UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC  20549

 


 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

Date of report (Date of earliest event reported)  April 28, 2015

 


 

Masco Corporation

(Exact name of Registrant as Specified in Charter)

 

Delaware

(State or Other Jurisdiction

of Incorporation)

 

1-5794

(Commission File Number)

 

38-1794485

(IRS Employer

Identification No.)

 

21001 Van Born Road, Taylor, Michigan

(Address of Principal Executive Offices)

 

48180

(Zip Code)

 

(313) 274-7400

Registrant’s telephone number, including area code

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 



 

Item 2.02.  Results of Operations and Financial Condition.

 

Attached and incorporated herein by reference as Exhibit 99 is a copy of a press release dated April 28, 2015 reporting Masco Corporation’s financial results for the first quarter of 2015 and certain other information and supplemental information prepared for use in connection with the financial results for the first quarter 2015. On April 28, 2015, Masco Corporation will hold an investor conference call and web cast to discuss financial results for the first quarter 2015.

 

This information, including the Exhibits attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section.

 

Item 9.01.  Financial Statements and Exhibits.

 

(d) Exhibits.

 

99   Press Release of Masco Corporation dated April 28, 2015 reporting Masco Corporation’s financial results for the first quarter 2015 and certain other information and supplemental information prepared for use in connection with the financial results for the first quarter 2015.

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

MASCO CORPORATION

 

 

 

 

 

By:

/s/ John G. Sznewajs

 

Name:

John G. Sznewajs

 

Title:

Vice President, Treasurer and

 

 

Chief Financial Officer

 

 

 

 

April 28, 2015

 

 

2



 

EXHIBIT INDEX

 

99           Press Release of Masco Corporation dated April 28, 2015 reporting Masco Corporation’s financial results for the first quarter 2015 and certain other information and supplemental information prepared for use in connection with the financial results for the first quarter 2015.

 

3




Exhibit 99

 

GRAPHIC

 

FOCUSED EXECUTION CONTINUES TO DELIVER RESULTS FOR MASCO IN THE FIRST QUARTER 2015

 

Key Highlights

 

·                  Sales increased 3 percent to $2 billion and increased 7 percent excluding the effects of foreign currency translation

·                  North American sales increased 5 percent; International sales increased 10 percent in local currency

·                  Adjusted operating profit increased 15 percent to $181 million

·                  Adjusted EPS increased 43 percent to $.20 per common share

 

TAYLOR, Mich. (April 28, 2015) — Masco Corporation (NYSE: MAS), one of the world’s leading manufacturers of branded building products, reported net sales and operating profit growth in the first quarter of 2015 with all segments reporting increased sales in local currency. Adjusted operating profit margin rose to 9 percent, reflecting the Company’s focused execution and commitment to cost control.

 

“The momentum we built over the past several years carried into the first quarter as we realized top- and bottom- line growth as well as margin expansion. Our customer-focused innovation and leading brands drove consumer demand across the segments,” said Masco’s President and CEO Keith Allman. “In local currency, both Delta Faucet and Hansgrohe achieved their highest sales quarters ever. Our focus on the pro painter and new products drove sales in the Decorative Architectural segment. The Other Specialty segment’s ongoing commitment to innovation led to strengthened results. The Installation segment continues to perform well, benefiting from strategic diversification into commercial construction and a recovering housing environment. In the Cabinets and Related Products segment, our efforts to improve execution are paying off as we increased sales to home centers and builders while improving profitability.”

 

2015 First Quarter Commentary

 

·                  Net sales from continuing operations increased 3 percent to $2 billion. North American sales increased 5 percent and international sales decreased 8 percent in U.S. dollars but increased 10 percent in local currency

·                  Compared to first quarter 2014, results for key financial measures, as adjusted for certain items (see Exhibit A) and with a normalized tax rate of 36 percent, were as follows:

·                  Gross margins improved to 28.2 percent compared to 28 percent

·                  Operating margins improved to 9 percent compared to 8 percent

·                  Income from continuing operations was $.20 per common share compared to $.14 per common share

·                  Income from continuing operations, as reported, was $.18 per common share

·                  Liquidity at the end of the first quarter was approximately $1.8 billion

·                  Approximately 4 million shares were repurchased in the first quarter

 

2015 First Quarter Operating Segment Highlights

 

·                  Plumbing Products’ net sales decreased 1 percent, but increased 8 percent excluding the effect of foreign currency translation, fueled by continued strength in the wholesale channel

 

1



 

·                  Decorative Architectural Products’ net sales increased 2 percent driven by the pro paint initiative and builders’ hardware program wins

·                  Cabinets and Related Products’ net sales increased 5 percent, driven by continued growth with builders as well as KraftMaid Cabinetry’s sales growth with home centers and dealers

·                  Installation and Other Services’ net sales increased 7 percent with growth across all channels

·                  Other Specialty Products’ net sales increased 7 percent, led by a strong performance across all channels and geographies

 

Outlook

 

“We are pleased with our solid start to the year. Our businesses are performing well and executing as planned,” continued Mr. Allman. “Our repair and remodel business is growing, with increasing demand for our products across all price points. We remain focused on driving shareholder value and returning cash to shareholders, as evidenced by approximately $135 million we returned to shareholders in the first quarter through dividends and share repurchases. Our outlook for the year remains positive as we anticipate increasing demand for our market-leading products and services.”

 

About Masco

 

Headquartered in Taylor, Michigan, Masco Corporation is one of the world’s leading manufacturers of branded building products, as well as a leading provider of services that include the installation of insulation and other building products.

 

The 2015 first 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 Tuesday, April 28, 2015 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 15309385. 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 15309385. The telephone replay will be available approximately two hours after the end of the call and continue through May 23, 2015.

 

Safe Harbor Statement

 

Statements contained in this press release that reflect our views about our future performance 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. These views 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 our reliance on new home construction and home improvement, our reliance on key customers, the cost and

 

2



 

availability of raw materials, uncertainty in the international economy, shifts in consumer preferences and purchasing practices, our ability to improve our underperforming businesses, our ability to maintain our competitive position in our industries, risks associated with the proposed spin-off of our Services Business, our ability to realize the expected benefits of the spin-off, the timing and terms of our share repurchase program, and our ability to reduce corporate expense and simplify our organizational structure. We discuss many of the risks we face 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. Our 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.

 

The Company believes that the non-GAAP performance measures and ratios that are contained herein, used in managing the business, may provide users of this financial information with additional meaningful comparisons between current results and results in prior periods. Non-GAAP performance measures and ratios should be viewed in addition to, and not as an alternative for, the Company’s reported results under accounting principles generally accepted in the United States. Additional information about the Company is contained in the Company’s filings with the Securities and Exchange Commission and is available on Masco’s website at www.masco.com.

 

Investor Contact

 

Irene Tasi

Director — Investor Relations

313.792.5500

irene_tasi@mascohq.com

 

# # #

 

3



 

MASCO CORPORATION

 

 

Condensed Consolidated Statements of Operations - Unaudited

For the Three Months Ended March 31, 2015 and 2014

 

 

 

 

(in millions, except per common share data)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2015

 

2014

 

 

 

 

 

 

 

Net sales

 

$

2,018

 

$

1,965

 

Cost of sales

 

1,450

 

1,418

 

Gross profit

 

568

 

547

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

397

 

395

 

Operating profit

 

171

 

152

 

 

 

 

 

 

 

Other income (expense), net

 

(55

)

(59

)

Income from continuing operations before income taxes

 

116

 

93

 

 

 

 

 

 

 

Income taxes

 

43

 

5

 

Income from continuing operations

 

73

 

88

 

 

 

 

 

 

 

Loss from discontinued operations

 

 

(2

)

Net income

 

73

 

86

 

 

 

 

 

 

 

Less: Net income attributable to noncontrolling interest

 

9

 

12

 

Net income attributable to Masco Corporation

 

$

64

 

$

74

 

 

 

 

 

 

 

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

 

 

 

 

 

Income from continuing operations

 

$

0.18

 

$

0.21

 

Loss from discontinued operations

 

 

(0.01

)

Net income

 

$

0.18

 

$

0.21

 

 

 

 

 

 

 

Average diluted common shares outstanding

 

347

 

354

 

 

 

 

 

 

 

Amounts attributable to Masco Corporation:

 

 

 

 

 

Income from continuing operations

 

$

64

 

$

76

 

Loss from discontinued operations

 

 

(2

)

Net income attributable to Masco Corporation

 

$

64

 

$

74

 

 

Historical information is available on our website.

 

4



 

MASCO CORPORATION

 

 

Exhibit A: Reconciliations - Unaudited

 

 

For the Three Months Ended March 31, 2015 and 2014

 

 

 

 

(in millions, except per common share data)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2015

 

2014

 

Gross Profit and Operating Profit Reconciliations

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

2,018

 

$

1,965

 

 

 

 

 

 

 

Gross profit, as reported

 

$

568

 

$

547

 

 

 

 

 

 

 

Rationalization charges

 

1

 

4

 

 

 

 

 

 

 

Gross profit, as adjusted

 

$

569

 

$

551

 

 

 

 

 

 

 

Gross margin, as reported

 

28.1

%

27.8

%

Gross margin, as adjusted

 

28.2

%

28.0

%

 

 

 

 

 

 

Operating profit, as reported

 

$

171

 

$

152

 

 

 

 

 

 

 

Rationalization charges

 

6

 

5

 

Costs related to spin-off of Services Business

 

4

 

 

 

 

 

 

 

 

Operating profit, as adjusted

 

$

181

 

$

157

 

 

 

 

 

 

 

Operating margin, as reported

 

8.5

%

7.7

%

Operating margin, as adjusted

 

9.0

%

8.0

%

 

 

 

 

 

 

Earnings Per Common Share Reconciliation

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before income taxes, as reported

 

$

116

 

$

93

 

 

 

 

 

 

 

Rationalization charges

 

6

 

5

 

Costs related to spin-off of Services Business

 

4

 

 

Gains from financial investments, net

 

(2

)

(1

)

Equity investments loss, net

 

 

2

 

Income from continuing operations before income taxes, as adjusted

 

124

 

99

 

 

 

 

 

 

 

Tax at 36% rate

 

(45

)

(36

)

 

 

 

 

 

 

Less: Net income attributable to noncontrolling interest

 

9

 

12

 

 

 

 

 

 

 

Income from continuing operations, as adjusted

 

$

70

 

$

51

 

 

 

 

 

 

 

Income per common share, as adjusted

 

$

0.20

 

$

0.14

 

 

 

 

 

 

 

Average diluted common shares outstanding

 

347

 

354

 

 

Historical information is available on our website.

 

5



 

MASCO CORPORATION

Condensed Consolidated Balance Sheets and

Other Financial Data - Unaudited

 

(dollars in millions)

 

 

 

March 31,

 

December 31,

 

 

 

2015

 

2014

 

Balance Sheet

 

 

 

 

 

Assets

 

 

 

 

 

Current Assets:

 

 

 

 

 

Cash and cash investments

 

$

1,578

 

$

1,383

 

Short-term bank deposits

 

197

 

306

 

Receivables

 

1,248

 

1,040

 

Inventories

 

863

 

819

 

Prepaid expenses and other

 

293

 

315

 

Total Current Assets

 

4,179

 

3,863

 

 

 

 

 

 

 

Property and equipment, net

 

1,106

 

1,139

 

Goodwill

 

1,878

 

1,884

 

Other intangible assets, net

 

158

 

145

 

Other assets

 

147

 

136

 

Total Assets

 

$

7,468

 

$

7,167

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

Accounts payable

 

$

1,019

 

$

950

 

Notes payable

 

506

 

505

 

Accrued liabilities

 

682

 

756

 

Total Current Liabilities

 

2,207

 

2,211

 

 

 

 

 

 

 

Long-term debt

 

3,418

 

2,919

 

Deferred income taxes and other

 

884

 

909

 

Total Liabilities

 

6,509

 

6,039

 

Equity

 

959

 

1,128

 

Total Liabilities and Equity

 

$

7,468

 

$

7,167

 

 

 

 

As of

 

 

 

March 31,

 

March 31,

 

 

 

2015

 

2014

 

Other Financial Data

 

 

 

 

 

Working Capital Days

 

 

 

 

 

Receivable days

 

50

 

51

 

Inventory days

 

51

 

52

 

Accounts Payable days

 

71

 

68

 

Working capital

 

$

1,092

 

$

1,099

 

Working capital as a % of sales (LTM)

 

12.7

%

13.3

%

 

Historical information is available on our website.

 

6



 

MASCO CORPORATION

Condensed Consolidated Statement of Cash Flows

and Other Data - Unaudited

(dollars in millions)

 

 

 

March 31,

 

March 31,

 

 

 

2015

 

2014

 

Cash Flows From (For) Operating Activities:

 

 

 

 

 

Cash provided by operating activities

 

$

144

 

$

121

 

Working capital changes

 

(296

)

(365

)

Net cash for operating activities

 

(152

)

(244

)

 

 

 

 

 

 

Cash Flows From (For) Financing Activities:

 

 

 

 

 

Purchase of Company common stock

 

(103

)

(39

)

Cash dividends paid

 

(32

)

(27

)

Issuance of notes, net of issuance costs

 

497

 

 

Net cash from (for) financing activities

 

362

 

(66

)

 

 

 

 

 

 

Cash Flows From (For) Investing Activities:

 

 

 

 

 

Capital expenditures

 

(32

)

(26

)

Other, net

 

43

 

20

 

Net cash from (for) investing activities

 

11

 

(6

)

 

 

 

 

 

 

Effect of exchange rate changes on cash and cash investments

 

(26

)

(1

)

 

 

 

 

 

 

Cash and Cash Investments:

 

 

 

 

 

Increase (decrease) for the year

 

195

 

(317

)

At January 1

 

1,383

 

1,223

 

At March 31

 

$

1,578

 

$

906

 

 

 

 

As of March 31,

 

 

 

2015

 

2014

 

Liquidity

 

 

 

 

 

Cash and cash investments

 

$

1,578

 

$

906

 

Short-term bank deposits

 

197

 

305

 

Total Liquidity

 

$

1,775

 

$

1,211

 

 

Historical information is available on our website.

 

7



 

MASCO CORPORATION

Segment Data - Unaudited

For the Three Months Ended March 31, 2015 and 2014

 

(dollars in millions)

 

 

 

Three Months Ended

 

 

 

 

 

March 31,

 

 

 

 

 

2015

 

2014

 

Change

 

Cabinets and Related Products

 

 

 

 

 

 

 

Net sales

 

$

249

 

$

237

 

5

%

 

 

 

 

 

 

 

 

Operating loss, as reported

 

$

(4

)

$

(12

)

 

 

Operating margin, as reported

 

-1.6

%

-5.1

%

 

 

 

 

 

 

 

 

 

 

Rationalization charges

 

2

 

2

 

 

 

Accelerated depreciation related to plant closures

 

 

1

 

 

 

Operating loss, as adjusted

 

(2

)

(9

)

 

 

Operating margin, as adjusted

 

-0.8

%

-3.8

%

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

7

 

9

 

 

 

 

 

 

 

 

 

 

 

EBITDA, as adjusted

 

$

5

 

$

 

 

 

 

 

 

 

 

 

 

 

Plumbing Products

 

 

 

 

 

 

 

Net sales

 

$

796

 

$

800

 

-1

%

 

 

 

 

 

 

 

 

Operating profit, as reported

 

$

111

 

$

119

 

 

 

Operating margin, as reported

 

13.9

%

14.9

%

 

 

 

 

 

 

 

 

 

 

Rationalization charges

 

1

 

2

 

 

 

Operating profit, as adjusted

 

112

 

121

 

 

 

Operating margin, as adjusted

 

14.1

%

15.1

%

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

14

 

15

 

 

 

 

 

 

 

 

 

 

 

EBITDA, as adjusted

 

$

126

 

$

136

 

 

 

 

 

 

 

 

 

 

 

Installation and Other Services

 

 

 

 

 

 

 

Net sales

 

$

359

 

$

335

 

7

%

 

 

 

 

 

 

 

 

Operating profit (loss), as reported

 

$

7

 

$

(4

)

 

 

Operating margin, as reported

 

1.9

%

-1.2

%

 

 

 

 

 

 

 

 

 

 

Costs related to spin-off of Services Business

 

1

 

 

 

 

Operating profit (loss), as adjusted

 

8

 

(4

)

 

 

Operating margin, as adjusted

 

2.2

%

-1.2

%

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

3

 

6

 

 

 

 

 

 

 

 

 

 

 

EBITDA, as adjusted

 

$

11

 

$

2

 

 

 

 

Historical information is available on our website.

 

8



 

MASCO CORPORATION

Segment Data - Unaudited

For the Three Months Ended March 31, 2015 and 2014

 

(dollars in millions)

 

 

 

Three Months Ended

 

 

 

 

 

March 31,

 

 

 

 

 

2015

 

2014

 

Change

 

Decorative Architectural Products

 

 

 

 

 

 

 

Net sales

 

$

451

 

$

441

 

2

%

 

 

 

 

 

 

 

 

Operating profit, as reported

 

$

83

 

$

76

 

 

 

Operating margin, as reported

 

18.4

%

17.2

%

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

4

 

4

 

 

 

 

 

 

 

 

 

 

 

EBITDA

 

$

87

 

$

80

 

 

 

 

 

 

 

 

 

 

 

Other Specialty Products

 

 

 

 

 

 

 

Net sales

 

$

163

 

$

152

 

7

%

 

 

 

 

 

 

 

 

Operating profit, as reported

 

$

6

 

$

5

 

 

 

Operating margin, as reported

 

3.7

%

3.3

%

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

4

 

5

 

 

 

 

 

 

 

 

 

 

 

EBITDA

 

$

10

 

$

10

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

Net sales

 

$

2,018

 

$

1,965

 

3

%

 

 

 

 

 

 

 

 

Operating profit, as reported - segment

 

$

203

 

$

184

 

 

 

General corporate expense, net (GCE)

 

(32

)

(32

)

 

 

Operating profit, as reported

 

171

 

152

 

 

 

Operating margin, as reported

 

8.5

%

7.7

%

 

 

 

 

 

 

 

 

 

 

Rationalization charges - segment

 

3

 

4

 

 

 

Accelerated depreciation - segment

 

 

1

 

 

 

Costs related to spin-off of Services Business - segment

 

1

 

 

 

 

Rationalization charges - GCE

 

3

 

 

 

 

Costs related to spin-off of Services Business - GCE

 

3

 

 

 

 

Operating profit, as adjusted

 

181

 

157

 

 

 

Operating margin, as adjusted

 

9.0

%

8.0

%

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization - segment

 

32

 

39

 

 

 

Depreciation and amortization - non-operating

 

2

 

3

 

 

 

 

 

 

 

 

 

 

 

EBITDA, as adjusted

 

$

215

 

$

199

 

 

 

 

Historical information is available on our website.

 

9



 

MASCO CORPORATION

North American and International Data - Unaudited

For the Three Months Ended March 31, 2015 and 2014

 

(dollars in millions)

 

 

 

 

Three Months Ended

 

 

 

 

 

March 31,

 

 

 

 

 

2015

 

2014

 

Change

 

North American

 

 

 

 

 

 

 

Net sales

 

$

1,641

 

$

1,556

 

5

%

 

 

 

 

 

 

 

 

Operating profit, as reported

 

$

158

 

$

129

 

 

 

Operating margin, as reported

 

9.6

%

8.3

%

 

 

 

 

 

 

 

 

 

 

Rationalization charges

 

2

 

3

 

 

 

Accelerated depreciation related to plant closures

 

 

1

 

 

 

Costs related to spin-off of Services Business

 

1

 

 

 

 

Operating profit, as adjusted

 

161

 

133

 

 

 

Operating margin, as adjusted

 

9.8

%

8.5

%

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

23

 

29

 

 

 

 

 

 

 

 

 

 

 

EBITDA, as adjusted

 

$

184

 

$

162

 

 

 

 

 

 

 

 

 

 

 

International

 

 

 

 

 

 

 

Net sales

 

$

377

 

$

409

 

-8

%

 

 

 

 

 

 

 

 

Operating profit, as reported

 

$

45

 

$

55

 

 

 

Operating margin, as reported

 

11.9

%

13.4

%

 

 

 

 

 

 

 

 

 

 

Rationalization charges

 

1

 

1

 

 

 

Operating profit, as adjusted

 

46

 

56

 

 

 

Operating margin, as adjusted

 

12.2

%

13.7

%

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

9

 

10

 

 

 

 

 

 

 

 

 

 

 

EBITDA, as adjusted

 

$

55

 

$

66

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

Net sales

 

$

2,018

 

$

1,965

 

3

%

 

 

 

 

 

 

 

 

Operating profit, as reported - segment

 

$

203

 

$

184

 

 

 

General corporate expense, net (GCE)

 

(32

)

(32

)

 

 

Operating profit, as reported

 

171

 

152

 

 

 

Operating margin, as reported

 

8.5

%

7.7

%

 

 

 

 

 

 

 

 

 

 

Rationalization charges - segment

 

3

 

4

 

 

 

Accelerated depreciation - segment

 

 

1

 

 

 

Costs related to spin-off of Services Business - segment

 

1

 

 

 

 

Rationalization charges - GCE

 

3

 

 

 

 

Costs related to spin-off of Services Business - GCE

 

3

 

 

 

 

Operating profit, as adjusted

 

181

 

157

 

 

 

Operating margin, as adjusted

 

9.0

%

8.0

%

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization - segment

 

32

 

39

 

 

 

Depreciation and amortization - non-operating

 

2

 

3

 

 

 

 

 

 

 

 

 

 

 

EBITDA, as adjusted

 

$

215

 

$

199

 

 

 

 

Historical information is available on our website.

 

10


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