Masco Corporation Reports Fourth Quarter and 2021 Year-End Results

Highlights

  • Sales for the fourth quarter increased 9 percent to $2,022 million
  • Operating profit for the quarter was $218 million; adjusted operating profit was $265 million
  • Earnings per share from continuing operations for the quarter was $0.55 per share; adjusted earnings per share from continuing operations was $0.67 per share
  • 2022 earnings per share expected to be in the range of $4.06 – $4.26 per share, and on an adjusted basis, to be in the range of $4.10 – $4.30 per share
  • Board declares a quarterly dividend of $0.28 per share, a 19 percent increase, payable on March 14, 2022 to shareholders of record on February 25, 2022

Masco Corporation (NYSE: MAS), one of the world’s leading manufacturers of branded home improvement and building products, reported its results for the fourth quarter and full year of 2021.

2021 Fourth Quarter Results

  • On a reported basis, compared to fourth quarter 2020:
    • Net sales increased 9 percent to $2,022 million; in local currency and excluding acquisitions and divestitures, net sales increased 7 percent
    • In local currency, North American sales increased 11 percent and international sales increased 3 percent
    • Gross margin decreased 490 basis points to 30.6 percent from 35.5 percent
    • Operating margin decreased 570 basis points to 10.8 percent from 16.5 percent
    • Income from continuing operations decreased to $0.55 per share, compared to $0.73 per share
  • Compared to fourth 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 margin decreased 490 basis points to 30.7 percent from 35.6 percent
    • Operating margin decreased 350 basis points to 13.1 percent from 16.6 percent
    • Income from continuing operations decreased to $0.67 per share, compared to $0.75 per share
  • Liquidity at the end of the fourth quarter was $1,926 million (including availability under revolving credit facility)
  • Plumbing Products’ net sales increased 5 percent; excluding acquisitions and divestitures, sales increased 2 percent
  • Decorative Architectural Products’ net sales increased 15 percent; excluding acquisitions, sales increased 14 percent

2021 Full Year Highlights

  • Sales for the year increased 17 percent to $8,375 million; in local currency, sales increased 15 percent
  • Operating profit grew 8 percent to $1,405 million; adjusted operating profit grew 11 percent to $1,454 million
  • Returned $1,237 million to shareholders through share repurchases and dividends
  • Earnings per share from continuing operations for the year declined 47 percent to $1.62 per share; adjusted earnings per share from continuing operations grew 19 percent to $3.70 per share

2021 Full Year Results

  • On a reported basis, compared to full year 2020:
    • Net sales increased 17 percent to $8,375 million; in local currency and excluding acquisitions and divestitures, net sales increased 13 percent
    • In local currency, North American sales increased 14 percent and international sales increased 21 percent
    • Gross margin decreased 180 basis points to 34.2 percent from 36.0 percent
    • Operating profit increased 8 percent to $1,405 million from $1,295 million
    • Operating margin decreased 120 basis points to 16.8 percent from 18.0 percent
    • Income from continuing operations decreased 47 percent to $1.62 per share compared to $3.04 per share
  • Compared to full year 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 margin decreased 190 basis points to 34.2 percent from 36.1 percent
    • Operating profit increased 11 percent to $1,454 million from $1,306 million
    • Operating margin decreased 80 basis points to 17.4 percent from 18.2 percent
    • Income from continuing operations increased 19 percent to $3.70 per share compared to $3.12 per share

“We ended 2021 with another quarter of strong top-line growth, capping off an exceptional year, with sales growth of 17 percent, adjusted operating profit growth of 11 percent, and adjusted earnings per share growth of 19 percent,” said Masco President and CEO, Keith Allman. “These results demonstrate the strength and resilience of our company and our employees, who delivered for our customers and shareholders despite supply chain challenges and inflation headwinds. We also executed on our commitment to return capital to shareholders over the course of year, with $1.2 billion returned in 2021 in dividends and share repurchases, including $205 million returned during the fourth quarter.”

”Looking ahead, we expect demand for our products to remain strong in 2022,” said Allman. “We believe we are well positioned to outperform the market with our industry leading portfolio of branded, lower ticket, repair and remodel-oriented products that serve both the do-it-yourself and professional markets, favorable housing fundamentals, and demonstrated executional excellence. In 2022, we anticipate that we will achieve margin expansion, and expect to deliver adjusted earnings per share in the range of $4.10 to $4.30 per share,” concluded Allman.

Dividend Declaration

Masco’s Board of Directors declared a quarterly dividend of $0.28 per share, a 19 percent increase, payable on March 14, 2022 to shareholders of record on February 25, 2022.

“This dividend increase is consistent with our capital allocation strategy to target a dividend payout ratio of approximately 30 percent, and underscores the strength of our financial position, our ability to generate consistent, strong free cash flow, and the Board’s confidence in our future,” concluded Allman.

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 www.masco.com. The 2021 fourth quarter and full year supplemental material, including a presentation in PDF format, is available on the Company’s website at www.masco.com.

Conference Call Details

A conference call regarding items contained in this release is scheduled for Tuesday, February 8, 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 5794675. The conference call will be webcast simultaneously and in its entirety through the Company’s website. Shareholders, media representatives and others interested in Masco may participate in the webcast by registering through the Investor Relations section on the Company’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 5794675. The telephone replay will be available approximately two hours after the end of the call and continue through March 10, 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" of this Report. 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 and Years Ended December 31, 2021 and 2020

 

 

 

Three Months Ended

December 31,

 

Year Ended

December 31,

 

 

2021

 

2020

 

2021

 

2020

Net sales

 

$

2,022

 

 

$

1,860

 

 

$

8,375

 

 

$

7,188

 

Cost of sales

 

 

1,403

 

 

 

1,200

 

 

 

5,512

 

 

 

4,601

 

Gross profit

 

 

619

 

 

 

660

 

 

 

2,863

 

 

 

2,587

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

 

356

 

 

 

353

 

 

 

1,413

 

 

 

1,292

 

Impairment charge for goodwill

 

 

45

 

 

 

 

 

 

45

 

 

 

 

Operating profit

 

 

218

 

 

 

307

 

 

 

1,405

 

 

 

1,295

 

 

 

 

 

 

 

 

 

 

Other income (expense), net:

 

 

 

 

 

 

 

 

Interest expense

 

 

(25

)

 

 

(34

)

 

 

(278

)

 

 

(144

)

Other, net

 

 

(1

)

 

 

2

 

 

 

(439

)

 

 

(20

)

 

 

 

(26

)

 

 

(32

)

 

 

(717

)

 

 

(164

)

Income from continuing operations before income taxes

 

 

192

 

 

 

275

 

 

 

688

 

 

 

1,131

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

52

 

 

 

67

 

 

 

210

 

 

 

269

 

Income from continuing operations

 

 

140

 

 

 

208

 

 

 

478

 

 

 

862

 

 

 

 

 

 

 

 

 

 

Income from discontinued operations, net

 

 

 

 

 

3

 

 

 

 

 

 

414

 

Net income

 

 

140

 

 

 

211

 

 

 

478

 

 

 

1,276

 

 

 

 

 

 

 

 

 

 

Less: Net income attributable to noncontrolling interest

 

 

8

 

 

 

16

 

 

 

68

 

 

 

52

 

Net income attributable to Masco Corporation

 

$

132

 

 

$

195

 

 

$

410

 

 

$

1,224

 

 

 

 

 

 

 

 

 

 

Income per common share attributable to Masco Corporation (diluted):

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

0.55

 

 

$

0.73

 

 

$

1.62

 

 

$

3.04

 

Income from discontinued operations, net

 

 

 

 

 

0.01

 

 

 

 

 

 

1.55

 

Net income

 

$

0.55

 

 

$

0.74

 

 

$

1.62

 

 

$

4.59

 

 

 

 

 

 

 

 

 

 

Average diluted common shares outstanding

 

 

245

 

 

 

261

 

 

 

251

 

 

 

264

 

 

 

 

 

 

 

 

 

 

Amounts attributable to Masco Corporation:

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

132

 

 

$

192

 

 

$

410

 

 

$

810

 

Income from discontinued operations, net

 

 

 

 

 

3

 

 

 

 

 

 

414

 

Net income

 

$

132

 

 

$

195

 

 

$

410

 

 

$

1,224

 

 

Historical information is available on our website.

MASCO CORPORATION

Exhibit A: Reconciliations - Unaudited

For the Three Months and Years Ended December 31, 2021 and 2020

(dollars in millions)

 

 

 

Three Months Ended

December 31,

 

Year Ended

December 31,

 

 

2021

 

2020

 

2021

 

2020

Gross Profit, Selling, General and Administrative Expenses, and Operating Profit Reconciliations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

2,022

 

 

$

1,860

 

 

$

8,375

 

 

$

7,188

 

 

 

 

 

 

 

 

 

 

Gross profit, as reported

 

$

619

 

 

$

660

 

 

$

2,863

 

 

$

2,587

 

Rationalization charges

 

 

2

 

 

 

2

 

 

 

4

 

 

 

9

 

Gross profit, as adjusted

 

$

621

 

 

$

662

 

 

$

2,867

 

 

$

2,596

 

 

 

 

 

 

 

 

 

 

Gross margin, as reported

 

 

30.6

%

 

 

35.5

%

 

 

34.2

%

 

 

36.0

%

Gross margin, as adjusted

 

 

30.7

%

 

 

35.6

%

 

 

34.2

%

 

 

36.1

%

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses, as reported

 

$

356

 

 

$

353

 

 

$

1,413

 

 

$

1,292

 

Rationalization charges

 

 

 

 

 

 

 

 

 

 

 

2

 

Selling, general and administrative expenses, as adjusted

 

$

356

 

 

$

353

 

 

$

1,413

 

 

$

1,290

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses as percent of net sales, as reported

 

 

17.6

%

 

 

19.0

%

 

 

16.9

%

 

 

18.0

%

Selling, general and administrative expenses as percent of net sales, as adjusted

 

 

17.6

%

 

 

19.0

%

 

 

16.9

%

 

 

17.9

%

 

 

 

 

 

 

 

 

 

Operating profit, as reported

 

$

218

 

 

$

307

 

 

$

1,405

 

 

$

1,295

 

Rationalization charges

 

 

2

 

 

 

2

 

 

 

4

 

 

 

11

 

Impairment charge for goodwill

 

 

45

 

 

 

 

 

 

45

 

 

 

 

Operating profit, as adjusted

 

$

265

 

 

$

309

 

 

$

1,454

 

 

$

1,306

 

 

 

 

 

 

 

 

 

 

Operating margin, as reported

 

 

10.8

%

 

 

16.5

%

 

 

16.8

%

 

 

18.0

%

Operating margin, as adjusted

 

 

13.1

%

 

 

16.6

%

 

 

17.4

%

 

 

18.2

%

 

Historical information is available on our website.

MASCO CORPORATION

Exhibit A: Reconciliations - Unaudited

For the Three Months and Years Ended December 31, 2021 and 2020

(in millions, except per common share data)

 

Three Months Ended

December 31,

 

Year Ended

December 31,

 

2021

 

2020

 

2021

 

2020

Income Per Common Share Reconciliation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before income taxes, as reported

$

192

 

 

$

275

 

 

$

688

 

 

$

1,131

 

Rationalization charges

 

2

 

 

 

2

 

 

 

4

 

 

 

11

 

Impairment charge for goodwill

 

45

 

 

 

 

 

 

45

 

 

 

 

Pension (reversion) charges associated with terminated plans

 

(7

)

 

 

6

 

 

 

415

 

 

 

23

 

Fair value adjustment to contingent earnout obligation

 

2

 

 

 

 

 

 

16

 

 

 

 

Loss on sale of business

 

 

 

 

 

 

 

18

 

 

 

 

(Gain) on preferred stock redemption

 

 

 

 

 

 

 

(14

)

 

 

 

Income related to an escrow settlement

 

 

 

 

(9

)

 

 

 

 

 

(9

)

Currency translation loss on liquidation of dormant entities

 

 

 

 

9

 

 

 

 

 

 

9

 

(Earnings) from equity investments, net

 

(4

)

 

 

(2

)

 

 

(11

)

 

 

(3

)

Loss on extinguishment of debt

 

 

 

 

 

 

 

168

 

 

 

6

 

Income from continuing operations before income taxes, as adjusted

 

230

 

 

 

281

 

 

 

1,329

 

 

 

1,168

 

Tax at 25% rate

 

(57

)

 

 

(70

)

 

 

(332

)

 

 

(292

)

Less: Net income attributable to noncontrolling interest

 

8

 

 

 

16

 

 

 

68

 

 

 

52

 

Income from continuing operations, as adjusted

$

165

 

 

$

195

 

 

$

929

 

 

$

824

 

 

 

 

 

 

 

 

 

Income from continuing operations per common share, as adjusted

$

0.67

 

 

$

0.75

 

 

$

3.70

 

 

$

3.12

 

 

 

 

 

 

 

 

 

Average diluted common shares outstanding

 

245

 

 

 

261

 

 

 

251

 

 

 

264

 

Outlook for the Year Ended December 31, 2022

 

 

 

Year Ended December 31, 2022

 

 

Low End

 

High End

Income Per Common Share Reconciliation

 

 

 

 

 

 

 

 

 

Income from continuing operations per common share

 

$

4.06

 

$

4.26

Rationalization charges

 

 

0.02

 

 

0.02

Allocation to participating securities per share (1)

 

 

0.02

 

 

0.02

Income from continuing operations per common share, as adjusted

 

$

4.10

 

$

4.30

(1) 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

December 31, 2021 and 2020

(dollars in millions)

 

 

 

December 31,

2021

 

December 31,

2020

Balance Sheet

 

 

 

 

Assets

 

 

 

 

Current Assets:

 

 

 

 

Cash and cash investments

 

$

926

 

$

1,326

Receivables

 

 

1,171

 

 

1,138

Inventories

 

 

1,216

 

 

876

Prepaid expenses and other

 

 

109

 

 

149

Total Current Assets

 

 

3,422

 

 

3,489

 

 

 

 

 

Property and equipment, net

 

 

896

 

 

908

Goodwill

 

 

568

 

 

563

Other intangible assets, net

 

 

388

 

 

357

Operating lease right-of-use assets

 

 

187

 

 

166

Other assets

 

 

114

 

 

294

Total Assets

 

$

5,575

 

$

5,777

 

 

 

 

 

Liabilities

 

 

 

 

Current Liabilities:

 

 

 

 

Accounts payable

 

$

1,045

 

$

893

Notes payable

 

 

10

 

 

3

Accrued liabilities

 

 

884

 

 

1,038

Total Current Liabilities

 

 

1,939

 

 

1,934

 

 

 

 

 

Long-term debt

 

 

2,949

 

 

2,792

Noncurrent operating lease liabilities

 

 

172

 

 

149

Other liabilities

 

 

437

 

 

481

Total Liabilities

 

 

5,497

 

 

5,356

 

 

 

 

 

Redeemable noncontrolling interest

 

 

22

 

 

 

 

 

 

 

Equity

 

 

56

 

 

421

Total Liabilities and Equity

 

$

5,575

 

$

5,777

 

 

As of December 31,

 

 

2021

 

2020

Other Financial Data

 

 

 

 

Working Capital Days

 

 

 

 

Receivable days

 

 

51

 

 

 

54

 

Inventory days

 

 

85

 

 

 

72

 

Payable days

 

 

66

 

 

 

71

 

Working capital

 

$

1,342

 

 

$

1,121

 

Working capital as a % of sales (LTM)

 

 

16.0

%

 

 

15.6

%

 

Historical information is available on our website.

MASCO CORPORATION

Condensed Consolidated Statements of Cash Flows and Other Financial Data - Unaudited

For the Years Ended December 31, 2021 and 2020

(dollars in millions)

 

 

 

Year Ended December 31,

 

 

2021

 

2020

Cash Flows From (For) Operating Activities:

 

 

 

 

Cash provided by operating activities

 

$

1,154

 

 

$

851

 

Working capital changes

 

 

(224

)

 

 

102

 

Net cash from operating activities

 

 

930

 

 

 

953

 

 

 

 

 

 

Cash Flows From (For) Financing Activities:

 

 

 

 

Retirement of notes

 

 

(1,326

)

 

 

(400

)

Purchase of Company common stock

 

 

(1,026

)

 

 

(727

)

Cash dividends paid

 

 

(211

)

 

 

(145

)

Dividends paid to noncontrolling interest

 

 

(43

)

 

 

(23

)

Issuance of notes, net of issuance costs

 

 

1,481

 

 

 

415

 

Debt extinguishment costs

 

 

(160

)

 

 

(5

)

Proceeds from the exercise of stock options

 

 

5

 

 

 

26

 

Employee withholding taxes paid on stock-based compensation

 

 

(15

)

 

 

(25

)

Decrease in debt, net

 

 

(3

)

 

 

(2

)

Net cash for financing activities

 

 

(1,298

)

 

 

(886

)

 

 

 

 

 

Cash Flows From (For) Investing Activities:

 

 

 

 

Capital expenditures

 

 

(128

)

 

 

(114

)

Acquisition of businesses, net of cash acquired

 

 

(57

)

 

 

(227

)

Proceeds from disposition of businesses, net of cash disposed

 

 

5

 

 

 

870

 

Proceeds from disposition of financial investments

 

 

171

 

 

 

3

 

Other, net

 

 

(3

)

 

 

(1

)

Net cash (for) from investing activities

 

 

(12

)

 

 

531

 

 

 

 

 

 

Effect of exchange rate changes on cash and cash investments

 

 

(20

)

 

 

31

 

 

 

 

 

 

Cash and Cash Investments:

 

 

 

 

(Decrease) increase for the year

 

 

(400

)

 

 

629

 

At January 1

 

 

1,326

 

 

 

697

 

At December 31

 

$

926

 

 

$

1,326

 

 

 

As of December 31,

 

 

2021

 

2020

Liquidity

 

 

 

 

Cash and cash investments

 

$

926

 

$

1,326

Revolver availability

 

 

1,000

 

 

1,000

Total Liquidity

 

$

1,926

 

$

2,326

 

Historical information is available on our website.

MASCO CORPORATION

Segment Data - Unaudited

For the Three Months and Years Ended December 31, 2021 and 2020

(dollars in millions)

 

 

Three Months Ended

December 31,

 

 

 

Year Ended

December 31,

 

 

 

2021

 

2020

 

Change

 

2021

 

2020

 

Change

Plumbing Products

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

1,228

 

 

$

1,172

 

 

5

%

 

$

5,135

 

 

$

4,136

 

 

24

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit, as reported

$

156

 

 

$

223

 

 

 

 

$

929

 

 

$

806

 

 

 

Operating margin, as reported

 

12.7

%

 

 

19.0

%

 

 

 

 

18.1

%

 

 

19.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rationalization charges

 

 

 

 

1

 

 

 

 

 

2

 

 

 

6

 

 

 

Accelerated depreciation related to rationalization activity

 

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

Operating profit, as adjusted

 

156

 

 

 

224

 

 

 

 

 

931

 

 

 

813

 

 

 

Operating margin, as adjusted

 

12.7

%

 

 

19.1

%

 

 

 

 

18.1

%

 

 

19.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

25

 

 

 

22

 

 

 

 

 

101

 

 

 

83

 

 

 

EBITDA, as adjusted

$

181

 

 

$

246

 

 

 

 

$

1,032

 

 

$

896

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Decorative Architectural Products

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

794

 

 

$

688

 

 

15

%

 

$

3,240

 

 

$

3,052

 

 

6

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit, as reported

$

85

 

 

$

108

 

 

 

 

$

581

 

 

$

583

 

 

 

Operating margin, as reported

 

10.7

%

 

 

15.7

%

 

 

 

 

17.9

%

 

 

19.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rationalization charges

 

1

 

 

 

1

 

 

 

 

 

1

 

 

 

4

 

 

 

Accelerated depreciation related to rationalization activity

 

1

 

 

 

 

 

 

 

 

1

 

 

 

 

 

 

Impairment charge for goodwill

 

45

 

 

 

 

 

 

 

 

45

 

 

 

 

 

 

Operating profit, as adjusted

 

132

 

 

 

109

 

 

 

 

 

628

 

 

 

587

 

 

 

Operating margin, as adjusted

 

16.6

%

 

 

15.8

%

 

 

 

 

19.4

%

 

 

19.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

9

 

 

 

10

 

 

 

 

 

36

 

 

 

41

 

 

 

EBITDA, as adjusted

$

141

 

 

$

119

 

 

 

 

$

664

 

 

$

628

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

2,022

 

 

$

1,860

 

 

9

%

 

$

8,375

 

 

$

7,188

 

 

17

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit, as reported - segment

$

241

 

 

$

331

 

 

 

 

$

1,510

 

 

$

1,389

 

 

 

General corporate expense, net

 

(23

)

 

 

(24

)

 

 

 

 

(105

)

 

 

(94

)

 

 

Operating profit, as reported

 

218

 

 

 

307

 

 

 

 

 

1,405

 

 

 

1,295

 

 

 

Operating margin, as reported

 

10.8

%

 

 

16.5

%

 

 

 

 

16.8

%

 

 

18.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rationalization charges - segment

 

1

 

 

 

2

 

 

 

 

 

3

 

 

 

10

 

 

 

Accelerated depreciation related to rationalization activity - segment

 

1

 

 

 

 

 

 

 

 

1

 

 

 

1

 

 

 

Impairment charge for goodwill

 

45

 

 

 

 

 

 

 

 

45

 

 

 

 

 

 

Operating profit, as adjusted

 

265

 

 

 

309

 

 

 

 

 

1,454

 

 

 

1,306

 

 

 

Operating margin, as adjusted

 

13.1

%

 

 

16.6

%

 

 

 

 

17.4

%

 

 

18.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization - segment

 

34

 

 

 

32

 

 

 

 

 

137

 

 

 

124

 

 

 

Depreciation and amortization - non-operating

 

2

 

 

 

2

 

 

 

 

 

13

 

 

 

8

 

 

 

EBITDA, as adjusted

$

301

 

 

$

343

 

 

 

 

$

1,604

 

 

$

1,438

 

 

 

 

Historical information is available on our website.

MASCO CORPORATION

North American and International Data - Unaudited

For the Three Months and Years Ended December 31, 2021 and 2020

(dollars in millions)

 

 

Three Months Ended

December 31,

 

 

 

Year Ended

December 31,

 

 

 

2021

 

2020

 

Change

 

2021

 

2020

 

Change

North American

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

1,625

 

 

$

1,468

 

 

11

%

 

$

6,624

 

 

$

5,805

 

 

14

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit, as reported

$

204

 

 

$

268

 

 

 

 

$

1,214

 

 

$

1,167

 

 

 

Operating margin, as reported

 

12.6

%

 

 

18.3

%

 

 

 

 

18.3

%

 

 

20.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rationalization charges

 

1

 

 

 

2

 

 

 

 

 

3

 

 

 

10

 

 

 

Accelerated depreciation related to rationalization activity

 

1

 

 

 

 

 

 

 

 

1

 

 

 

1

 

 

 

Impairment charge for goodwill

 

45

 

 

 

 

 

 

 

 

45

 

 

 

 

 

 

Operating profit, as adjusted

 

251

 

 

 

270

 

 

 

 

 

1,263

 

 

 

1,178

 

 

 

Operating margin, as adjusted

 

15.4

%

 

 

18.4

%

 

 

 

 

19.1

%

 

 

20.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

21

 

 

 

20

 

 

 

 

 

87

 

 

 

80

 

 

 

EBITDA, as adjusted

$

272

 

 

$

290

 

 

 

 

$

1,350

 

 

$

1,258

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

397

 

 

$

392

 

 

1

%

 

$

1,751

 

 

$

1,383

 

 

27

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit, as reported

$

37

 

 

$

63

 

 

 

 

$

296

 

 

$

222

 

 

 

Operating margin, as reported

 

9.3

%

 

 

16.1

%

 

 

 

 

16.9

%

 

 

16.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

13

 

 

 

12

 

 

 

 

 

50

 

 

 

44

 

 

 

EBITDA

$

50

 

 

$

75

 

 

 

 

$

346

 

 

$

266

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

2,022

 

 

$

1,860

 

 

9

%

 

$

8,375

 

 

$

7,188

 

 

17

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit, as reported - segment

$

241

 

 

$

331

 

 

 

 

$

1,510

 

 

$

1,389

 

 

 

General corporate expense, net

 

(23

)

 

 

(24

)

 

 

 

 

(105

)

 

 

(94

)

 

 

Operating profit, as reported

 

218

 

 

 

307

 

 

 

 

 

1,405

 

 

 

1,295

 

 

 

Operating margin, as reported

 

10.8

%

 

 

16.5

%

 

 

 

 

16.8

%

 

 

18.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rationalization charges - segment

 

1

 

 

 

2

 

 

 

 

 

3

 

 

 

10

 

 

 

Accelerated depreciation related to rationalization activity - segment

 

1

 

 

 

 

 

 

 

 

1

 

 

 

1

 

 

 

Impairment charge for goodwill

 

45

 

 

 

 

 

 

 

 

45

 

 

 

 

 

 

Operating profit, as adjusted

 

265

 

 

 

309

 

 

 

 

 

1,454

 

 

 

1,306

 

 

 

Operating margin, as adjusted

 

13.1

%

 

 

16.6

%

 

 

 

 

17.4

%

 

 

18.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization - segment

 

34

 

 

 

32

 

 

 

 

 

137

 

 

 

124

 

 

 

Depreciation and amortization - non-operating

 

2

 

 

 

2

 

 

 

 

 

13

 

 

 

8

 

 

 

EBITDA, as adjusted

$

301

 

 

$

343

 

 

 

 

$

1,604

 

 

$

1,438

 

 

 

 

Historical information is available on our website.

 

Contacts

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.