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Jun 30, 2023
Masco Q2 2023 Earnings Report
Masco's Q2 2023 performance reflected resilience amidst a lower demand environment, driven by pricing actions and improved operational efficiency.
Key Takeaways
Masco Corporation reported a decrease in net sales by 10% to $2,127 million, but managed to expand its adjusted operating profit margin by 140 basis points to 19.0%. The company's earnings per share increased by 3% to $1.19 on an adjusted basis. Masco also announced an agreement to acquire Sauna360 Group Oy and raised its expected 2023 adjusted earnings per share to $3.50 - $3.65.
Operating profit was $403 million; adjusted operating profit was $404 million.
Operating profit margin was 18.9 percent; adjusted operating profit margin expanded 140 basis points to 19.0 percent.
Earnings per share was $1.16 per share; adjusted earnings per share grew 3 percent to $1.19 per share.
Entered into an agreement to acquire Sauna360 Group Oy, a strategic bolt-on that expands the Company’s spa and wellness product offerings.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Masco is raising its expected 2023 earnings per share to be in the range of $3.48 – $3.63 per share, and on an adjusted basis, $3.50 – $3.65 per share.
Positive Outlook
- Adjusted earnings per share in the range of $3.50 to $3.65 per share for 2023
- Strong free cash flow
- Disciplined capital deployment
- Long-term fundamentals of repair and remodel markets continue to be strong.
- Focus on investing in brands and capabilities and maintaining strong execution.
Challenges Ahead
- Near-term demand environment remains challenging.
- Net sales decreased 10 percent to $2,127 million
- In local currency, North American sales decreased 10 percent and international sales decreased 8 percent
- Operating profit decreased 1 percent to $403 million from $408 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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