Masco Corporation reported a positive third-quarter financial result for 2019 with a solid increase in sales, operating profit growth and margin expansion, according to Masco officials.

Net sales increased 2% to $1.9 billion and local sales in North America increased 3% in the third quarter of 2019 as compared to the same quarter last year. Gross margins grew from the 2018 third-quarter rate of 32.7% to 34.2% in the third quarter of 2019. The unadjusted earnings per share increased 16% from last year to $0.64. The report revealed the company’s updated 2019 anticipated adjusted earnings per share from continued operations considering the discontinued operations in the window business.

“After accounting for our Windows businesses as discontinued operations, we now expect adjusted earnings per share from continuing operations to be in the range of $2.52-$2.56 for the full year,” said president and CEO Keith Allman.

Masco announced at the beginning of the month that it would be selling its Milgard Windows and Doors subsidiary to MI Windows and Doors in a deal expected to close at the end of the year.

“We are pleased with our performance in the third quarter and with the progress we are making on the anticipated divestitures of our Cabinetry and Windows businesses. During the quarter we completed the sale of our UK Window business and announced the signing of a definitive agreement to sell our Milgard Windows and Doors business,” said Allman.

Allman also reported that the company had returned $186 million to shareholders through share repurchases and dividends during the quarter and that the company’s liquidity at the end of the quarter is $475 million.


Leave a Reply

Your email address will not be published. Required fields are marked *