Maintenance, Repair & OperationsNews and Events

Masco Corporation Reports Second Quarter 2021 Results

LIVONIA, Mich.–Masco Corporation (NYSE: MAS), one of the world’s leading manufacturers of branded home improvement and building products, reported its second quarter results.

“Our business performed exceptionally well during the second quarter, demonstrating the strength, diversification and resilience of our business,” said Masco President and CEO, Keith Allman. “We delivered our fourth consecutive quarter of double-digit sales growth, and our sixth consecutive quarter of adjusted margin expansion and double-digit adjusted earnings per share growth. We also continued our capital deployment strategy and leveraged our strong free cash flow by returning $507 million to shareholders through dividends and share repurchases during the quarter. Finally, we further improved our balance sheet and reduced future cash contributions by settling our domestic qualified defined-benefit pension plans during the quarter.”

2021 Second Quarter Commentary

  • On a reported basis, compared to second quarter 2020:
    • Net sales increased 24 percent to $2,179 million; in local currency and excluding acquisitions and divestitures, net sales increased 18 percent
    • In local currency, North American sales increased 15 percent and international sales increased 50 percent
    • Gross margins increased 70 basis points to 36.3 percent from 35.6 percent
    • Operating profit increased 29 percent to $437 million
    • Operating margins increased 90 basis points to 20.1 percent from 19.2 percent
    • (Loss) income from continuing operations was $(0.14) per share, compared to $0.80 per share, due to the settlement of domestic qualified defined-benefit pension plans
  • Compared to second quarter 2020, results for key financial measures, as adjusted for certain items (see Exhibit A) and with a normalized tax rate of 25 percent, were as follows:
    • Gross margins increased 50 basis points to 36.3 percent compared to 35.8 percent
    • Operating profit increased 27 percent to $438 million from $344 million
    • Operating margins increased 60 basis points to 20.1 percent compared to 19.5 percent
    • Income from continuing operations increased to $1.14 per share, compared to $0.85 per share
  • Liquidity as of June 30, 2021 was $1,769 million (including availability under our revolving credit facility)
  • Plumbing Products’ net sales increased 53 percent; in local currency and excluding acquisitions and divestitures, sales increased 44 percent
  • Decorative Architectural Products’ net sales decreased five percent; in local currency and excluding acquisitions, sales decreased seven percent

“We continue to see robust demand for our products across our end markets,” stated Allman. “We are effectively managing supply chain tightness and escalating logistics inflation to deliver value for our customers and our shareholders. Based on our strong performance for the first half of 2021 and continued strong demand in our international business and trade channel, we now anticipate earnings per share to be in the range of $3.65 to $3.75 per share, increased from our previous expectation of $3.50 to $3.70 per share,” concluded Allman.

Dividend Declaration
Masco’s Board of Directors declared a quarterly dividend of $0.235 per common share, payable on August 30, 2021, to shareholders of record on August 13, 2021.

About Masco
Headquartered in Livonia, Michigan, Masco Corporation is a global leader in the design, manufacture and distribution of branded home improvement and building products. Our portfolio of industry-leading brands includes Behr® paint; Delta® and Hansgrohe® faucets, bath and shower fixtures; Kichler® decorative and outdoor lighting; and HotSpring® spas. We leverage our powerful brands across product categories, sales channels and geographies to create value for our customers and shareholders. For more information about Masco Corporation, visit

The second quarter 2021 supplemental material, including a presentation in PDF format, is available on Masco’s website at

Conference Call Detail
A conference call regarding items contained in this release is scheduled for Thursday, July 29, 2021 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 8935219. The conference call will be webcast simultaneously and in its entirety through Masco’s website. Shareholders, media representatives and others interested in Masco may participate in the webcast by registering through the Investor Relations section on Masco’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 8935219. The telephone replay will be available approximately two hours after the end of the call and continue through August 29, 2021.

Safe Harbor Statement
This press release contains statements that reflect our views about our future performance and constitute “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “outlook,” “believe,” “anticipate,” “appear,” “may,” “will,” “should,” “intend,” “plan,” “estimate,” “expect,” “assume,” “seek,” “forecast,” and similar references to future periods. Our views about future performance 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 the levels of residential repair and remodel activity, and to a lesser extent, new home construction, our ability to maintain our strong brands and reputation and to develop innovative products, our ability to maintain our competitive position in our industries, our reliance on key customers, the length and severity of the ongoing COVID-19 pandemic, including its impact on domestic and international economic activity, consumer confidence, our production capabilities, our employees and our supply chain; the cost and availability of materials and the imposition of tariffs, our dependence on third-party suppliers, risks associated with our international operations and global strategies, our ability to achieve the anticipated benefits of our strategic initiatives, our ability to successfully execute our acquisition strategy and integrate businesses that we have and may acquire, our ability to attract, develop and retain talented and diverse personnel, risks associated with our reliance on information systems and technology, and our ability to achieve the anticipated benefits from our investments in new technology. These and other factors are discussed in detail 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. Any forward-looking statement made by us speaks only as of the date on which it was made. 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.

Courtesy of -(BUSINESS WIRE)-

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