Masco Sees Strong First-Quarter GrowthApril 26th, 2016 by Editor
Masco Corp., the parent company of Milgard Windows and Doors, reported growth in net sales and adjusted operating profit for the first quarter of 2016. Adjusted operating profit margin rose to 13.8 percent. Masco’s portfolio of brands also includes Behr paint; Delta and Hansgrohe faucets, bath and shower fixtures; KraftMaid and Merillat cabinets; and Hot Spring spas.
“The year is off to a great start with strong performances from all of our businesses,” said Masco president and CEO Keith Allman. “Our windows businesses capitalized on repair and remodel and new home construction growth in the U.S. and U.K.”
Led by the strong performance of its North American windows business, net sales increased nine percent (11 percent excluding the impact of foreign currency translation) for Masco’s windows and other specialty products,
Compared to first quarter 2015, Masco’s net sales from all segments increased four percent to $1.7 billion. In local currency, North American sales increased 6 percent and international sales increased 2 percent. Income from continuing operations was 32 cents per share.
“The fundamentals driving our business are progressing in line with our expectations, and our performance this quarter demonstrates that we are fully focused on achieving our financial and operational objectives,” said Allman. “We remain confident in our ability to successfully execute against our long-term growth strategies by leveraging our brand portfolio, industry-leading positions and our Masco Operating System. We expect that these growth strategies, coupled with our disciplined capital allocation approach and strengthening balance sheet, will continue to create shareholder value in 2016.”