Masco Reports Lower Quarterly Sales

Masco, a leading manufacturer of home improvement and building products, has announced its quarterly results for the year, revealing a decrease in sales and a forecast of flat sales for 2024 as the market stabilizes.

Financial Performance

In the latest quarter, Masco reported a net profit of $191 million, equivalent to 85 cents per share. This is an improvement compared to the same period last year, when the company earned $115 million, or 51 cents per share.

After excluding one-time items, Masco's earnings per share were reported at 83 cents, surpassing analysts' expectations of 66 cents according to FactSet.

Although Masco experienced a decline in sales of 2.1%, amounting to $1.88 billion, this figure still exceeded analysts' projections of $1.79 billion based on FactSet data.

Outlook for 2024

Looking ahead, Masco anticipates full-year earnings and adjusted earnings per share of $4 to $4.25 for the current year. This compares to earnings per share of $4.02 in the previous year, with adjusted earnings standing at $3.86 per share.

Chief Executive Keith Allman expressed confidence in the company's future, stating, "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."