ 12 $ 12 $ 19 $ 75 Total Net sales $ 1,759 $ 1,715 3 % $ 7,357 $ 7,142 3 % Operating profit, as reported - segment $ 248 $ 237 $ 1,162 $ 1,023 General corporate expense, net (GCE) (33 ) (25 ) (109 ) (109 ) Operating profit, as reported 215 212 1,053 914 Operating margin, as reported 12.2 % 12.4 % 14.3 % 12.8 % Rationalization charges - segment 6 9 22 14 Rationalization charges - GCE — — — 4 (Gain) on sale of property and equipment — (2 ) — (5 ) Operating profit, as adjusted 221 219 1,075 927 Operating margin, as adjusted 12.6 % 12.8 % 14.6 % 13.0 % Depreciation and amortization - segment 30 29 115 114 Depreciation and amortization - non-operating 4 4 19 13 EBITDA, as adjusted $ 255 $ 252 $ 1,209 $ 1,054Historical information is available on our website.
MASCO CORPORATION North American and International Data - Unaudited For the Three Months and Twelve Months Ended December 31, 2016 and 2015 (dollars in millions) Three Months Ended Twelve Months Ended December 31, December 31, 2016 2015 Change 2016 2015 Change North American Net sales $ 1,389 $ 1,347 3 % $ 5,834 $ 5,645 3 % Operating profit, as reported $ 212 $ 196 $ 961 $ 841 Operating margin, as reported 15.3 % 14.6 % 16.5 % 14.9 % Rationalization charges 3 6 15 10 (Gain) on sale of property and equipment — (2 ) — (5 ) Operating profit, as adjusted 215 200 976 846 Operating margin, as adjusted 15.5 % 14.8 % 16.7 % 15.0 % Depreciation and amortization 20 20 78 78 EBITDA, as adjusted $ 235 $ 220 $ 1,054 $ 924 International Net sales $ 370 $ 368 1 % $ 1,523 $ 1,497 2 % Operating profit, as reported $ 36 $ 41 $ 201 $ 182 Operating margin, as reported 9.7 % 11.1 % 13.2 % 12.2 % Rationalization charges 3 3 7 4 Operating profit, as adjusted 39 44 208 186 Operating margin, as adjusted 10.5 % 12.0 % 13.7 % 12.4 % Depreciation and amortization 10 9 37 36 EBITDA, as adjusted $ 49 $ 53 $ 245 $ 222 Total Net sales $ 1,759 $ 1,715 3 % $ 7,357 $ 7,142 3 % Operating profit, as reported - segment $ 248 $ 237 $ 1,162 $ 1,023 General corporate expense, net (GCE) (33 ) (25 ) (109 ) (109 ) Operating profit, as reported 215 212 1,053 914 Operating margin, as reported 12.2 % 12.4 % 14.3 % 12.8 % Rationalization charges - segment 6 9 22 14 Rationalization charges - GCE — — — 4 (Gain) on sale of property and equipment — (2 ) — (5 ) Operating profit, as adjusted 221 219 1,075 927 Operating margin, as adjusted 12.6 % 12.8 % 14.6 % 13.0 % Depreciation and amortization - segment 30 29 115 114 Depreciation and amortization - non-operating 4 4 19 13 EBITDA, as adjusted $ 255 $ 252 $ 1,209 $ 1,054Historical information is available on our website.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170209005165/en/
Investor ContactMasco CorporationDavid ChaikaVice President, Treasurer and Investor Relations313.792.5500david_chaika@mascohq.com
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