Masco Reports Solid First Quarter
April 24th, 2018 by EditorMasco Corp., the parent company of Milgard Windows and Doors, reported strong net sales and earnings per share growth in the first quarter of 2018.
“We delivered a solid start to 2018 as we continued to grow our top line, invest for future growth, and deploy capital to create value for our shareholders,” said Masco president and CEO Keith Allman. “Growth was led by our Plumbing and Decorative Architectural Products segments, and our North American windows business. Additionally, we completed the acquisition of Kichler Lighting for approximately $550 million and returned approximately $183 million to shareholders through dividends and share repurchases.”
Net sales increased 8 percent to $1.9 billion. Net income increased to $0.47 per share compared to $0.43 per share.
Net sales increased 4 percent for Masco’s windows and other specialty products division.(2 percent excluding the impact of foreign currency translation) due to strong growth in the company’s North American windows business.
“We believe our end markets remain strong and very supportive of long-term growth,” said Allman. “While we did have a high level of investment spending in the first quarter, our expectations for the year have not changed. With our strong brands, industry leading positions, and strong execution, we continue to anticipate achieving adjusted earnings per share for 2018 in the range of $2.48 to $2.63.”
