01—Abstract
Summary
Summary of the 8-K filed February 11, 2025. Cited figures are marked; the original filing is the authoritative source.
Masco Corporation reported fourth-quarter and full-year 2024 results in a press release furnished as Exhibit 99.
For the fourth quarter, net sales decreased 3 percent to $1,828 milliona, while operating profit rose 17 percent to $290 million and operating margin expanded 280 basis points to 15.9 percent. Adjusted earnings per share grew 7 percent to $0.89, and the company repurchased 3.3 million shares for $268 million. For full-year 2024, net sales decreased 2 percent to $7,828 million, operating profit was $1,363 million, and reported EPS decreased 6 percent to $3.76.
Adjusted EPS increased 6 percent to $4.10b, and Masco returned $1.0 billion to shareholders through dividends and share repurchases. For 2025, Masco expects EPS in the range of $4.20 to $4.45 per share. Management expects demand across global repair and remodel markets to be flat to down low single digits, and expects sales to be approximately flat to up low-single digits when adjusted for divestitures and currency.
The outlook includes the impact of recently enacted China tariffs. The Board declared a quarterly dividend of $0.31c per share, a 7 percent increase, payable March 10, 2025 to holders of record on February 21, 2025. The filing also discloses that director Donald R.
Parfet intends to retire from the Board and will not stand for re-election at the May 9, 2025 Annual Meeting. The filing states his decision does not result from any disagreement with the company on operations, policies or practices.
02—Key points
Key Highlights
- Q4 2024 net sales decreased 3 percent to $1,828 million; in local currency and excluding divestitures, net sales increased 1 percent.
- Q4 2024 operating margin rose 280 basis points to 15.9 percent; adjusted operating margin rose 140 basis points to 15.9 percent.
- Full-year 2024 adjusted EPS increased 6 percent to $4.10 per share, while reported EPS decreased 6 percent to $3.76.
- 2025 adjusted EPS guidance is $4.20 to $4.45 per share, with demand in repair and remodel markets expected flat to down low single digits.
- Quarterly dividend raised 7 percent to $0.31 per share, payable March 10, 2025.
- Full-year 2024 shareholder returns totaled $1.0 billion through dividends and share repurchases; Q4 repurchases were 3.3 million shares for $268 million.
- Director Donald R. Parfet will retire from the Board and not stand for re-election at the May 9, 2025 Annual Meeting.
03—Questions
Frequently Asked Questions
How did Masco perform in the fourth quarter of 2024?
Net sales decreased 3 percent to $1,828 million on a reported basis, and increased 1 percent in local currency excluding divestitures. Operating profit increased 17 percent to $290 million, and reported EPS was $0.85, with adjusted EPS growing 7 percent to $0.89.
What is Masco's 2025 earnings outlook?
Masco expects full-year 2025 adjusted EPS in the range of $4.20 to $4.45 per share. Management expects sales to be approximately flat to up low-single digits when adjusted for divestitures and currency, and this estimate includes the impact of recently enacted China tariffs.
What dividend did the Board declare?
The Board declared a quarterly dividend of $0.31 per share, a 7 percent increase, payable March 10, 2025 to shareholders of record on February 21, 2025.
Why is Donald R. Parfet leaving the Board?
Mr. Parfet announced on February 6, 2025 his intention to retire from the Board and not stand for re-election at the 2025 Annual Meeting on May 9, 2025. The filing states his decision is not the result of any disagreements with the company relating to its operations, policies or practices.
How much did Masco return to shareholders in 2024?
Masco returned $1.0 billion to shareholders in 2024 through dividends and share repurchases. In the fourth quarter alone, it returned $331 million through dividends and share repurchases, and repurchased 3.3 million shares for $268 million.
04—Continue