– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
Highlights
Sales increased 12 percent to $2,201 million; in local currency, sales increased 13 percent
Operating profit was $353 million and operating margin was 16.0 percent; adjusted operating profit was $356 million and adjusted operating margin was 16.2 percent
Earnings per share increased 185 percent to $0.97 per share; adjusted earnings per share increased 7 percent to $0.95 per share
Repurchased 6.1 million shares for $364 million
Anticipate 2022 earnings per share in the range of $4.12 - $4.32 per share, and on an adjusted basis, in the range of $4.15 - $4.35 per share, an increase from previously announced expectation of $4.10 - $4.30 per share
LIVONIA, Mich.--(BUSINESS WIRE)--Masco Corporation (NYSE: MAS), one of the world’s leading manufacturers of branded home improvement and building products, reported its first quarter results.
2022 First Quarter Results
“We achieved solid first quarter results,” said Masco President and CEO, Keith Allman. “We delivered strong sales growth of 12 percent and increased adjusted earnings per share by 7 percent. We also furthered our capital deployment by returning $431 million to shareholders through dividends and share repurchases during the quarter.”
“We are off to a strong start in 2022,” continued Allman. “Demand for our products remains healthy, and we are executing well to offset ongoing inflation while still driving volume growth. With this continued solid demand and our strong first quarter performance, we now anticipate our adjusted earnings per share for 2022 to be in the range of $4.15 to $4.35 per share, increased from our previous expectation of $4.10 to $4.30 per share,” concluded Allman.
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 www.masco.com.
The first quarter 2022 supplemental material, including a presentation in PDF format, is available on Masco’s website at www.masco.com.
Conference Call Detail
A conference call regarding items contained in this release is scheduled for Wednesday, April 27, 2022 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 (844) 549-7577 and from outside the U.S. at (442) 275-1712. Please use the conference identification number 8072369. 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 8072369. The telephone replay will be available approximately two hours after the end of the call and continue through May 27, 2022.
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 duration of the ongoing COVID-19 pandemic, including its impact on domestic and international economic activity, consumer discretionary spending, our employees and our supply chain, the cost and availability of materials, our dependence on third-party suppliers and service providers, extreme weather events and changes in climate, 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 risks associated with cybersecurity vulnerabilities, threats and attacks. 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.
MASCO CORPORATION Condensed Consolidated Statements of Operations - Unaudited For the Three Months Ended March 31, 2022 and 2021 (in millions, except per common share data) |
|||||||
|
Three Months Ended March 31, |
||||||
|
2022 |
|
2021 |
||||
Net sales |
$ |
2,201 |
|
|
$ |
1,970 |
|
Cost of sales |
|
1,497 |
|
|
|
1,270 |
|
Gross profit |
|
704 |
|
|
|
700 |
|
|
|
|
|
||||
Selling, general and administrative expenses |
|
351 |
|
|
|
335 |
|
Operating profit |
|
353 |
|
|
|
365 |
|
|
|
|
|
||||
Other income (expense), net: |
|
|
|
||||
Interest expense |
|
(25 |
) |
|
|
(202 |
) |
Other, net |
|
(1 |
) |
|
|
(6 |
) |
|
|
(26 |
) |
|
|
(208 |
) |
Income before income taxes |
|
327 |
|
|
|
157 |
|
|
|
|
|
||||
Income tax expense |
|
75 |
|
|
|
43 |
|
Net Income |
|
252 |
|
|
|
114 |
|
|
|
|
|
||||
Less: Net income attributable to noncontrolling interest |
|
19 |
|
|
|
20 |
|
Net income attributable to Masco Corporation |
$ |
233 |
|
|
$ |
94 |
|
|
|
|
|
||||
Income per common share attributable to Masco Corporation (diluted): |
|
|
|
||||
Net income |
$ |
0.97 |
|
|
$ |
0.34 |
|
|
|
|
|
||||
Average diluted common shares outstanding |
|
241 |
|
|
|
257 |
|
Historical information is available on our website. |
|||||||
MASCO CORPORATION Exhibit A: Reconciliations - Unaudited For the Three Months Ended March 31, 2022 and 2021 (dollars in millions) |
|||||||
|
Three Months Ended March 31, |
||||||
|
2022 |
|
2021 |
||||
Gross Profit, Selling, General and Administrative Expenses, and Operating Profit Reconciliations |
|
|
|
||||
|
|
|
|
||||
Net sales |
$ |
2,201 |
|
|
$ |
1,970 |
|
|
|
|
|
||||
Gross profit, as reported |
$ |
704 |
|
|
$ |
700 |
|
Rationalization charges |
|
3 |
|
|
|
1 |
|
Gross profit, as adjusted |
$ |
707 |
|
|
$ |
701 |
|
|
|
|
|
||||
Gross margin, as reported |
|
32.0 |
% |
|
|
35.5 |
% |
Gross margin, as adjusted |
|
32.1 |
% |
|
|
35.6 |
% |
|
|
|
|
||||
Selling, general and administrative expenses, as reported |
$ |
351 |
|
|
$ |
335 |
|
|
|
|
|
||||
Selling, general and administrative expenses as percent of net sales, as reported |
|
15.9 |
% |
|
|
17.0 |
% |
|
|
|
|
||||
Operating profit, as reported |
$ |
353 |
|
|
$ |
365 |
|
Rationalization charges |
|
3 |
|
|
|
1 |
|
Operating profit, as adjusted |
$ |
356 |
|
|
$ |
366 |
|
|
|
|
|
||||
Operating margin, as reported |
|
16.0 |
% |
|
|
18.5 |
% |
Operating margin, as adjusted |
|
16.2 |
% |
|
|
18.6 |
% |
Historical information is available on our website. |
|||||||
MASCO CORPORATION Exhibit A: Reconciliations - Unaudited For the Three Months Ended March 31, 2022 and 2021 (in millions, except per common share data) |
|||||||
|
Three Months Ended March 31, |
||||||
|
2022 |
|
2021 |
||||
Income Per Common Share Reconciliations |
|
|
|
||||
|
|
|
|
||||
Income before income taxes, as reported |
$ |
327 |
|
|
$ |
157 |
|
Rationalization charges |
|
3 |
|
|
|
1 |
|
Pension costs associated with terminated plans |
|
— |
|
|
|
9 |
|
(Earnings) from equity investments, net |
|
— |
|
|
|
(2 |
) |
Loss on extinguishment of debt |
|
— |
|
|
|
168 |
|
Fair value adjustment to contingent earnout obligation (1) |
|
4 |
|
|
|
— |
|
(Gain) on sale of business (2) |
|
(2 |
) |
|
|
— |
|
Income before income taxes, as adjusted |
|
332 |
|
|
|
333 |
|
Tax at 25% rate |
|
(83 |
) |
|
|
(83 |
) |
Less: Net income attributable to noncontrolling interest |
|
19 |
|
|
|
20 |
|
Net income, as adjusted |
$ |
230 |
|
|
$ |
230 |
|
|
|
|
|
||||
Net income per common share, as adjusted |
$ |
0.95 |
|
|
$ |
0.89 |
|
|
|
|
|
||||
Average diluted common shares outstanding |
|
241 |
|
|
|
257 |
|
(1) |
Represents expense from the revaluation of contingent consideration related to a prior acquisition. |
(2) |
Represents a pre-tax post-closing gain related to the finalization of working capital items related to the divestiture of Hüppe GmbH (“Hüppe”). |
Outlook for the Twelve Months Ended December 31, 2022 |
|||||||
|
Twelve Months Ended
|
||||||
|
Low End |
|
High End |
||||
Income Per Common Share Outlook |
|
|
|
||||
|
|
|
|
||||
Net income per common share |
$ |
4.12 |
|
|
$ |
4.32 |
|
Rationalization charges |
|
0.03 |
|
|
|
0.03 |
|
Fair value adjustment to contingent earnout obligation (1) |
|
0.01 |
|
|
|
0.01 |
|
(Gain) on sale of business (2) |
|
(0.01 |
) |
|
|
(0.01 |
) |
Allocation to participating securities per share (3) |
|
0.00 |
|
|
|
0.00 |
|
Net income per common share, as adjusted |
$ |
4.15 |
|
|
$ |
4.35 |
|
(1) |
Represents expense from the revaluation of contingent consideration related to a prior acquisition. |
(2) |
Represents a pre-tax post-closing gain related to the finalization of working capital items related to the divestiture of Hüppe. |
(3) |
Represents the impact of distributed dividends and undistributed earnings to unvested restricted stock awards as well as an allocation to redeemable noncontrolling interest in accordance with the two-class method of calculating earnings per share. |
| Historical information is available on our website. | |
MASCO CORPORATION Condensed Consolidated Balance Sheets and Other Financial Data - Unaudited March 31, 2022 and December 31, 2021 (dollars in millions) |
|||||||
|
March 31, 2022 |
|
December 31, 2021 |
||||
Balance Sheet |
|
|
|
||||
Assets |
|
|
|
||||
Current Assets: |
|
|
|
||||
Cash and cash investments |
$ |
479 |
|
|
$ |
926 |
|
Receivables |
|
1,502 |
|
|
|
1,171 |
|
Inventories |
|
1,340 |
|
|
|
1,216 |
|
Prepaid expenses and other |
|
107 |
|
|
|
109 |
|
Total Current Assets |
|
3,428 |
|
|
|
3,422 |
|
|
|
|
|
||||
Property and equipment, net |
|
892 |
|
|
|
896 |
|
Goodwill |
|
565 |
|
|
|
568 |
|
Other intangible assets, net |
|
379 |
|
|
|
388 |
|
Operating lease right-of-use assets |
|
195 |
|
|
|
187 |
|
Other assets |
|
109 |
|
|
|
114 |
|
Total Assets |
$ |
5,568 |
|
|
$ |
5,575 |
|
|
|
|
|
||||
Liabilities |
|
|
|
||||
Current Liabilities: |
|
|
|
||||
Accounts payable |
$ |
1,114 |
|
|
$ |
1,045 |
|
Notes payable |
|
273 |
|
|
|
10 |
|
Accrued liabilities |
|
749 |
|
|
|
884 |
|
Total Current Liabilities |
|
2,136 |
|
|
|
1,939 |
|
|
|
|
|
||||
Long-term debt |
|
2,946 |
|
|
|
2,949 |
|
Noncurrent operating lease liabilities |
|
179 |
|
|
|
172 |
|
Other liabilities |
|
407 |
|
|
|
437 |
|
Total Liabilities |
|
5,668 |
|
|
|
5,497 |
|
|
|
|
|
||||
Redeemable noncontrolling interest |
|
21 |
|
|
|
22 |
|
|
|
|
|
||||
Equity |
|
(121 |
) |
|
|
56 |
|
Total Liabilities and Equity |
$ |
5,568 |
|
|
$ |
5,575 |
|
|
As of March 31, |
||||||
|
2022 |
|
2021 |
||||
Other Financial Data |
|
|
|
||||
Working Capital Days |
|
|
|
||||
Receivable days |
|
54 |
|
|
|
54 |
|
Inventory days |
|
90 |
|
|
|
76 |
|
Payable days |
|
67 |
|
|
|
68 |
|
Working capital |
$ |
1,728 |
|
|
$ |
1,328 |
|
Working capital as a % of sales (LTM) |
|
20.1 |
% |
|
|
17.5 |
% |
Historical information is available on our website. |
|||||||
MASCO CORPORATION Condensed Consolidated Statements of Cash Flows and Other Financial Data - Unaudited For the Three Months Ended March 31, 2022 and 2021 (dollars in millions) |
|||||||
|
Three Months Ended March 31, |
||||||
|
2022 |
|
2021 |
||||
Cash Flows From (For) Operating Activities: |
|
|
|
||||
Cash provided by operating activities |
$ |
334 |
|
|
$ |
323 |
|
Working capital changes |
|
(561 |
) |
|
|
(412 |
) |
Net cash for operating activities |
|
(227 |
) |
|
|
(89 |
) |
|
|
|
|
||||
Cash Flows From (For) Financing Activities: |
|
|
|
||||
Retirement of notes |
|
— |
|
|
|
(1,326 |
) |
Purchase of Company common stock |
|
(364 |
) |
|
|
(303 |
) |
Proceeds from revolving credit borrowings, net |
|
263 |
|
|
|
— |
|
Cash dividends paid |
|
(67 |
) |
|
|
(36 |
) |
Issuance of notes, net of issuance costs |
|
— |
|
|
|
1,481 |
|
Debt extinguishment costs |
|
— |
|
|
|
(160 |
) |
Proceeds from the exercise of stock options |
|
1 |
|
|
|
— |
|
Employee withholding taxes paid on stock-based compensation |
|
(17 |
) |
|
|
(14 |
) |
Decrease in debt, net |
|
(3 |
) |
|
|
(1 |
) |
Net cash for financing activities |
|
(187 |
) |
|
|
(359 |
) |
|
|
|
|
||||
Cash Flows From (For) Investing Activities: |
|
|
|
||||
Capital expenditures |
|
(27 |
) |
|
|
(30 |
) |
Proceeds from disposition of businesses, net of cash disposed |
|
2 |
|
|
|
— |
|
Other, net |
|
(1 |
) |
|
|
5 |
|
Net cash for investing activities |
|
(26 |
) |
|
|
(25 |
) |
|
|
|
|
||||
Effect of exchange rate changes on cash and cash investments |
|
(7 |
) |
|
|
(13 |
) |
|
|
|
|
||||
Cash and Cash Investments: |
|
|
|
||||
Decrease for the period |
|
(447 |
) |
|
|
(486 |
) |
At January 1 |
|
926 |
|
|
|
1,326 |
|
At March 31 |
$ |
479 |
|
|
$ |
840 |
|
|
As of March 31, |
||||||
|
2022 |
|
2021 |
||||
Liquidity |
|
|
|
||||
Cash and cash investments |
$ |
479 |
|
$ |
838 |
||
Revolver availability |
|
737 |
|
|
1,000 |
||
Total Liquidity |
$ |
1,216 |
|
$ |
1,838 |
||
Historical information is available on our website. |
|||||||
MASCO CORPORATION Segment Data - Unaudited For the Three Months Ended March 31, 2022 and 2021 (dollars in millions) |
||||||||||
|
Three Months Ended March 31, |
|
|
|||||||
|
2022 |
|
2021 |
|
Change |
|||||
Plumbing Products |
|
|
|
|
|
|||||
Net sales |
$ |
1,359 |
|
|
$ |
1,249 |
|
|
9 |
% |
|
|
|
|
|
|
|||||
Operating profit, as reported |
$ |
228 |
|
|
$ |
252 |
|
|
|
|
Operating margin, as reported |
|
16.8 |
% |
|
|
20.2 |
% |
|
|
|
|
|
|
|
|
|
|||||
Rationalization charges |
|
— |
|
|
|
1 |
|
|
|
|
Operating profit, as adjusted |
|
228 |
|
|
|
253 |
|
|
|
|
Operating margin, as adjusted |
|
16.8 |
% |
|
|
20.3 |
% |
|
|
|
|
|
|
|
|
|
|||||
Depreciation and amortization |
|
24 |
|
|
|
26 |
|
|
|
|
EBITDA, as adjusted |
$ |
252 |
|
|
$ |
279 |
|
|
|
|
|
|
|
|
|
|
|||||
Decorative Architectural Products |
|
|
|
|
|
|||||
Net sales |
$ |
842 |
|
|
$ |
721 |
|
|
17 |
% |
|
|
|
|
|
|
|||||
Operating profit, as reported |
$ |
155 |
|
|
$ |
142 |
|
|
|
|
Operating margin, as reported |
|
18.4 |
% |
|
|
19.7 |
% |
|
|
|
|
|
|
|
|
|
|||||
Rationalization charges |
|
2 |
|
|
|
— |
|
|
|
|
Accelerated depreciation related to rationalization activity |
|
1 |
|
|
|
— |
|
|
|
|
Operating profit, as adjusted |
|
158 |
|
|
|
142 |
|
|
|
|
Operating margin, as adjusted |
|
18.8 |
% |
|
|
19.7 |
% |
|
|
|
|
|
|
|
|
|
|||||
Depreciation and amortization |
|
8 |
|
|
|
10 |
|
|
|
|
EBITDA, as adjusted |
$ |
166 |
|
|
$ |
152 |
|
|
|
|
|
|
|
|
|
|
|||||
Total |
|
|
|
|
|
|||||
Net sales |
$ |
2,201 |
|
|
$ |
1,970 |
|
|
12 |
% |
|
|
|
|
|
|
|||||
Operating profit, as reported - segment |
$ |
383 |
|
|
$ |
394 |
|
|
|
|
General corporate expense, net |
|
(30 |
) |
|
|
(29 |
) |
|
|
|
Operating profit, as reported |
|
353 |
|
|
|
365 |
|
|
|
|
Operating margin, as reported |
|
16.0 |
% |
|
|
18.5 |
% |
|
|
|
|
|
|
|
|
|
|||||
Rationalization charges - segment |
|
2 |
|
|
|
1 |
|
|
|
|
Accelerated depreciation related to rationalization activity |
|
1 |
|
|
|
— |
|
|
|
|
Operating profit, as adjusted |
|
356 |
|
|
|
366 |
|
|
|
|
Operating margin, as adjusted |
|
16.2 |
% |
|
|
18.6 |
% |
|
|
|
|
|
|
|
|
|
|||||
Depreciation and amortization - segment |
|
32 |
|
|
|
36 |
|
|
|
|
Depreciation and amortization - other |
|
2 |
|
|
|
7 |
|
|
|
|
EBITDA, as adjusted |
$ |
390 |
|
|
$ |
409 |
|
|
|
|
Historical information is available on our website. |
||||||||||
MASCO CORPORATION North American and International Data - Unaudited For the Three Months Ended March 31, 2022 and 2021 (dollars in millions) |
||||||||||
|
Three Months Ended March 31, |
|
|
|||||||
|
2022 |
|
2021 |
|
Change |
|||||
North American |
|
|
|
|
|
|||||
Net sales |
$ |
1,734 |
|
|
$ |
1,529 |
|
|
13 |
% |
|
|
|
|
|
|
|||||
Operating profit, as reported |
$ |
300 |
|
|
$ |
308 |
|
|
|
|
Operating margin, as reported |
|
17.3 |
% |
|
|
20.1 |
% |
|
|
|
|
|
|
|
|
|
|||||
Rationalization charges |
|
2 |
|
|
|
1 |
|
|
|
|
Accelerated depreciation related to rationalization activity |
|
1 |
|
|
|
— |
|
|
|
|
Operating profit, as adjusted |
|
303 |
|
|
|
309 |
|
|
|
|
Operating margin, as adjusted |
|
17.5 |
% |
|
|
20.2 |
% |
|
|
|
|
|
|
|
|
|
|||||
Depreciation and amortization |
|
20 |
|
|
|
23 |
|
|
|
|
EBITDA, as adjusted |
$ |
323 |
|
|
$ |
332 |
|
|
|
|
|
|
|
|
|
|
|||||
International |
|
|
|
|
|
|||||
Net sales |
$ |
467 |
|
|
$ |
441 |
|
|
6 |
% |
|
|
|
|
|
|
|||||
Operating profit, as reported |
$ |
83 |
|
|
$ |
86 |
|
|
|
|
Operating margin, as reported |
|
17.8 |
% |
|
|
19.5 |
% |
|
|
|
|
|
|
|
|
|
|||||
Depreciation and amortization |
|
12 |
|
|
|
13 |
|
|
|
|
EBITDA |
$ |
95 |
|
|
$ |
99 |
|
|
|
|
|
|
|
|
|
|
|||||
Total |
|
|
|
|
|
|||||
Net sales |
$ |
2,201 |
|
|
$ |
1,970 |
|
|
12 |
% |
|
|
|
|
|
|
|||||
Operating profit, as reported - segment |
$ |
383 |
|
|
$ |
394 |
|
|
|
|
General corporate expense, net |
|
(30 |
) |
|
|
(29 |
) |
|
|
|
Operating profit, as reported |
|
353 |
|
|
|
365 |
|
|
|
|
Operating margin, as reported |
|
16.0 |
% |
|
|
18.5 |
% |
|
|
|
|
|
|
|
|
|
|||||
Rationalization charges - segment |
|
2 |
|
|
|
1 |
|
|
|
|
Accelerated depreciation related to rationalization activity |
|
1 |
|
|
|
— |
|
|
|
|
Operating profit, as adjusted |
|
356 |
|
|
|
366 |
|
|
|
|
Operating margin, as adjusted |
|
16.2 |
% |
|
|
18.6 |
% |
|
|
|
|
|
|
|
|
|
|||||
Depreciation and amortization - segment |
|
32 |
|
|
|
36 |
|
|
|
|
Depreciation and amortization - other |
|
2 |
|
|
|
7 |
|
|
|
|
EBITDA, as adjusted |
$ |
390 |
|
|
$ |
409 |
|
|
|
|
Historical information is available on our website. |
||||||||||
Основные моменты
Продажи выросли на 12 процентов до 2 201 миллиона долларов; в местной валюте продажи выросли на 13 процентов
Операционная прибыль составила 353 миллиона долларов, а операционная маржа составила 16,0 процента; скорректированная операционная прибыль составила 356 миллионов долларов, а скорректированная операционная маржа составила 16,2 процента
Прибыль на акцию увеличилась на 185 процентов до 0,97 доллара на акцию; скорректированная прибыль на акцию увеличилась на 7 процентов до 0,95 доллара на акцию
Выкупил 6,1 млн акций за 364 млн долларов
Ожидается, что прибыль на акцию в 2022 году составит 4,12 -4,32 доллара на акцию, а на скорректированной основе - 4,15-4,35 доллара на акцию, что больше по сравнению с ранее объявленным ожиданием в 4,10 -4,30 доллара на акцию
ЛИВОНИЯ, Мичиган --(BUSINESS WIRE)--Корпорация Masco (NYSE: MAS), один из ведущих мировых производителей фирменных товаров для дома и строительства, отчиталась о результатах за первый квартал.
Результаты первого квартала 2022 года
“Мы добились хороших результатов в первом квартале”, - сказал президент и главный исполнительный директор Masco Кит Оллман. “Мы добились значительного роста продаж на 12 процентов и увеличили скорректированную прибыль на акцию на 7 процентов. Мы также увеличили объем нашего капитала, вернув акционерам 431 миллион долларов в виде дивидендов и выкупа акций в течение квартала”.
“В 2022 году мы уверенно стартуем”, - продолжил Оллман. “Спрос на нашу продукцию остается стабильным, и мы успешно справляемся с текущей инфляцией, продолжая при этом стимулировать рост объемов. Учитывая сохраняющийся устойчивый спрос и наши высокие показатели за первый квартал, мы теперь ожидаем, что наша скорректированная прибыль на акцию в 2022 году составит от 4,15 до 4,35 доллара на акцию, увеличившись с наших предыдущих ожиданий в 4,10 до 4,30 доллара на акцию”, - заключил Оллман.
Корпорация Masco со штаб-квартирой в Ливонии, штат Мичиган, является мировым лидером в области проектирования, производства и распространения фирменных товаров для дома и строительства. Наш портфель ведущих в отрасли брендов включает краски Behr®, смесители Delta® и Hansgrohe®, сантехнику для ванн и душевых кабин, декоративное и наружное освещение Kichler®, а также спа-центры HotSpring®. Мы используем наши мощные бренды в различных категориях продуктов, каналах продаж и географических регионах, чтобы создавать ценность для наших клиентов и акционеров. Для получения дополнительной информации о корпорации Masco посетите веб-сайт www.Masco.com .
Дополнительные материалы за первый квартал 2022 года, включая презентацию в формате PDF, доступны на веб-сайте Masco по адресу www.Masco.com .
Подробная информация о конференц-звонке
Конференц-связь по вопросам, содержащимся в этом выпуске, запланирована на среду, 27 апреля 2022 года, в 8:00 утра по восточному времени. Участников телефонной конференции просят зарегистрироваться за пять-десять минут до запланированного времени начала, набрав (844) 549-7577 и из-за пределов США по телефону (442) 275-1712. Пожалуйста, используйте идентификационный номер конференции 8072369. Конференц-связь будет транслироваться в Интернете одновременно и полностью через веб-сайт Masco. Акционеры, представители СМИ и другие лица, заинтересованные в Masco, могут принять участие в веб-трансляции, зарегистрировавшись через раздел по связям с инвесторами на веб-сайте Masco.
Воспроизведение звонка будет доступно на веб-сайте Masco или по телефону, набрав (855) 859-2056, а из-за пределов США - по телефону (404) 537-3406. Пожалуйста, используйте идентификационный номер конференции 8072369. Повтор телефонного разговора будет доступен примерно через два часа после окончания разговора и продлится до 27 мая 2022 года.
Заявление о безопасной гавани
Этот пресс-релиз содержит заявления, которые отражают наши взгляды на нашу будущую деятельность и представляют собой “прогнозные заявления” в соответствии с Законом о реформе судебных разбирательств по частным ценным бумагам 1995 года. Прогнозные заявления могут быть идентифицированы такими словами, как “прогноз”, “полагать”, “ожидать”, “кажется”, “может”, “будет”, “должен”, “намереваться”, “планировать”, “оценивать”, “ожидать”, “предполагать”, “искать”, “прогнозировать” и аналогичные ссылки на будущие периоды. Наши взгляды на будущие результаты связаны с рисками и неопределенностями, которые трудно предсказать, и, соответственно, наши фактические результаты могут существенно отличаться от результатов, обсуждаемых в наших прогнозных заявлениях. Мы предостерегаем вас от того, чтобы полагаться на какие-либо из этих прогнозных заявлений.
На наши будущие показатели могут повлиять объемы работ по ремонту и реконструкции жилых помещений и, в меньшей степени, строительство новых домов, наша способность поддерживать наши сильные бренды и репутацию, а также разрабатывать инновационные продукты, наша способность сохранять конкурентоспособность в наших отраслях, наша зависимость от ключевых клиентов, продолжительность продолжающейся пандемии COVID-19, включая ее влияние на внутреннюю и международную экономическую активность, дискреционные расходы потребителей, наших сотрудников и нашу цепочку поставок, стоимость и доступность материалов, нашу зависимость от сторонних поставщиков и поставщиков услуг, экстремальные погодные явления и изменения климата, риски, связанные с нашей международной операций и глобальных стратегий, нашей способности достигать ожидаемых выгод от наших стратегических инициатив, нашей способности успешно реализовывать нашу стратегию приобретения и интегрировать предприятия, которые мы имеем и можем приобрести, нашей способности привлекать, развивать и удерживать талантливый и разнообразный персонал, риски, связанные с нашей зависимостью от информационных систем и технологий, и риски, связанные с уязвимостями, угрозами и атаками в области кибербезопасности. Эти и другие факторы подробно обсуждаются в пункте 1А. "Факторы риска" в нашем последнем Годовом отчете по Форме 10-K, а также в наших Квартальных отчетах по форме 10-Q и в других документах, которые мы подаем в Комиссию по ценным бумагам и биржам. Любое прогнозное заявление, сделанное нами, относится только к дате, на которую оно было сделано. Время от времени могут возникать факторы или события, которые могут привести к тому, что наши фактические результаты будут отличаться, и мы не можем предсказать их все. За исключением случаев, предусмотренных законом, мы не берем на себя никаких обязательств по публичному обновлению каких-либо прогнозных заявлений в результате новой информации, будущих событий или иным образом.
Masco CORPORATION Condensed Consolidated Statements of Operations - Unaudited For the Three Months Ended March 31, 2022 and 2021 (in millions, except per common share data) |
|||||||
|
Three Months Ended March 31, |
||||||
|
2022 |
|
2021 |
||||
Net sales |
$ |
2,201 |
|
|
$ |
1,970 |
|
Cost of sales |
|
1,497 |
|
|
|
1,270 |
|
Gross profit |
|
704 |
|
|
|
700 |
|
|
|
|
|
||||
Selling, general and administrative expenses |
|
351 |
|
|
|
335 |
|
Operating profit |
|
353 |
|
|
|
365 |
|
|
|
|
|
||||
Other income (expense), net: |
|
|
|
||||
Interest expense |
|
(25 |
) |
|
|
(202 |
) |
Other, net |
|
(1 |
) |
|
|
(6 |
) |
|
|
(26 |
) |
|
|
(208 |
) |
Income before income taxes |
|
327 |
|
|
|
157 |
|
|
|
|
|
||||
Income tax expense |
|
75 |
|
|
|
43 |
|
Net Income |
|
252 |
|
|
|
114 |
|
|
|
|
|
||||
Less: Net income attributable to noncontrolling interest |
|
19 |
|
|
|
20 |
|
Net income attributable to Masco Corporation |
$ |
233 |
|
|
$ |
94 |
|
|
|
|
|
||||
Income per common share attributable to Masco Corporation (diluted): |
|
|
|
||||
Net income |
$ |
0.97 |
|
|
$ |
0.34 |
|
|
|
|
|
||||
Average diluted common shares outstanding |
|
241 |
|
|
|
257 |
|
Historical information is available on our website. |
|||||||
Masco CORPORATION Exhibit A: Reconciliations - Unaudited For the Three Months Ended March 31, 2022 and 2021 (dollars in millions) |
|||||||
|
Three Months Ended March 31, |
||||||
|
2022 |
|
2021 |
||||
Gross Profit, Selling, General and Administrative Expenses, and Operating Profit Reconciliations |
|
|
|
||||
|
|
|
|
||||
Net sales |
$ |
2,201 |
|
|
$ |
1,970 |
|
|
|
|
|
||||
Gross profit, as reported |
$ |
704 |
|
|
$ |
700 |
|
Rationalization charges |
|
3 |
|
|
|
1 |
|
Gross profit, as adjusted |
$ |
707 |
|
|
$ |
701 |
|
|
|
|
|
||||
Gross margin, as reported |
|
32.0 |
% |
|
|
35.5 |
% |
Gross margin, as adjusted |
|
32.1 |
% |
|
|
35.6 |
% |
|
|
|
|
||||
Selling, general and administrative expenses, as reported |
$ |
351 |
|
|
$ |
335 |
|
|
|
|
|
||||
Selling, general and administrative expenses as percent of net sales, as reported |
|
15.9 |
% |
|
|
17.0 |
% |
|
|
|
|
||||
Operating profit, as reported |
$ |
353 |
|
|
$ |
365 |
|
Rationalization charges |
|
3 |
|
|
|
1 |
|
Operating profit, as adjusted |
$ |
356 |
|
|
$ |
366 |
|
|
|
|
|
||||
Operating margin, as reported |
|
16.0 |
% |
|
|
18.5 |
% |
Operating margin, as adjusted |
|
16.2 |
% |
|
|
18.6 |
% |
Historical information is available on our website. |
|||||||
Masco CORPORATION Exhibit A: Reconciliations - Unaudited For the Three Months Ended March 31, 2022 and 2021 (in millions, except per common share data) |
|||||||
|
Three Months Ended March 31, |
||||||
|
2022 |
|
2021 |
||||
Income Per Common Share Reconciliations |
|
|
|
||||
|
|
|
|
||||
Income before income taxes, as reported |
$ |
327 |
|
|
$ |
157 |
|
Rationalization charges |
|
3 |
|
|
|
1 |
|
Pension costs associated with terminated plans |
|
— |
|
|
|
9 |
|
(Earnings) from equity investments, net |
|
— |
|
|
|
(2 |
) |
Loss on extinguishment of debt |
|
— |
|
|
|
168 |
|
Fair value adjustment to contingent earnout obligation (1) |
|
4 |
|
|
|
— |
|
(Gain) on sale of business (2) |
|
(2 |
) |
|
|
— |
|
Income before income taxes, as adjusted |
|
332 |
|
|
|
333 |
|
Tax at 25% rate |
|
(83 |
) |
|
|
(83 |
) |
Less: Net income attributable to noncontrolling interest |
|
19 |
|
|
|
20 |
|
Net income, as adjusted |
$ |
230 |
|
|
$ |
230 |
|
|
|
|
|
||||
Net income per common share, as adjusted |
$ |
0.95 |
|
|
$ |
0.89 |
|
|
|
|
|
||||
Average diluted common shares outstanding |
|
241 |
|
|
|
257 |
|
(1) |
Represents expense from the revaluation of contingent consideration related to a prior acquisition. |
(2) |
Represents a pre-tax post-closing gain related to the finalization of working capital items related to the divestiture of Hüppe GmbH (“Hüppe”). |
Outlook for the Twelve Months Ended December 31, 2022 |
|||||||
|
Twelve Months Ended
|
||||||
|
Low End |
|
High End |
||||
Income Per Common Share Outlook |
|
|
|
||||
|
|
|
|
||||
Net income per common share |
$ |
4.12 |
|
|
$ |
4.32 |
|
Rationalization charges |
|
0.03 |
|
|
|
0.03 |
|
Fair value adjustment to contingent earnout obligation (1) |
|
0.01 |
|
|
|
0.01 |
|
(Gain) on sale of business (2) |
|
(0.01 |
) |
|
|
(0.01 |
) |
Allocation to participating securities per share (3) |
|
0.00 |
|
|
|
0.00 |
|
Net income per common share, as adjusted |
$ |
4.15 |
|
|
$ |
4.35 |
|
(1) |
Represents expense from the revaluation of contingent consideration related to a prior acquisition. |
(2) |
Represents a pre-tax post-closing gain related to the finalization of working capital items related to the divestiture of Hüppe. |
(3) |
Represents the impact of distributed dividends and undistributed earnings to unvested restricted stock awards as well as an allocation to redeemable noncontrolling interest in accordance with the two-class method of calculating earnings per share. |
| Historical information is available on our website. | |
Masco CORPORATION Condensed Consolidated Balance Sheets and Other Financial Data - Unaudited March 31, 2022 and December 31, 2021 (dollars in millions) |
|||||||
|
March 31, 2022 |
|
December 31, 2021 |
||||
Balance Sheet |
|
|
|
||||
Assets |
|
|
|
||||
Current Assets: |
|
|
|
||||
Cash and cash investments |
$ |
479 |
|
|
$ |
926 |
|
Receivables |
|
1,502 |
|
|
|
1,171 |
|
Inventories |
|
1,340 |
|
|
|
1,216 |
|
Prepaid expenses and other |
|
107 |
|
|
|
109 |
|
Total Current Assets |
|
3,428 |
|
|
|
3,422 |
|
|
|
|
|
||||
Property and equipment, net |
|
892 |
|
|
|
896 |
|
Goodwill |
|
565 |
|
|
|
568 |
|
Other intangible assets, net |
|
379 |
|
|
|
388 |
|
Operating lease right-of-use assets |
|
195 |
|
|
|
187 |
|
Other assets |
|
109 |
|
|
|
114 |
|
Total Assets |
$ |
5,568 |
|
|
$ |
5,575 |
|
|
|
|
|
||||
Liabilities |
|
|
|
||||
Current Liabilities: |
|
|
|
||||
Accounts payable |
$ |
1,114 |
|
|
$ |
1,045 |
|
Notes payable |
|
273 |
|
|
|
10 |
|
Accrued liabilities |
|
749 |
|
|
|
884 |
|
Total Current Liabilities |
|
2,136 |
|
|
|
1,939 |
|
|
|
|
|
||||
Long-term debt |
|
2,946 |
|
|
|
2,949 |
|
Noncurrent operating lease liabilities |
|
179 |
|
|
|
172 |
|
Other liabilities |
|
407 |
|
|
|
437 |
|
Total Liabilities |
|
5,668 |
|
|
|
5,497 |
|
|
|
|
|
||||
Redeemable noncontrolling interest |
|
21 |
|
|
|
22 |
|
|
|
|
|
||||
Equity |
|
(121 |
) |
|
|
56 |
|
Total Liabilities and Equity |
$ |
5,568 |
|
|
$ |
5,575 |
|
|
As of March 31, |
||||||
|
2022 |
|
2021 |
||||
Other Financial Data |
|
|
|
||||
Working Capital Days |
|
|
|
||||
Receivable days |
|
54 |
|
|
|
54 |
|
Inventory days |
|
90 |
|
|
|
76 |
|
Payable days |
|
67 |
|
|
|
68 |
|
Working capital |
$ |
1,728 |
|
|
$ |
1,328 |
|
Working capital as a % of sales (LTM) |
|
20.1 |
% |
|
|
17.5 |
% |
Historical information is available on our website. |
|||||||
Masco CORPORATION Condensed Consolidated Statements of Cash Flows and Other Financial Data - Unaudited For the Three Months Ended March 31, 2022 and 2021 (dollars in millions) |
|||||||
|
Three Months Ended March 31, |
||||||
|
2022 |
|
2021 |
||||
Cash Flows From (For) Operating Activities: |
|
|
|
||||
Cash provided by operating activities |
$ |
334 |
|
|
$ |
323 |
|
Working capital changes |
|
(561 |
) |
|
|
(412 |
) |
Net cash for operating activities |
|
(227 |
) |
|
|
(89 |
) |
|
|
|
|
||||
Cash Flows From (For) Financing Activities: |
|
|
|
||||
Retirement of notes |
|
— |
|
|
|
(1,326 |
) |
Purchase of Company common stock |
|
(364 |
) |
|
|
(303 |
) |
Proceeds from revolving credit borrowings, net |
|
263 |
|
|
|
— |
|
Cash dividends paid |
|
(67 |
) |
|
|
(36 |
) |
Issuance of notes, net of issuance costs |
|
— |
|
|
|
1,481 |
|
Debt extinguishment costs |
|
— |
|
|
|
(160 |
) |
Proceeds from the exercise of stock options |
|
1 |
|
|
|
— |
|
Employee withholding taxes paid on stock-based compensation |
|
(17 |
) |
|
|
(14 |
) |
Decrease in debt, net |
|
(3 |
) |
|
|
(1 |
) |
Net cash for financing activities |
|
(187 |
) |
|
|
(359 |
) |
|
|
|
|
||||
Cash Flows From (For) Investing Activities: |
|
|
|
||||
Capital expenditures |
|
(27 |
) |
|
|
(30 |
) |
Proceeds from disposition of businesses, net of cash disposed |
|
2 |
|
|
|
— |
|
Other, net |
|
(1 |
) |
|
|
5 |
|
Net cash for investing activities |
|
(26 |
) |
|
|
(25 |
) |
|
|
|
|
||||
Effect of exchange rate changes on cash and cash investments |
|
(7 |
) |
|
|
(13 |
) |
|
|
|
|
||||
Cash and Cash Investments: |
|
|
|
||||
Decrease for the period |
|
(447 |
) |
|
|
(486 |
) |
At January 1 |
|
926 |
|
|
|
1,326 |
|
At March 31 |
$ |
479 |
|
|
$ |
840 |
|
|
As of March 31, |
||||||
|
2022 |
|
2021 |
||||
Liquidity |
|
|
|
||||
Cash and cash investments |
$ |
479 |
|
$ |
838 |
||
Revolver availability |
|
737 |
|
|
1,000 |
||
Total Liquidity |
$ |
1,216 |
|
$ |
1,838 |
||
Historical information is available on our website. |
|||||||
Masco CORPORATION Segment Data - Unaudited For the Three Months Ended March 31, 2022 and 2021 (dollars in millions) |
||||||||||
|
Three Months Ended March 31, |
|
|
|||||||
|
2022 |
|
2021 |
|
Change |
|||||
Plumbing Products |
|
|
|
|
|
|||||
Net sales |
$ |
1,359 |
|
|
$ |
1,249 |
|
|
9 |
% |
|
|
|
|
|
|
|||||
Operating profit, as reported |
$ |
228 |
|
|
$ |
252 |
|
|
|
|
Operating margin, as reported |
|
16.8 |
% |
|
|
20.2 |
% |
|
|
|
|
|
|
|
|
|
|||||
Rationalization charges |
|
— |
|
|
|
1 |
|
|
|
|
Operating profit, as adjusted |
|
228 |
|
|
|
253 |
|
|
|
|
Operating margin, as adjusted |
|
16.8 |
% |
|
|
20.3 |
% |
|
|
|
|
|
|
|
|
|
|||||
Depreciation and amortization |
|
24 |
|
|
|
26 |
|
|
|
|
EBITDA, as adjusted |
$ |
252 |
|
|
$ |
279 |
|
|
|
|
|
|
|
|
|
|
|||||
Decorative Architectural Products |
|
|
|
|
|
|||||
Net sales |
$ |
842 |
|
|
$ |
721 |
|
|
17 |
% |
|
|
|
|
|
|
|||||
Operating profit, as reported |
$ |
155 |
|
|
$ |
142 |
|
|
|
|
Operating margin, as reported |
|
18.4 |
% |
|
|
19.7 |
% |
|
|
|
|
|
|
|
|
|
|||||
Rationalization charges |
|
2 |
|
|
|
— |
|
|
|
|
Accelerated depreciation related to rationalization activity |
|
1 |
|
|
|
— |
|
|
|
|
Operating profit, as adjusted |
|
158 |
|
|
|
142 |
|
|
|
|
Operating margin, as adjusted |
|
18.8 |
% |
|
|
19.7 |
% |
|
|
|
|
|
|
|
|
|
|||||
Depreciation and amortization |
|
8 |
|
|
|
10 |
|
|
|
|
EBITDA, as adjusted |
$ |
166 |
|
|
$ |
152 |
|
|
|
|
|
|
|
|
|
|
|||||
Total |
|
|
|
|
|
|||||
Net sales |
$ |
2,201 |
|
|
$ |
1,970 |
|
|
12 |
% |
|
|
|
|
|
|
|||||
Operating profit, as reported - segment |
$ |
383 |
|
|
$ |
394 |
|
|
|
|
General corporate expense, net |
|
(30 |
) |
|
|
(29 |
) |
|
|
|
Operating profit, as reported |
|
353 |
|
|
|
365 |
|
|
|
|
Operating margin, as reported |
|
16.0 |
% |
|
|
18.5 |
% |
|
|
|
|
|
|
|
|
|
|||||
Rationalization charges - segment |
|
2 |
|
|
|
1 |
|
|
|
|
Accelerated depreciation related to rationalization activity |
|
1 |
|
|
|
— |
|
|
|
|
Operating profit, as adjusted |
|
356 |
|
|
|
366 |
|
|
|
|
Operating margin, as adjusted |
|
16.2 |
% |
|
|
18.6 |
% |
|
|
|
|
|
|
|
|
|
|||||
Depreciation and amortization - segment |
|
32 |
|
|
|
36 |
|
|
|
|
Depreciation and amortization - other |
|
2 |
|
|
|
7 |
|
|
|
|
EBITDA, as adjusted |
$ |
390 |
|
|
$ |
409 |
|
|
|
|
Historical information is available on our website. |
||||||||||
Masco CORPORATION North American and International Data - Unaudited For the Three Months Ended March 31, 2022 and 2021 (dollars in millions) |
||||||||||
|
Three Months Ended March 31, |
|
|
|||||||
|
2022 |
|
2021 |
|
Change |
|||||
North American |
|
|
|
|
|
|||||
Net sales |
$ |
1,734 |
|
|
$ |
1,529 |
|
|
13 |
% |
|
|
|
|
|
|
|||||
Operating profit, as reported |
$ |
300 |
|
|
$ |
308 |
|
|
|
|
Operating margin, as reported |
|
17.3 |
% |
|
|
20.1 |
% |
|
|
|
|
|
|
|
|
|
|||||
Rationalization charges |
|
2 |
|
|
|
1 |
|
|
|
|
Accelerated depreciation related to rationalization activity |
|
1 |
|
|
|
— |
|
|
|
|
Operating profit, as adjusted |
|
303 |
|
|
|
309 |
|
|
|
|
Operating margin, as adjusted |
|
17.5 |
% |
|
|
20.2 |
% |
|
|
|
|
|
|
|
|
|
|||||
Depreciation and amortization |
|
20 |
|
|
|
23 |
|
|
|
|
EBITDA, as adjusted |
$ |
323 |
|
|
$ |
332 |
|
|
|
|
|
|
|
|
|
|
|||||
International |
|
|
|
|
|
|||||
Net sales |
$ |
467 |
|
|
$ |
441 |
|
|
6 |
% |
|
|
|
|
|
|
|||||
Operating profit, as reported |
$ |
83 |
|
|
$ |
86 |
|
|
|
|
Operating margin, as reported |
|
17.8 |
% |
|
|
19.5 |
% |
|
|
|
|
|
|
|
|
|
|||||
Depreciation and amortization |
|
12 |
|
|
|
13 |
|
|
|
|
EBITDA |
$ |
95 |
|
|
$ |
99 |
|
|
|
|
|
|
|
|
|
|
|||||
Total |
|
|
|
|
|
|||||
Net sales |
$ |
2,201 |
|
|
$ |
1,970 |
|
|
12 |
% |
|
|
|
|
|
|
|||||
Operating profit, as reported - segment |
$ |
383 |
|
|
$ |
394 |
|
|
|
|
General corporate expense, net |
|
(30 |
) |
|
|
(29 |
) |
|
|
|
Operating profit, as reported |
|
353 |
|
|
|
365 |
|
|
|
|
Operating margin, as reported |
|
16.0 |
% |
|
|
18.5 |
% |
|
|
|
|
|
|
|
|
|
|||||
Rationalization charges - segment |
|
2 |
|
|
|
1 |
|
|
|
|
Accelerated depreciation related to rationalization activity |
|
1 |
|
|
|
— |
|
|
|
|
Operating profit, as adjusted |
|
356 |
|
|
|
366 |
|
|
|
|
Operating margin, as adjusted |
|
16.2 |
% |
|
|
18.6 |
% |
|
|
|
|
|
|
|
|
|
|||||
Depreciation and amortization - segment |
|
32 |
|
|
|
36 |
|
|
|
|
Depreciation and amortization - other |
|
2 |
|
|
|
7 |
|
|
|
|
EBITDA, as adjusted |
$ |
390 |
|
|
$ |
409 |
|
|
|
|
Historical information is available on our website. |
||||||||||
