MAS · Masco

379 filings

MAS SEC Filings

Masco - 379 total filings

Filing record · 2016–202610-K1110-Q338-K95

Showing 1–50 of 379 filings

Masco Quarterly Report for Q3 Ended Sep 30, 2026

Masco Corporation's Form 10-Q for the quarter ended September 30, 2026 shows net sales of $1,966 million for the three months, up from $1,917 million a year earlier, and $5,875 million for the nine months, up from $5,769 million. Net income attributable to Masco Corporation was $230 million for the quarter versus $189 million, and diluted income per common share was $1.17 versus $0.90. Operating profit rose to $338 million from $303 million, with gross margin of 36.6% versus 34.2%. For the nine months, operating profit included a net tariff benefit from IEEPA tariff refunds of approximately $90 million, principally in the Plumbing Products segment. Excluding divestitures and currency translation, quarterly net sales increased four percent, driven mainly by higher net selling prices. Capital allocation was a major focus during the period. The company repurchased and retired approximately 12.3 million shares for about $861 million in the nine months, and it borrowed $300 million under a delayed draw term loan to fund repurchases. The Board authorized up to $2.0 billion of repurchases in February 2026, with approximately $1.2 billion remaining at quarter end, and management anticipates using about $1.0 billion of cash, including term loan funds, for repurchases in 2026. Total shareholders' deficit was $(448) million attributable to Masco, and total equity was $(193) million at September 30, 2026, compared with $76 million total equity at December 31, 2025. Long-term debt increased to $3,245 million from $2,945 million. During the quarter, Masco completed the divestiture of its Bristan Group business for $65 million, net of cash disposed, recognizing a preliminary gain of $13 million. Restructuring charges were approximately $13 million for the quarter and $33 million for the nine months, with about $50 million expected for full-year 2026. Management cites a dynamic geopolitical and macroeconomic environment, elevated commodity and input costs, and tariffs, particularly those related to China, as ongoing pressures.

Oct 28, 2026 8-K

Masco 8-K Report, Financial Results (Oct 28, 2026)

Masco Corporation reported third quarter 2026 results on October 28, 2026. Net sales increased 3 percent to $1,966 million, or 4 percent in local currency and excluding the divestiture of Bristan. Reported operating profit rose 12 percent to $338 million, with operating margin of 17.2 percent. Adjusted operating margin was 17.9 percent, and adjusted earnings per share grew 23 percent to $1.19. Reported earnings per share were $1.17, compared with $0.90 a year earlier. Plumbing Products net sales rose 4 percent, Decorative Architectural Products were flat, and North American net sales increased 5 percent in local currency, while International net sales decreased 5 percent in local currency (down 1 percent excluding the divestiture). The company returned $322 million to shareholders through dividends and share repurchases in the quarter. Nine-month cash flow from operating activities was $981 million, and net cash from operating activities was $788 million after working capital changes. Share repurchases for the nine months totaled $852 million. Total liquidity at September 30, 2026 was $1,610 million, including $1,000 million of revolver availability. Long-term debt increased to $3,245 million from $2,945 million at December 31, 2025, and the company reported total equity of $(193) million at September 30, 2026, compared with $76 million at year-end 2025. Management raised its 2026 adjusted earnings per share guidance to $4.65 to $4.75 from the prior range of $4.40 to $4.60, and now expects reported earnings per share of $4.51 to $4.61. The Board declared a quarterly dividend of $0.32 per share, payable November 23, 2026 to shareholders of record on November 6, 2026. Management noted that it expects near-term demand to remain challenged, while describing repair and remodel fundamentals as long-term strong.

Oct 28, 2026 8-K

Masco 8-K Report, Financial Results (Jul 29, 2026)

Masco Corporation reported second quarter 2026 results, with net sales of $1,992 million, down 3 percent from $2,051 million in the second quarter of 2025. Currency had a minimal impact on reported sales. Plumbing Products net sales decreased 3 percent and Decorative Architectural Products net sales decreased 4 percent. In local currency, North American sales decreased 5 percent and International sales increased 4 percent. Reported operating profit rose 14 percent to $470 million, and reported operating margin expanded 350 basis points to 23.6 percent. Reported diluted earnings per share were $1.60, up 25 percent from $1.28. On an adjusted basis, operating profit grew 17 percent to $482 million and adjusted earnings per share grew 26 percent to $1.64. Management stated that the quarter included a net benefit of approximately $95 million from IEEPA tariff refunds, which drove much of the adjusted profit growth. CEO Jon Nudi said the underlying performance remains largely in line with the prior outlook. Masco raised its 2026 adjusted earnings per share guidance to $4.40 to $4.60 from $4.10 to $4.30, citing an anticipated full-year net benefit of approximately $85 million from IEEPA tariff refunds. Reported 2026 EPS guidance is $4.21 to $4.41. Capital returns were $454 million in the quarter through dividends and share repurchases. Total liquidity was $1,548 million at quarter end, including $1,000 million of revolver availability. Long-term debt increased to $3,245 million from $2,945 million at December 31, 2025, and the six-month cash flow statement shows $300 million of term loan proceeds. Equity was a deficit of $118 million at June 30, 2026, compared with $76 million at December 31, 2025.

Jul 29, 2026 10-Q

Masco Quarterly Report for Q2 Ended Jun 30, 2026

Masco Corporation's second quarter 2026 results show net sales of $1,992 million, down from $2,051 million in the second quarter of 2025, while operating profit rose to $470 million from $412 million and diluted income per common share was $1.60 versus $1.28. Results were inclusive of a net tariff benefit from IEEPA tariff refunds of approximately $95 million, principally in the Plumbing Products segment. For the six months, net sales were $3,910 million and operating profit was $787 million, with diluted income per share of $2.64 compared with $2.15. Gross margin improved to 43.6% in the quarter from 37.6%, though management cites lower North America sales volume, elevated commodity and employee costs, and tariff exposure, particularly related to China, as ongoing pressures. Capital allocation was active during the period. The company repurchased and retired approximately 7.8 million shares for about $596 million in the first six months (excluding incremental shares received in July 2026 under a $300 million accelerated share repurchase), and it anticipates using approximately $1.0 billion of cash, including term loan funds, for share repurchases in 2026. Long-term debt rose to $3,245 million from $2,945 million after a $300 million term loan was drawn to fund buybacks. Total equity turned negative at $(118) million at June 30, 2026, compared with $76 million at year-end 2025, reflecting share repurchases and retained deficit. Cash and cash investments declined to $548 million. A subsequent event occurred on July 28, 2026, when the company completed the divestiture of its Bristan Group business for a purchase price of £49 million ($65 million), net of cash disposed, with up to an additional £6 million ($8 million) contingent on performance measures. Restructuring charges were approximately $20 million for the six months, with about $50 million expected for full-year 2026.

Jul 29, 2026 8-K

Masco 8-K Report, Bylaw Amendment (May 14, 2026)

Masco Corporation reported the results of its 2026 annual meeting of stockholders, held May 8, 2026, where stockholders approved amendments to the Company's Certificate of Incorporation. The amendments move the advance notice provisions for stockholder nominations into the Bylaws and adjust the advance notice period, enable adoption of a stockholder right to call a special meeting, and limit the liability of certain officers as permitted by law. On May 12, 2026, the Company filed a Certificate of Amendment with the Delaware Secretary of State to implement these changes. The Board also approved an amended and restated Bylaws, effective May 8, 2026. Under the revised Section 1.02, holders of 25% or more of the voting power who have owned their shares continuously for at least one year may request that the Board call a special meeting. Section 1.06 now sets the time period and procedural and information requirements for director nominations by stockholders. At the meeting, 202,913,475 shares of common stock were outstanding and entitled to vote. All four director nominees, Gary A. Coombe, Aine L. Denari, Christopher A. O'Herlihy and Charles K. Stevens III, were elected to serve until the 2027 annual meeting. Stockholders also approved the non-binding advisory say-on-pay proposal, ratified PricewaterhouseCoopers LLP as independent auditors for 2026, and approved the three charter amendments. A stockholder proposal on the right to call a special meeting did not pass, with 75,159,758 votes for and 100,995,648 against. For investors, the filing mainly documents governance changes. The most notable is the adoption of a special meeting right, which the Board implemented through the Bylaws with a 25% ownership threshold, while the separate stockholder proposal on the same topic was defeated.

May 14, 2026 8-K

Masco 8-K Report, Financial Results (Apr 22, 2026)

Masco Corporation reported first quarter 2026 results in a press release (Exhibit 99) dated April 22, 2026. Net sales increased 6 percent to $1,918 million, or 4 percent in local currency. Plumbing Products net sales rose 9 percent, while Decorative Architectural Products net sales were in line with the prior year. Reported operating profit increased 10 percent to $316 million, with operating margin of 16.5 percent. Adjusted operating profit rose 13 percent to $324 million, and adjusted operating margin was 16.9 percent, up 90 basis points. Reported earnings per share were $1.05 versus $0.87 a year earlier, and adjusted earnings per share grew 20 percent to $1.04. Capital allocation remained a focus. The company repurchased 3.1 million shares for $202 million and returned $267 million to shareholders through dividends and share repurchases during the quarter. Liquidity at quarter end was $1,261 million, including $873 million of revolver availability, and cash and cash investments declined to $388 million from $647 million at December 31, 2025. Notes payable rose to $129 million from $2 million. Management maintained its 2026 guidance, with reported earnings per share of $3.91 to $4.11 and adjusted earnings per share of $4.10 to $4.30. CEO Jon Nudi cited a dynamic macroeconomic and geopolitical environment as the reason for maintaining rather than raising the adjusted outlook.

Apr 22, 2026 10-Q

Masco Quarterly Report for Q1 Ended Mar 31, 2026

Masco Corporation's first-quarter 2026 results show net sales of $1,918 million, up six percent from $1,801 million a year earlier. Excluding currency translation, net sales rose four percent, driven mainly by higher net selling prices across the company, which added five percent, partly offset by lower paint and coatings volume. Gross profit grew seven percent to $686 million with gross margin flat at 35.8 percent. Operating profit rose 10 percent to $316 million, and net income attributable to Masco Corporation increased to $213 million from $186 million, or $1.05 diluted earnings per share versus $0.87. Plumbing Products net sales increased nine percent to $1,364 million, while Decorative Architectural Products was flat at $554 million. Cash flow was weaker. Net cash used for operating activities was $79 million, driven mainly by working capital changes, and cash and cash investments fell to $388 million from $647 million at year-end 2025. Total equity was $27 million at March 31, 2026, down from $76 million, and Masco shareholders' deficit was $(242) million. Share repurchases totaled $203 million in the quarter under a new $2.0 billion authorization approved February 10, 2026, leaving about $1.9 billion remaining. Management anticipates using at least $800 million of cash, including funds from a delayed draw term loan, for share repurchases in 2026. Debt activity included a new $1.0 billion revolving credit agreement dated March 20, 2026, maturing in 2031, which replaced the 2022 facility, and a subsequent up to $500 million delayed draw term loan entered April 21, 2026, due April 21, 2028. Management flagged tariffs, particularly those related to China, as a continuing cost pressure, and noted a possible but unquantified tariff refund following a Supreme Court ruling, with no amounts recognized as of March 31, 2026.

Apr 22, 2026 8-K

Masco 8-K Report, Executive Changes (Apr 21, 2026)

Masco Corporation disclosed in this Form 8-K, dated April 21, 2026, that Jai Shah, its Group President, Plumbing and Wellness, will conclude his service with the Company on July 3, 2026. The filing describes an agreement with Mr. Shah dated April 16, 2026 that sets out his separation compensation. Under that agreement, Mr. Shah will receive a cash payment of $1,206,000. He will also receive a 2026 cash bonus based on his individual target opportunity and the Company's 2026 annual performance, prorated through his last day of employment. In addition, he will receive the cash equivalent of an annual restricted stock unit award, prorated through his last day of employment, and a share award under the 2024-2026 Long-Term Incentive Program if the performance goals are met, prorated for his time employed during the performance period. The agreement also provides a cash payment equal to the value of his remaining unvested RSUs under the retention incentive agreement entered into March 5, 2025, based on the Company's closing price on March 6, 2027. The Company and Mr. Shah have also agreed that he has forfeited those same remaining unvested RSUs under that retention agreement.

Apr 21, 2026 8-K

Masco 8-K Report, Material Agreement (Mar 26, 2026)

On March 20, 2026, Masco Corporation entered into a new Credit Agreement among Masco Corporation and Masco Europe S.à r.l., as borrowers, with JPMorgan Chase Bank, N.A. and J.P. Morgan SE as administrative agent. The agreement provides U.S. $1 billion in unsecured revolving credit commitments available in U.S. dollars, European euros, British Pounds Sterling, Canadian dollars and certain other currencies, subject to a foreign currency sublimit of U.S. $500 million equivalent, and includes up to U.S. $25 million in letters of credit. The Company may request an increase in aggregate commitments of up to U.S. $500 million. The New Credit Agreement refinanced and replaced in full the Company's prior 2022 Credit Agreement dated April 26, 2022, which had the same U.S. $1 billion of revolving commitments and was terminated in connection with the new facility. Initial borrowings on March 20, 2026 were used to repay in full outstanding revolving loans under the 2022 Credit Agreement and to pay related fees and expenses. Future borrowings are available for general corporate purposes, including acquisitions and working capital. The facility bears interest at Adjusted Term SOFR or other applicable floating reference rates plus a margin tied to the Company's corporate credit ratings, or at alternate base rate loans for certain U.S. dollar and Canadian dollar borrowings. Financial covenants require a maximum net consolidated debt to Consolidated EBITDA leverage ratio of 4.00 to 1.00 and a minimum Consolidated EBITDA to interest expense coverage ratio of 2.50 to 1.00, tested each fiscal quarter. The agreement matures March 20, 2031, with the possibility of up to two one-year extensions at the Company's request, subject to lender consent.

Mar 26, 2026 8-K

Masco 8-K Report, Executive Changes (Feb 12, 2026)

Masco Corporation disclosed under Item 5.02 that its Compensation and Talent Committee of the Board of Directors approved a compensatory award for Jonathon J. Nudi, President and Chief Executive Officer, on February 6, 2026. The filing states that the Company had previously disclosed Mr. Nudi would be eligible in February 2026 for an annual restricted stock unit ("RSU") award equal in value to 159% of his annual base salary, calculated pro rata for his actual service during 2025, which began on July 7, 2025. Instead of that previously described structure, the committee approved a full-value RSU award for Mr. Nudi in the amount of $1,749,000. The filing does not give further detail on the award's vesting terms or the reasons for the change. For investors, the filing is narrow in scope: it concerns only the form and value of one executive's annual equity award, and it discloses no changes to executive leadership, board composition, or company operations.

Feb 12, 2026 8-K

Masco 8-K Report, Financial Results (Feb 10, 2026)

Masco Corporation reported fourth-quarter and full-year 2025 results in a press release furnished as Exhibit 99 under Item 2.02. For the fourth quarter, net sales decreased 2 percent to $1,793 million, with reported earnings per share of $0.80 and adjusted earnings per share decreasing 8 percent to $0.82. Adjusted operating margin was 14.4 percent, down from 15.9 percent a year earlier. For full year 2025, net sales decreased 3 percent to $7,562 million, and in local currency and excluding divestitures decreased 2 percent. Reported diluted EPS was $3.86 and adjusted EPS decreased 3 percent to $3.96, with adjusted operating margin of 16.8 percent. Management guided to full-year 2026 EPS of $3.91 to $4.11 as reported and $4.10 to $4.30 on an adjusted basis. The company expects global repair and remodel markets to be roughly flat in 2026 and its own sales to be roughly flat to up low-single digits when adjusted for currency. Masco incurred about $18 million of restructuring charges in the fourth quarter of 2025 and expects roughly $50 million of additional charges in 2026. It also announced that Liberty Hardware will be integrated into Delta Faucet and reported within the Plumbing Products segment going forward. Capital returns remained significant: the Board declared a $0.32 quarterly dividend and authorized a new $2.0 billion share repurchase program effective February 10, 2026, replacing the existing authorization. Full-year 2025 shareholder returns totaled $832 million through dividends and buybacks, and total liquidity at year-end was $1,647 million.

Feb 10, 2026 10-K

Masco Annual Report, Year Ended Dec 31, 2025

Masco Corporation (MAS) reported 2025 net sales of $7,562 million, down three percent from $7,828 million in 2024, with lower sales volume partially offset by higher net selling prices of plumbing products. Gross margin declined to 35.4 percent from 36.2 percent, and operating profit fell eight percent to $1,248 million, with an operating profit margin of 16.5 percent versus 17.4 percent. Net income attributable to Masco Corporation was $810 million, and diluted income per common share rose to $3.86 from $3.76, reflecting the lower share count after buybacks. Net cash from operating activities was $1,022 million, and capital expenditures were $156 million. The Decorative Architectural Products segment was the main drag, with net sales down 14 percent to $2,570 million and operating profit down 19 percent to $443 million, driven by lower volume and the divestiture of Kichler Lighting. Plumbing Products net sales rose three percent to $4,992 million, but operating profit slipped two percent to $895 million under higher commodity and tariff costs. The Home Depot accounted for approximately 38 percent of consolidated net sales in 2025, and the company flagged ongoing tariff, commodity and lower-demand pressures. For capital allocation, the Board authorized a new $2.0 billion share repurchase program on February 10, 2026, replacing the 2022 program, and the company expects to use approximately $600 million for repurchases in 2026 outside of any acquisitions. The quarterly dividend was raised to $0.32 per share, with the intention to increase the annual dividend three percent to $1.28. Total debt as a percent of total capitalization was 97 percent at year-end, and the company had no borrowings outstanding under its $1.0 billion revolving credit agreement.

Feb 10, 2026 8-K

Masco 8-K Report, Executive Changes (Jan 12, 2026)

Masco Corporation's Current Report on Form 8-K, filed January 12, 2026, under Item 5.02 (Departure of Directors or Certain Officers; Compensatory Arrangements of Certain Officers), discloses a separation agreement with Mr. Imran Ahmad, the Company's former Group President, Decorative Architectural Products. The agreement, effective January 12, 2026, relates to the previously announced conclusion of Mr. Ahmad's service with the Company on December 31, 2025. Under the agreement, and subject to its terms, Mr. Ahmad will receive a cash payment of $998,875. He will also be eligible for payment of his 2025 cash bonus based on his individual target opportunity, provided the established performance goals are met; the cash equivalent of an annual restricted stock unit award based on his individual target opportunity; and a cash payment under the Company's 2023-2025 Long-Term Incentive Program (LTIP), again provided the established performance goals are met. He will also be able to exercise the vested portion of his stock options and stock appreciation rights for 90 days following the end of his service. For investors, the filing is limited to the terms of one executive's departure. It identifies the specific severance and incentive payments and the post-employment exercise window for equity awards, but it does not state any impact on the Company's financial results or guidance.

Jan 12, 2026 8-K

Masco 8-K Report, Executive Changes (Dec 16, 2025)

On December 16, 2025, Masco's Board of Directors appointed Gary A. Coombe as a Class II Director, effective January 1, 2026. Mr. Coombe, 61, has served as Procter & Gamble Company's Chief Executive Officer - Grooming since 2018 and has been with P&G since 1986, holding various global leadership positions of increasing responsibility. The Board determined that Mr. Coombe satisfies the independence requirements of the New York Stock Exchange and the Securities and Exchange Commission. He will serve on the Audit Committee and the Corporate Governance and Nominating Committee. The filing states he will receive compensation under the Company's standard arrangements for nonemployee directors. The filing reports no understandings or arrangements with any other person under which he was selected, no family relationship with any director or executive officer, and no transactions requiring disclosure under Item 404(a) of Regulation S-K.

Dec 16, 2025 8-K

Masco 8-K Report, Executive Changes (Dec 8, 2025)

Masco Corporation filed a Current Report on Form 8-K dated December 8, 2025, under Item 5.02 (Departure of Directors or Certain Officers; Compensatory Arrangements of Certain Officers). The filing reports that Imran Ahmad, Masco's Group President, Decorative Architectural Products, will conclude his service with the Company on December 31, 2025, when his position is eliminated. Following his departure, Jon Nudi, the Company's President & CEO, will oversee the Decorative Architectural Products segment. The filing does not report financial results, guidance, or any other financial figures. The filing is signed by Richard J. Westenberg, Vice President, Chief Financial Officer and Treasurer. For investors, the key takeaway is a leadership change in one of Masco's business segments, with the role eliminated rather than backfilled and segment oversight consolidated under the CEO.

Dec 8, 2025 10-Q

Masco Quarterly Report for Q3 Ended Sep 30, 2025

Masco Corporation's third-quarter 2025 10-Q reports net sales of $1,917 million for the three months ended September 30, 2025, down from $1,983 million a year earlier, and net sales of $5,769 million for the nine months, down from $6,000 million. Management attributes the decline mainly to lower sales volume across the company, partially offset by higher net selling prices in Plumbing Products. Operating profit was $303 million for the quarter versus $357 million in the prior-year quarter, and gross margin was 34.2% versus 36.6%, with the filing citing higher commodity and tariff costs, particularly related to China, as pressures on costs. Net income attributable to Masco Corporation was $189 million for the quarter, up from $167 million, and diluted income per share was $0.90 versus $0.77; the prior-year quarter included an $81 million preliminary loss on the Kichler Lighting divestiture within other, net. Balance sheet and cash flow data show cash and cash investments of $559 million at September 30, 2025, long-term debt of $2,945 million, and total equity of $168 million, compared with a deficit of $53 million at December 31, 2024. Net cash from operating activities was $604 million for the nine months, versus $668 million a year earlier. Masco repurchased $354 million of common stock and paid $197 million in cash dividends during the nine months, and management anticipates about $500 million of share repurchases in 2025 outside of any acquisitions. The revolving credit agreement of $1.0 billion remained undrawn at quarter end, and the company reported compliance with its financial covenants. Management states that lower market demand, elevated commodity and input costs, employee-related cost inflation, and tariffs are continuing pressures, and that consumer demand could diminish further if confidence erodes. The Decorative Architectural Products segment saw net sales decline 12% in the quarter, largely due to the Kichler divestiture and lower volume, while Plumbing Products net sales rose 2%.

Oct 29, 2025 8-K

Masco 8-K Report, Financial Results (Oct 29, 2025)

Masco Corporation reported third quarter 2025 results on October 29, 2025. Net sales decreased 3 percent to $1,917 million (in local currency and excluding divestitures, down 2 percent). Plumbing Products net sales rose 2 percent to $1,247 million, while Decorative Architectural Products net sales fell 12 percent to $670 million (down 6 percent in local currency and excluding divestitures). Operating profit decreased 15 percent to $303 million, and the operating margin was 15.8 percent. Reported diluted earnings per share were $0.90, up from $0.77. On an adjusted basis, operating profit fell 13 percent to $312 million, the adjusted operating margin was 16.3 percent, and adjusted earnings per share decreased 10 percent to $0.97. Management lowered its full-year 2025 adjusted earnings per share expectation to $3.90 to $3.95, down from the prior $3.90 to $4.10 range. The reported EPS outlook is $3.84 to $3.89. CEO Jon Nudi said near-term market conditions remained a headwind. During the quarter, Masco repurchased 1.8 million shares for $124 million and returned $188 million to shareholders through dividends and buybacks. Liquidity at quarter end was $1,559 million, including $1,000 million of revolver availability, and the board declared a quarterly dividend of $0.31 per share. The filing furnishes the earnings press release as Exhibit 99 under Item 2.02. The exhibit is not deemed filed for purposes of Section 18 of the Exchange Act. The results and outlook suggest near-term demand and margin pressure, with gross margin down 240 basis points to 34.2 percent on a reported basis.

Oct 29, 2025 8-K

Masco 8-K Report, Financial Results (Jul 31, 2025)

Masco Corporation reported second quarter 2025 results on July 31, 2025. Net sales decreased 2 percent to $2,051 million from $2,091 million a year earlier; in local currency and excluding divestitures, net sales were in line with the prior year. Plumbing Products net sales increased 5 percent, while Decorative Architectural Products net sales decreased 12 percent. Reported operating profit rose 4 percent to $412 million, with operating margin up 110 basis points to 20.1 percent. Reported earnings per share were $1.28, versus $1.17 a year earlier, and adjusted earnings per share grew 8 percent to $1.30. Adjusted figures exclude rationalization charges and realized losses from private equity funds, and use a normalized tax rate of 24.5 percent. During the quarter, Masco repurchased 1.6 million shares for $101 million and returned $167 million to shareholders through dividends and buybacks. Liquidity at quarter end was $1,344 million, including $954 million of revolver availability. The Board declared a quarterly dividend of $0.31 per share, payable August 25, 2025 to holders of record on August 8, 2025. Management restored full-year 2025 guidance, expecting earnings per share of $3.87 to $4.07 on a reported basis and $3.90 to $4.10 on an adjusted basis. Management believes sales across global repair and remodel markets will be down low-single digits for the year, and expects full-year 2025 sales to be generally in line with the prior year when adjusted for divestitures and currency.

Jul 31, 2025 10-Q

Masco Quarterly Report for Q2 Ended Jun 30, 2025

Masco Corporation reported second-quarter 2025 net sales of $2,051 million, down two percent from $2,091 million in the prior-year quarter. Excluding divestitures and currency translation, net sales were flat, supported by higher net selling prices of plumbing products, partly offset by lower paint and coatings volume. Operating profit rose four percent to $412 million, and net income attributable to Masco Corporation increased to $270 million, with diluted income per share of $1.28 versus $1.17. For the six months, net sales were $3,852 million, down four percent, and diluted income per share was $2.15, compared with $2.14. The Decorative Architectural Products segment was the main drag, with net sales down 12 percent in the quarter, largely due to the Kichler Lighting divestiture and lower volume. Cash flow and liquidity weakened in the first half. Net cash from operating activities was $148 million, versus $252 million a year earlier, primarily reflecting working capital changes, including higher receivables and inventories. Cash and cash investments were $390 million at June 30, 2025, down from $634 million at December 31, 2024. Masco repurchased shares for $231 million in the six months, paid $132 million in cash dividends, and expects to use at least $450 million for share repurchases in 2025. Management stated that it expects recently enacted and announced tariffs, particularly those related to China, to result in significantly higher costs, mainly in the Plumbing Products segment, and that consumer demand could weaken further. Total equity improved to $150 million at June 30, 2025, from a deficit of $53 million at year-end 2024. The company was in compliance with its credit agreement covenants, with $46 million borrowed at June 30, 2025, which was repaid after the quarter end. Management reported no material changes to risk factors from its 2024 Form 10-K.

Jul 31, 2025 8-K

Masco 8-K Report, Executive Changes (Jul 9, 2025)

Masco Corporation filed a Current Report on Form 8-K under Item 5.02 (Departure of Directors or Certain Officers; Compensatory Arrangements of Certain Officers). The Company entered into an agreement dated July 8, 2025 with Keith J. Allman, its former President and Chief Executive Officer, in connection with his previously announced retirement from the Company on that date. Under the agreement, and subject to its terms, Mr. Allman will receive certain compensation after his employment ends. This includes a 2025 cash bonus based on his individual target opportunity and the Company's 2025 annual performance, prorated through his last day of employment. It also includes the cash equivalent of a 2025 restricted stock unit award based on his individual target opportunity, prorated through the same date. He will additionally receive a share award under each of the 2023-2025 and 2024-2026 Long-Term Incentive Programs (LTIPs), if the established performance goals for each program are met, prorated to reflect his time of employment in each performance period. For investors, the filing describes a planned leadership transition at the top of the Company and the post-employment payment terms for the departing chief executive. The filing does not state the dollar amounts of these payments, and it does not name a successor.

Jul 9, 2025 8-K

Masco 8-K Report, Bylaw Amendment (May 15, 2025)

Masco Corporation's Current Report covers the outcome of its 2025 Annual Meeting of Stockholders and related governance changes. Stockholders approved amendments to the Certificate of Incorporation that eliminate certain supermajority vote requirements, amend the business combination provisions, and phase out the classification of the Board of Directors over a three-year period in favor of annual director elections. The Board then approved an amended and restated set of Bylaws, effective May 9, 2025, which removes the three-class board structure, states that director terms are set forth in the Certificate of Incorporation, and eliminates the supermajority vote for stockholders to amend the Bylaws. At the meeting, stockholders elected three Class I directors, Jonathon J. Nudi, Lisa A. Payne, and Sandeep Reddy, to serve until the Annual Meeting in 2028. Stockholders also approved, on a non-binding advisory basis, the compensation paid to the named executive officers, and ratified PricewaterhouseCoopers LLP as independent auditors for 2025. The filing reports 211,652,323 shares of common stock outstanding and entitled to vote as of the record date. For investors, the principal items are the governance changes, which move the Board toward annual elections and make it easier for stockholders to amend the Bylaws, and the vote tallies, which show each proposal's support level. The filing does not include financial results.

May 15, 2025 10-Q

Masco Quarterly Report for Q1 Ended Mar 31, 2025

Masco Corporation's first-quarter 2025 Form 10-Q reports net sales of $1,801 million, down six percent from $1,926 million in the first quarter of 2024. Excluding divestitures and currency translation, net sales decreased three percent, driven mainly by lower sales volume in paints and other coating products and unfavorable sales mix in plumbing products. Operating profit was $286 million, down 10 percent from $318 million, and net income attributable to Masco Corporation was $186 million, or $0.87 per diluted share, compared with $215 million and $0.97 a year earlier. Gross margin rose slightly to 35.8 percent from 35.6 percent. Cash flow was weaker in the period. Net cash used for operating activities was $158 million, compared with $94 million a year earlier, mainly due to working capital changes, including a $225 million increase in receivables. Cash and cash investments fell to $377 million from $634 million at year-end 2024. Masco repurchased about 1.8 million shares for approximately $131 million and paid $66 million in dividends, partly offset by $131 million of net revolving credit borrowings. Long-term debt was unchanged at $2,945 million, and notes payable rose to $133 million from $3 million. Management stated that changing market conditions are reducing demand and that elevated commodity and input costs and tariffs, particularly those related to China, are expected to result in significantly higher costs, principally in the Plumbing Products segment. The company said it is unable to fully estimate the impact of these conditions on its future financial condition. Total equity improved to a deficit of $6 million from a deficit of $53 million at year-end 2024.

Apr 23, 2025 8-K

Masco 8-K Report, Financial Results (Apr 23, 2025)

Masco Corporation reported first quarter 2025 results, with net sales of $1,801 million, down 6 percent from $1,926 million in the first quarter of 2024. On a local currency basis and excluding divestitures, net sales decreased 3 percent. Reported operating profit fell 10 percent to $286 million, and operating margin declined 60 basis points to 15.9 percent. Diluted earnings per share were $0.87, compared with $0.97 a year earlier. Adjusted operating margin was 16.0 percent and adjusted earnings per share were also $0.87, versus $0.93 in the prior-year period, using a normalized 24.5 percent tax rate. Decorative Architectural Products was the weakest segment, with net sales down 16 percent to $617 million and operating margin falling to 15.6 percent. Plumbing Products net sales declined 1 percent to $1,185 million, though in local currency they increased 1 percent. Total liquidity at quarter end was $1,246 million, and the company returned $196 million to shareholders through dividends and share repurchases, including $130 million for 1.8 million repurchased shares. CEO Keith Allman cited new and broad-reaching tariffs and a shifting macroeconomic environment. Management is pursuing pricing actions, cost savings and sourcing changes to offset higher costs, and it is not providing full-year 2025 financial guidance because of the uncertainty around demand, pricing and product costs.

Apr 23, 2025 8-K

Masco 8-K Report, Executive Changes (Mar 6, 2025)

On March 6, 2025, Masco Corporation announced a CEO succession plan. Keith J. Allman will retire as President and Chief Executive Officer effective July 6, 2025, and the Board has elected Jonathon J. Nudi, 54, to succeed him effective July 7, 2025. Nudi has been Group President, Pet, International and North America Foodservice at General Mills since January 2024, has served at General Mills for about 30 years, and has been a Class I director of Masco since June 2023. He will stop receiving director compensation as of the Effective Date. Nudi's compensation package includes an annual base salary of $1,100,000, a target annual cash bonus of 150% of base salary, an annual RSU award and an annual stock option grant each valued at 159% of base salary, and eligibility for the 2025-2027 Long-Term Incentive Program with a grant value target of 318% of base salary. His first stock option grant, on the Effective Date, is valued at $1,120,000, and he will also receive RSUs valued at $1,120,000 as a partial make-whole, both vesting ratably in three equal installments beginning February 25, 2026. He will also receive a one-time relocation bonus of $350,000 and personal use of company aircraft under the corporate aircraft policy. Separately, on March 5, 2025, Masco entered into a retention incentive agreement with Group President Jai Shah, who will receive RSUs valued at $1,500,000 that vest in two equal halves, one and two years after the March 6, 2025 grant date. The filing also references Exhibit 99.1, a press release announcing the leadership transition, in which Board Chair Lisa Payne cites double-digit EPS compound annual growth and approximately 14% compound annual total shareholder return over the past decade under Allman.

Mar 6, 2025 8-K

Masco 8-K Report, Executive Changes (Feb 27, 2025)

Masco Corporation filed this Form 8-K under Item 5.02 to report that its Board of Directors elected Heath M. Eisman, 50, as Vice President, Controller and Chief Accounting Officer, effective February 27, 2025. The board made the election on February 26, 2025. Mr. Eisman previously served as the Company's Director, Financial Reporting since 2014. Before joining Masco, he was SEC Reporting and Technical Accounting Manager at Caterpillar Inc. and spent 16 years at PricewaterhouseCoopers in roles of increasing responsibility. The filing sets out Mr. Eisman's compensation package. He will receive an annual base salary of $310,000 and is eligible for the discretionary annual performance cash bonus program and the Long Term Incentive Program, each with a target opportunity of 40% of base salary and payouts capped at 200% of target. He will also receive an annual restricted stock unit award valued at 40% of base salary, and he is eligible for other executive benefits described in the April 1, 2024 Proxy Statement. The filing states there are no understandings or arrangements under which he was selected as an officer, no family relationships with any director or executive officer, and no transactions since the start of the last fiscal year requiring disclosure under Item 404(a) of Regulation S-K. For investors, this is a routine leadership change in the finance and accounting function rather than a material event.

Feb 27, 2025 10-K

Masco Annual Report, Year Ended Dec 31, 2024

Masco Corporation and its subsidiaries, a global designer, manufacturer and distributor of branded home improvement and building products (including BEHR paint, DELTA and HANSGROHE faucets, LIBERTY hardware and HOT SPRING spas), reported 2024 net sales of $7,828 million, down two percent from $7,967 million in 2023. Gross margin rose to 36.2 percent from 35.6 percent, and operating profit was $1,363 million, up one percent. Net income attributable to Masco Corporation was $822 million, down nine percent, and diluted income per share was $3.76 versus $4.02, down six percent. The Decorative Architectural Products segment's sales fell five percent, largely due to the third-quarter 2024 divestiture of Kichler Lighting, which produced an $88 million loss, while Plumbing Products sales were flat and its operating profit rose six percent. Cash from operating activities was $1,075 million, down from $1,413 million. Masco repurchased and retired 10.0 million shares for approximately $757 million, paid $254 million in cash dividends, and declared a first-quarter 2025 quarterly dividend of $0.31 per share, with the intention to raise the annual dividend seven percent to $1.24. The company expects to use approximately $600 million for share repurchases in 2025, outside of any acquisitions. Total debt as a percent of total capitalization was 102 percent at year-end 2024, compared with 97 percent a year earlier, and total equity was negative $53 million. The Home Depot accounted for approximately 38 percent of consolidated net sales, and management reported effective internal control over financial reporting as of December 31, 2024.

Feb 11, 2025 8-K

Masco 8-K Report, Financial Results (Feb 11, 2025)

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 million, 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 $4.10, 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 $0.31 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.

Feb 11, 2025 8-K

Masco 8-K Report, Executive Changes (Feb 6, 2025)

Masco Corporation filed a Form 8-K dated February 6, 2025, reporting an event from January 31, 2025 under Item 5.02, which covers departures of certain officers. On that date, Bonnie S. Van Etten, Vice President, Controller and Chief Accounting Officer, notified the Company of her intent to conclude her service with the Company in early March 2025. The filing is brief and contains no financial results, guidance, or other operating disclosures. Its only substantive content is the planned departure of the Company's principal accounting officer, a role responsible for the Company's accounting records and financial reporting processes. The report was signed by Richard J. Westenberg, Vice President, Chief Financial Officer and Treasurer. For investors, the key takeaway is a scheduled leadership transition in the accounting function, with the filing itself setting out only the timing of the departure.

Feb 6, 2025 10-Q

Masco Quarterly Report for Q3 Ended Sep 30, 2024

Masco Corporation's third-quarter 2024 Form 10-Q shows net sales of $1.98 billion for the three months ended September 30, 2024, flat versus $1.98 billion in the prior-year quarter, and $6.00 billion for the nine months, down from $6.09 billion. Operating profit fell to $357 million from $383 million in the quarter and to $1.07 billion from $1.10 billion for the nine months. Net income attributable to Masco Corporation was $167 million for the quarter, down from $249 million, and diluted income per common share was $0.77 versus $1.10. The filing attributes the quarterly decline mainly to a preliminary $81 million loss on the sale of the Kichler Lighting business, recorded in other, net, along with the non-recurrence of a 2023 insurance settlement, higher marketing costs and commodity costs. Management said lower demand is being experienced and may continue, with elevated commodity and input costs and employee-related cost inflation. Cash flow and capital allocation were central in the period. Net cash from operating activities was $668 million for the nine months, versus $928 million a year earlier. Masco repurchased common stock for $482 million in cash during the nine months and paid $191 million in dividends, and management anticipates about $750 million of share repurchases in 2024 outside any acquisitions. Cash and cash investments were $646 million at September 30, 2024, and the company had $1.2 billion remaining under its 2022 repurchase authorization. Total equity rose to $142 million from $98 million at year-end 2023, while long-term debt was unchanged at $2.95 billion. The 2022 Credit Agreement provides a $1.0 billion revolving facility maturing April 26, 2027, with no borrowings outstanding at quarter-end, and the company stated it was in compliance with its covenants. The Kichler divestiture reduced Decorative Architectural Products net sales and goodwill, and the company disclosed no material changes to risk factors from its 2023 Form 10-K.

Oct 29, 2024 8-K

Masco 8-K Report, Financial Results (Oct 29, 2024)

Masco Corporation reported third quarter 2024 results in an 8-K furnished under Item 2.02. Net sales were $1,983 million, in line with the prior year's $1,979 million, and in local currency net sales increased 1 percent. Reported operating profit decreased to $357 million from $383 million, with reported operating margin of 18.0 percent versus 19.4 percent. Excluding adjusted items, including a $81 million preliminary loss on the sale of the Kichler Lighting business, operating profit increased 3 percent to $360 million and adjusted operating margin rose 60 basis points to 18.2 percent. Reported net income attributable to Masco was $167 million, or $0.77 per diluted share, versus $1.10 a year earlier, while adjusted earnings per share grew 8 percent to $1.08. Management cited the sixth consecutive quarter of year-over-year adjusted margin expansion and said market demand is expected to remain challenged for the rest of the year. The company narrowed its 2024 adjusted EPS outlook to $4.05 to $4.15 from the prior $4.05 to $4.20, and guided to reported EPS of $3.74 to $3.84. During the quarter Masco repurchased 2.5 million shares for $192 million and returned $255 million to shareholders through dividends and buybacks. Total liquidity at quarter end was $1,646 million, and the Board declared a quarterly dividend of $0.29 per share payable November 25, 2024. On the balance sheet, cash and cash investments were $646 million and long-term debt was $2,945 million at September 30, 2024. Nine-month operating cash flow net of working capital changes was $668 million, compared with $928 million a year earlier, and nine-month capital expenditures were $112 million. Investors may also note the nine-month reported EPS of $2.91 versus $3.17 in the prior-year period.

Oct 29, 2024 10-Q

Masco Quarterly Report for Q2 Ended Jun 30, 2024

Masco Corporation's Form 10-Q for the quarter ended June 30, 2024 reports second-quarter net sales of $2,091 million, down from $2,127 million in the prior-year quarter, while net income attributable to Masco Corporation was $258 million versus $263 million. For the first six months, net sales were $4,017 million versus $4,106 million, and net income attributable to Masco Corporation rose to $473 million from $468 million. Diluted income per common share was $1.17 for the quarter (versus $1.16) and $2.14 for the six months (versus $2.07). Management attributes the sales decline mainly to lower sales volume in paints and other coating products and unfavorable sales mix in plumbing products, partly offset by higher net selling prices. Gross profit grew to $785 million for the quarter, supported by cost savings initiatives and lower commodity costs, while SG&A expenses rose to $388 million on higher employee-related costs. Cash and cash investments declined to $398 million at June 30, 2024 from $634 million at December 31, 2023. Net cash from operating activities was $252 million for the six months, down from $448 million a year earlier, reflecting working capital changes. Shareholder returns remained significant: the company repurchased approximately $290 million of common stock in the first half of 2024 and paid $128 million in cash dividends, leaving about $1.4 billion remaining under its 2022 repurchase authorization. Long-term debt was unchanged at $2,945 million, and the company stated it was in compliance with all covenants under its $1.0 billion revolving credit agreement, with no borrowings outstanding. Management stated that it is experiencing, and may continue to experience, lower market demand and elevated commodity and other input costs, and that it aims to offset these pressures through productivity improvements, pricing, and other initiatives. The filing reports no material changes to risk factors from the 2023 Form 10-K.

Jul 25, 2024 8-K

Masco 8-K Report, Financial Results (Jul 25, 2024)

Masco Corporation reported second quarter 2024 results on July 25, 2024, with net sales of $2,091 million, down 2 percent from $2,127 million in the prior-year quarter. Operating profit was $397 million, down 1 percent from $403 million, and the operating margin rose 10 basis points to 19.0 percent. Reported diluted earnings per share were $1.17, compared with $1.16 a year earlier. Adjusted operating profit was $399 million and adjusted earnings per share grew 1 percent to $1.20. Plumbing Products net sales rose 2 percent, while Decorative Architectural Products net sales fell 7 percent. Gross margin improved 130 basis points to 37.5 percent. Management said it expects continued demand headwinds in the second half of 2024 as market conditions remain challenged, but expects operating margin expansion for the full year. The company raised its 2024 adjusted EPS outlook to $4.05 to $4.20, from a prior range of $4.00 to $4.25. Reported EPS guidance is $4.03 to $4.18. Liquidity at quarter-end was $1,398 million, and the company repurchased 2.0 million shares for $143 million during the quarter. The Board declared a quarterly dividend of $0.29 per share, payable August 19, 2024. The filing states that the detailed results, supplemental information and a presentation are contained in Exhibit 99, a press release dated July 25, 2024. The company also noted an investor conference call and webcast held that day to discuss the results.

Jul 25, 2024 8-K

Masco 8-K Report, Executive Changes (Jun 10, 2024)

Masco Corporation's Board of Directors elected Bonnie Van Etten as Vice President, Controller and Chief Accounting Officer on June 7, 2024, effective June 17, 2024. Ms. Van Etten, 48, joins from Stellantis N.V., where she served as Senior Vice President, Group Chief Accounting Officer since 2021, and previously as Vice President, Group Accounting Officer at Fiat Chrysler Automobiles N.V. from 2017 to 2021. The filing sets out her compensation: an annual base salary of $360,000, a one-time cash sign-on bonus of $175,000, and an initial restricted stock unit award valued at $1,000,000. She is eligible for the Company's discretionary annual performance program and its Long Term Incentive Program, each with a target opportunity of 45% of base salary and a payout cap of 200% of target. Awards depend on individual performance and the Company's attainment of specified goals, and the LTIP uses three-year performance periods. The filing states that there are no understandings or arrangements under which Ms. Van Etten was selected, no family relationships with any director or executive officer, and no related-person transactions requiring disclosure under Item 404(a) of Regulation S-K since the beginning of the last fiscal year.

Jun 10, 2024 8-K

Masco 8-K Report, Executive Changes (May 15, 2024)

Masco Corporation stockholders approved the 2024 Long Term Stock Incentive Plan at the Annual Meeting held May 10, 2024. The plan authorizes up to 7,450,000 shares of common stock for awards, all rolled over from the remaining share pool of the 2014 Long Term Stock Incentive Plan. The 2024 Plan replaces the 2014 Plan, so no further awards will be granted under the 2014 Plan, though awards granted before the meeting remain outstanding on their original terms. At the meeting, 220,573,864 shares of common stock were outstanding and entitled to vote. Stockholders re-elected Class III directors Mark R. Alexander, Marie A. Ffolkes and John C. Plant to serve until the 2027 Annual Meeting. Votes for Alexander were 177,829,126, for Ffolkes 146,050,354, and for Plant 126,485,296, with Ffolkes and Plant drawing substantially more votes against than Alexander. Stockholders also approved PricewaterhouseCoopers LLP as independent auditors for 2024, with 187,732,727 votes for and 15,460,446 against. On compensation and governance, stockholders gave a non-binding advisory approval to named executive officer compensation, with 175,567,534 votes for and 17,719,655 against. They also approved a non-binding stockholder proposal entitled "Simple Majority Vote," with 182,580,159 votes for, 2,565,832 against and 8,353,053 abstentions.

May 15, 2024 8-K

Masco 8-K Report, Financial Results (Apr 24, 2024)

Masco Corporation reported first quarter 2024 results in a press release furnished as Exhibit 99 to this Form 8-K, dated April 24, 2024. Net sales decreased 3 percent to $1,926 million, and in local currency and excluding acquisitions, net sales decreased 4 percent. Operating profit increased 1 percent to $318 million, and operating margin rose 60 basis points to 16.5 percent. Adjusted operating profit increased 3 percent to $322 million, with adjusted operating margin up 90 basis points to 16.7 percent. Reported earnings per share were $0.97, compared with $0.90 a year earlier, and adjusted earnings per share grew 8 percent to $0.93. Management attributed the margin expansion to improved operational efficiencies and execution. Capital allocation was a notable component of the quarter. Masco repurchased 2.1 million shares for $148 million and returned $212 million to shareholders through dividends and share repurchases in total. Liquidity at quarter-end was $1,319 million, including revolving credit facility availability. Working capital rose to $1,470 million from $1,612 million a year earlier, and net cash used in operating activities was $94 million after working capital changes of $409 million. Management reaffirmed its full-year 2024 outlook, expecting adjusted earnings per share in the range of $4.00 to $4.25. The filing states that the year began largely as expected. The company also noted that its results depend on residential repair and remodel activity, with new home construction playing a lesser role.

Apr 24, 2024 10-Q

Masco Quarterly Report for Q1 Ended Mar 31, 2024

Masco Corporation's first-quarter 2024 Form 10-Q shows net sales of $1,926 million, down from $1,979 million in the first quarter of 2023. The filing attributes the decline primarily to lower sales volume, which decreased sales by four percent, partially offset by higher net selling prices that increased sales by one percent. Operating profit rose to $318 million from $315 million, and gross margin improved to 35.6% from 33.8%, which the company attributes to cost savings initiatives and higher net selling prices. Net income attributable to Masco Corporation was $215 million, or $0.97 per diluted share, compared with $205 million, or $0.90 per diluted share, a year earlier. Cash flow was weaker in the quarter. Net cash used for operating activities was $94 million, compared with $33 million of cash provided a year earlier, driven mainly by working capital changes, including a $258 million increase in receivables. Cash and cash investments declined to $368 million at March 31, 2024 from $634 million at December 31, 2023. Masco repurchased and retired approximately 2.1 million shares for about $148 million and paid $64 million in cash dividends. Long-term debt was unchanged at $2,945 million, and $1.5 billion remained under the 2022 share repurchase authorization. The company stated that it is experiencing lower market demand for its products and elevated commodity, input and employee-related costs, though some costs have recently moderated. Management said its existing cash, operating cash flow and borrowing availability under its $1.0 billion revolving credit agreement are sufficient for near-term needs, and it reported compliance with all covenants.

Apr 24, 2024 10-K

Masco Annual Report, Year Ended Dec 31, 2023

Masco Corporation's 2023 results show lower demand offset by higher pricing. Net sales were $7,967 million, down eight percent from $8,680 million in 2022, as lower sales volume reduced sales by 11 percent and higher net selling prices added three percent. Gross margin rose to 35.6 percent from 31.3 percent, and operating profit was $1,348 million versus $1,297 million, with operating profit margin at 16.9 percent versus 14.9 percent. Net income attributable to Masco Corporation was $908 million, or $4.02 per diluted share, compared with $844 million and $3.63 a year earlier. The filing cites cost savings initiatives, lower transportation costs, a $40 million insurance settlement and lower excess and obsolete inventory charges as margin support. Cash flow and balance sheet items improved. Net cash from operating activities was $1,413 million, up from $840 million, driven by operating profit and lower inventory. Masco repurchased and retired 6.2 million shares for about $356 million, paid $257 million in cash dividends, and acquired Sauna360 Group Oy for about $136 million net of cash acquired. Total debt as a percent of total capitalization fell to 97 percent from 109 percent, and the $200 million 364-day term loan was repaid at maturity. The company expects capital expenditures of about $200 million and share repurchases of about $600 million in 2024, excluding acquisitions. Concentration and demand remain the key risks. The Home Depot accounted for $3.1 billion, or approximately 39 percent, of 2023 consolidated net sales, and the Behr brand grants The Home Depot exclusivity in North American retail. Architectural coatings were about 32 percent of consolidated net sales in 2023. The filing also reports a $15 million non-cash impairment charge on a trademark in the Decorative Architectural Products segment, and the company declared a first-quarter 2024 dividend of $0.29 per share, an intended annual increase of two percent to $1.16.

Feb 8, 2024 8-K

Masco 8-K Report, Financial Results (Feb 8, 2024)

Masco Corporation reported fourth-quarter and full-year 2023 results on February 8, 2024, via Exhibit 99 press release. For Q4 2023, net sales decreased 2 percent to $1,882 million, and in local currency and excluding acquisitions decreased 4 percent. Reported operating profit was $247 million, up 34 percent from $185 million, and reported EPS was $0.85 versus $0.51. On an adjusted basis, operating profit rose 16 percent to $272 million, operating margin expanded 230 basis points to 14.5 percent, and adjusted EPS grew 28 percent to $0.83. For full-year 2023, net sales decreased 8 percent to $7,967 million, while reported EPS increased 11 percent to $4.02. Adjusted operating profit decreased 1 percent to $1,336 million, though adjusted operating margin rose 120 basis points to 16.8 percent and adjusted EPS increased 2 percent to $3.86. The company returned $610 million to shareholders through share repurchases and dividends during the year. Full-year 2023 cash from operating activities was $1,413 million net of working capital changes, and total liquidity at year-end was $1,634 million. For 2024, Masco expects sales to be approximately flat in a market that is flat to down low single digits, and anticipates adjusted EPS of $4.00 to $4.25. The board declared a quarterly dividend of $0.29 per share, a 2 percent increase, payable March 11, 2024 to holders of record on February 22, 2024.

Feb 8, 2024 8-K

Masco 8-K Report, Financial Results (Oct 26, 2023)

Masco Corporation reported third quarter 2023 results with net sales of $1,979 million, down 10 percent from $2,204 million a year earlier. In local currency and excluding acquisitions, net sales decreased 11 percent, with North American sales down 11 percent and international sales down 11 percent in local currency. Gross margin rose 610 basis points to 37.6 percent, and reported operating profit increased 9 percent to $383 million. Results were helped by a $40 million insurance settlement payment received in the quarter. On an adjusted basis, which excludes certain items and uses a normalized 24 percent tax rate, operating profit was $348 million, down 1 percent, and adjusted operating margin expanded 170 basis points to 17.6 percent. Reported net income was $1.10 per share, compared with $0.97 per share, and adjusted earnings per share grew 1 percent to $1.00. Management raised its 2023 outlook. Expected adjusted earnings per share is now $3.65 to $3.75, up from the previous range of $3.50 to $3.65. The company stated that the near-term demand environment for repair and remodel products remains uncertain. Masco returned $109 million to shareholders through dividends and share repurchases and closed the bolt-on acquisition of Sauna360 Group Oy for approximately 124 million euros. Liquidity at quarter end was $1,560 million, including revolver availability. The board declared a quarterly dividend of $0.285 per share, payable November 27, 2023.

Oct 26, 2023 10-Q

Masco Quarterly Report for Q3 Ended Sep 30, 2023

Masco Corporation's Form 10-Q for the quarter ended September 30, 2023 shows net sales of $1,979 million for the third quarter, down from $2,204 million a year earlier, and $6,085 million for the first nine months, down from $6,757 million. Net sales decreased 10 percent for both periods, with lower sales volume (12 percent for the quarter and 13 percent for the nine months) the primary driver, partially offset by higher net selling prices. Despite lower sales, gross margin expanded to 37.6 percent in the quarter from 31.5 percent, and operating profit rose to $383 million from $351 million. Results for the quarter were helped by a $40 million insurance settlement payment, which increased gross profit and operating profit, related to a 2021 Texas weather event that disrupted a resin supplier. Net income attributable to Masco Corporation was $249 million, or $1.10 diluted per share, compared with $218 million, or $0.97, a year earlier. For the nine months, diluted earnings per share were $3.17 versus $3.13. Cash flow and balance sheet items were steady. Net cash from operating activities was $928 million for the nine months, versus $520 million a year earlier. The company spent $126 million repurchasing shares, paid $193 million in common dividends, and completed the $136 million acquisition of Sauna360 Group Oy, a sauna and steam shower maker added to the Plumbing Products segment. Cash and cash investments were $560 million at quarter-end, and the company had no borrowings outstanding under its $1.0 billion revolving credit agreement, though it had €60 million ($63 million) of short-term borrowings at its Hansgrohe SE subsidiary. The company stated it anticipates using approximately $350 million for share repurchases in 2023, and that it was in compliance with all covenants. Management noted that changing market conditions have led to lower market demand, while input costs remain elevated, and that it is unable to fully estimate the impact of those conditions on future financial condition.

Oct 26, 2023 8-K

Masco 8-K Report, Executive Changes (Oct 6, 2023)

Masco Corporation filed this Current Report on Form 8-K dated October 6, 2023, under Item 5.02 (Departure of Directors or Certain Officers; Compensatory Arrangements of Certain Officers). The filing discloses a transition services agreement entered into on October 3, 2023 with Mr. David A. Chaika, under which he has agreed to provide transition services to the Company through April 30, 2024. Under the agreement, and provided Mr. Chaika remains employed with the Company through April 30, 2024 and complies with its terms, he will receive a cash payment of $750,450, continued vesting of his previously awarded unvested restricted stock units on their normal schedule, and an extension of the right to exercise the vested portion of his stock options to 90 days following his termination date, subject to the maximum option term. The filing is limited to this compensatory arrangement and does not describe other corporate developments.

Oct 6, 2023 8-K

Masco 8-K Report, Executive Changes (Sep 21, 2023)

Masco Corporation (NYSE: MAS) filed an 8-K on September 21, 2023 reporting two leadership changes in its finance function. The Board elected Richard Westenberg, 49, as Vice President, Chief Financial Officer, effective October 16, 2023. Westenberg joins from General Motors, where he was Vice President and Chief Financial Officer of General Motors North America since 2022, and previously served as Vice President, Finance and Chief Financial Officer of SAIC-General Motors (2018-2021) and Corporate Treasurer of General Motors Company (2017-2018). The filing also states that David A. Chaika, who had been Interim Chief Financial Officer since June 1, 2023, will conclude in that interim role effective October 15, 2023. The filing states his departure was not the result of any disagreement with the Company or any matter relating to its operations, policies or practices. Westenberg's compensation package includes an annual base salary of $725,000, a target opportunity of 80% of base salary under the discretionary annual performance program and the Long Term Incentive Program (capped at 200% of target), a one-time cash sign-on bonus of $950,000, and an initial restricted stock unit award valued at $2,000,000. The filing also attaches a press release dated September 21, 2023 announcing the appointment.

Sep 21, 2023 8-K

Masco 8-K Report, Financial Results (Jul 27, 2023)

Masco Corporation reported second quarter 2023 results on July 27, 2023. Net sales decreased 10 percent to $2,127 million on a reported basis (down 9 percent in local currency), with North American sales down 10 percent in local currency and international sales down 8 percent. Despite lower sales, gross margin rose 350 basis points to 36.2 percent, and reported operating profit was $403 million, down 1 percent from $408 million. Reported earnings were $1.16 per diluted share versus $1.18 a year earlier. On an adjusted basis, operating profit was $404 million and adjusted earnings per share grew 3 percent to $1.19. Management raised its 2023 earnings guidance to adjusted earnings per share of $3.50 to $3.65, up from the prior expectation of $3.10 to $3.40, with reported EPS now expected at $3.48 to $3.63. The company also said it returned $89 million to shareholders through dividends and share repurchases in the quarter, and it has agreed to acquire Sauna360 Group Oy, a sauna manufacturer, with closing expected in the third quarter subject to regulatory approval. The Board declared a quarterly dividend of $0.285 per share, payable August 28, 2023. For investors, the key message is that margin improvement and productivity offset weaker demand, which drove the raised full-year outlook. The filing notes that near-term demand remains challenging, while management says long-term repair and remodel fundamentals remain strong. Total liquidity at quarter end was $1,380 million.

Jul 27, 2023 10-Q

Masco Quarterly Report for Q2 Ended Jun 30, 2023

Masco Corporation's Form 10-Q for the quarter ended June 30, 2023 shows net sales of $2,127 million for the three months ended June 30, 2023, compared with $2,352 million a year earlier, and $4,106 million for the six months, compared with $4,553 million. Net sales decreased 10 percent for both periods. The filing attributes the decline primarily to lower sales volume, which reduced sales by 12 percent for the quarter and 13 percent for the six months, partly offset by higher net selling prices that increased sales by four percent and five percent, respectively. Gross margin improved to 36.2 percent for the quarter from 32.7 percent, while operating profit fell to $403 million from $408 million and net income attributable to Masco Corporation was $263 million versus $278 million. Diluted income per share was $1.16 for the quarter and $2.07 for the six months. Cash and cash investments were $380 million at June 30, 2023, and net cash from operating activities for the six months was $448 million, up from $174 million a year earlier. Capital expenditures were $133 million for the six months. The company repaid a $200 million 364-day term loan at maturity, borrowed €70 million ($77 million) of short-term debt through its Hansgrohe SE subsidiary, and repurchased about $81 million of common stock. Total debt on the balance sheet was $3.0 billion in carrying value, and the company stated it was in compliance with all covenants. Management anticipates using approximately $350 million for share repurchases in 2023. Subsequent to quarter end, Masco agreed to acquire Sauna360 Group Oy for an estimated €125 million, expected to close in the third quarter of 2023.

Jul 27, 2023 8-K

Masco 8-K Report, Executive Changes (Jul 12, 2023)

Masco Corporation's Form 8-K, filed July 12, 2023, under Item 5.02 (Departure of Directors or Certain Officers; Compensatory Arrangements of Certain Officers), discloses a separation agreement dated July 7, 2023 with Richard O'Reagan, the Company's former Group President-Plumbing Products. Mr. O'Reagan's retirement from the Company took effect June 30, 2023, as previously announced. Under the agreement, Mr. O'Reagan will receive a prorated 2023 cash bonus, based on his individual target opportunity and the Company's 2023 annual performance, through his last day of employment. He will also receive the cash equivalent of a prorated 2023 restricted stock unit award on the same basis. In addition, he is eligible for share awards under the 2021-2023, 2022-2024 and 2023-2025 Long-Term Incentive Programs (LTIPs), subject to the established performance goals being met and prorated for his time employed during each performance period. Mr. O'Reagan's unvested restricted stock awards granted before 2020 will vest upon his retirement. He will also have 90 days following his retirement date to exercise the vested portion of his stock options, subject to the maximum option term. For investors, the filing is primarily a disclosure of retirement-related compensation for a departing senior executive, with payouts tied to 2023 and multi-year LTIP performance outcomes.

Jul 12, 2023 8-K

Masco 8-K Report, Executive Changes (Jun 16, 2023)

Masco Corporation (MAS) filed this Current Report on Form 8-K to disclose a board appointment. On June 15, 2023, the Company's Board of Directors appointed Mr. Sandeep Reddy as a Class I Director, effective with that appointment. Mr. Reddy will serve on the Audit Committee and on the Corporate Governance and Nominating Committee. Mr. Reddy, 52, is currently Executive Vice President – Chief Financial Officer of Domino's Pizza, Inc., a role he has held since 2022. Previously he was Executive Vice President and Chief Financial Officer of Six Flags Entertainment Corporation from 2020 to 2022, and Chief Financial Officer of Guess?, Inc. from 2013 to 2019. The Board determined that he satisfies the applicable independence requirements of the New York Stock Exchange and the Securities and Exchange Commission. The filing states there are no understandings or arrangements under which Mr. Reddy was selected, no family relationships with directors or executive officers, and no transactions requiring disclosure under Item 404(a) of Regulation S-K. He will receive compensation under the Company's standard non-employee director arrangements.

Jun 16, 2023 8-K

Masco 8-K Report, Executive Changes (Jun 1, 2023)

Masco Corporation disclosed in this Form 8-K, filed June 1, 2023, that it entered into an agreement dated May 31, 2023 with John G. Sznewajs, Vice President and Chief Financial Officer, in connection with his previously announced retirement effective May 31, 2023. Under the agreement, Mr. Sznewajs will receive a prorated 2023 cash bonus and the cash equivalent of a prorated 2023 restricted stock unit award, based on his individual target opportunity and the Company's 2023 annual performance. He will also receive share awards under the 2021-2023, 2022-2024 and 2023-2025 Long-Term Incentive Programs if the respective performance goals are met, prorated for his time of employment in each performance period. His unvested restricted stock awards granted before 2020 will vest upon retirement, and he may exercise vested stock options for 90 days following retirement, subject to the maximum option term. At the Company's request, Mr. Sznewajs will provide consulting services for the one-year period from June 1, 2023 through May 31, 2024, compensated at $500 per hour under a separate agreement dated May 31, 2023. The filing also reports that the Board appointed Jonathon Nudi as a Class I director effective June 1, 2023. Mr. Nudi, 52, has been Group President, North America Retail of General Mills, Inc. since 2017 and joined General Mills in 1993. He will serve on the Audit Committee and the Corporate Governance and Nominating Committee, and the Board determined he meets New York Stock Exchange and SEC independence requirements. He will receive standard non-employee director compensation.

Jun 1, 2023 8-K

Masco 8-K Report, Shareholder Vote Results (May 17, 2023)

Masco Corporation reported the results of its Annual Meeting of Stockholders, held on May 11, 2023. Stockholders elected four Class II directors (Keith J. Allman, Aine L. Denari, Christopher A. O'Herlihy and Charles K. Stevens, III) to serve until the Annual Meeting in 2026. Of the 225,395,977 shares of common stock outstanding and entitled to vote as of the record date, the four nominees received between 183,874,529 and 192,307,761 votes for, with Stevens and O'Herlihy drawing the most votes against. Stockholders also approved, on a non-binding advisory basis, the compensation paid to the named executive officers, with 176,927,565 votes for and 15,814,166 against. On the frequency of say-on-pay votes, one year received the most support at 188,852,552 votes, compared with 210,364 for two years and 3,717,177 for three years. Following that result, the Board determined to continue holding an annual say-on-pay vote until it is next required, or until the Board deems it appropriate, to submit the frequency question again. Stockholders ratified the selection of PricewaterhouseCoopers LLP as independent auditors for 2023, with 192,773,805 votes for, 10,067,555 against and 315,318 abstentions.

May 17, 2023 10-Q

Masco Quarterly Report for Q1 Ended Mar 31, 2023

Masco Corporation reported first-quarter 2023 net sales of $1,979 million, down from $2,201 million a year earlier, a decrease of 10 percent. The filing attributes the decline mainly to lower sales volume, which reduced sales by 14 percent, partially offset by higher net selling prices, which increased sales by six percent. Gross margin improved to 33.8 percent from 32.0 percent, reflecting higher net selling prices and cost savings initiatives. Operating profit fell to $315 million from $353 million, and net income attributable to Masco Corporation was $205 million, or $0.90 per diluted share, compared with $233 million, or $0.97 per diluted share, in the prior-year quarter. Cash flow from operations was $33 million, compared with negative $227 million a year earlier, and cash and cash investments rose to $510 million at March 31, 2023. Capital expenditures were $61 million. Shareholders' deficit was $(379) million and total equity was $(140) million, both improved from December 31, 2022. Management states that its present cash balance, cash flows from operations and borrowing availability under its 2022 Credit Agreement are sufficient to fund near-term needs, and that it is unable to fully estimate the extent of the impact of changing market conditions on its future financial condition. Debt included $413 million of notes payable and $2,946 million of long-term debt. Borrowings under the 2022 Credit Agreement were $210 million at March 31, 2023, and the company reported compliance with all covenants. After quarter end, it increased borrowings under the 2022 Credit Agreement to $266 million and repaid the remaining $200 million outstanding under its 364-day term loan. The company also repurchased about 1.1 million shares for approximately $56 million during the quarter, with about $1.9 billion remaining under its 2022 authorization.

Apr 26, 2023 8-K

Masco 8-K Report, Financial Results (Apr 26, 2023)

Masco Corporation reported first quarter 2023 results on April 26, 2023. Net sales decreased 10 percent to $1,979 million (down 9 percent in local currency), with North American sales down 10 percent and international sales down 3 percent in local currency. Gross margin rose to 33.8 percent from 32.0 percent, while operating margin was 15.9 percent versus 16.0 percent. Reported earnings were $0.90 per diluted share versus $0.97 a year earlier; adjusted earnings were $0.87 per share, with adjusted gross margin of 33.6 percent. Management said the company moved quickly to adjust costs and mitigate margin impact, citing softening demand, persistent inflation and tighter consumer spending as ongoing headwinds. The company returned $121 million to shareholders through dividends and share repurchases in the quarter and ended the quarter with total liquidity of $1,300 million. Masco reaffirmed its 2023 outlook, expecting earnings per share of $3.06 to $3.36 on a reported basis and $3.10 to $3.40 on an adjusted basis. The filing also disclosed a leadership change: the Board appointed David A. Chaika, currently Vice President, Treasurer and Investor Relations, as Interim Chief Financial Officer effective June 1, 2023, upon the retirement of John G. Sznewajs. The company is conducting an internal and external search for a permanent CFO.

Apr 26, 2023