Masco Corporation Reports Fourth Quarter and 2022 Year-End Results

Highlights

  • Sales for the fourth quarter decreased 5 percent to $1,923 million
  • Operating profit for the quarter was $185 million; adjusted operating profit was $234 million
  • Earnings per share from continuing operations for the quarter was $0.51 per share; adjusted earnings per share from continuing operations was $0.65 per share
  • 2023 earnings per share expected to be in the range of $3.06 – $3.36 per share, and on an adjusted basis, to be in the range of $3.10 – $3.40 per share
  • Board declares a quarterly dividend of $0.285 per share, a 2 percent increase, payable on March 13, 2023 to shareholders of record on February 23, 2023

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 2022.

2022 Fourth Quarter Results

  • On a reported basis, compared to fourth quarter 2021:
    • Net sales decreased 5 percent to $1,923 million; in local currency, net sales decreased 2 percent
    • In local currency, North American sales decreased 5 percent and international sales increased 7 percent
    • Gross margin decreased 230 basis points to 28.3 percent from 30.6 percent
    • Operating margin decreased 120 basis points to 9.6 percent from 10.8 percent
    • Net income decreased to $0.51 per share, compared to $0.55 per share
  • Compared to fourth quarter 2021, results for key financial measures, as adjusted for certain items (see Exhibit A) and with a normalized tax rate of 24 percent (25 percent for 2021), were as follows:
    • Gross margin decreased 120 basis points to 29.5 percent from 30.7 percent
    • Operating margin decreased 90 basis points to 12.2 percent from 13.1 percent
    • Net income decreased to $0.65 per share, compared to $0.67 per share
  • Liquidity at the end of the fourth quarter was $1,452 million (including availability under revolving credit facility)
  • Plumbing Products’ net sales decreased 3 percent; in local currency, sales increased 2 percent
  • Decorative Architectural Products’ net sales decreased 8 percent

2022 Full Year Highlights

  • Sales for the year increased 4 percent to $8,680 million; in local currency, sales increased 6 percent
  • Operating profit declined 8 percent to $1,297 million; adjusted operating profit declined 7 percent to $1,355 million
  • Returned $1,172 million to shareholders through share repurchases and dividends
  • Earnings per share from continuing operations for the year grew 124 percent to $3.63 per share; adjusted earnings per share increased 2 percent to $3.77 per share from $3.70 per share

2022 Full Year Results

  • On a reported basis, compared to full year 2021:
    • Net sales increased 4 percent to $8,680 million; in local currency and excluding acquisitions and divestitures, net sales increased 6 percent
    • In local currency, North American sales increased 6 percent and international sales increased 8 percent
    • Gross margin decreased 290 basis points to 31.3 percent from 34.2 percent
    • Operating profit decreased 8 percent to $1,297 million from $1,405 million
    • Operating margin decreased 190 basis points to 14.9 percent from 16.8 percent
    • Net income increased to $3.63 per share, compared to $1.62 per share
  • Compared to full year 2021, results for key financial measures, as adjusted for certain items (see Exhibit A) and with a normalized tax rate of 24 percent (25 percent for 2021), were as follows:
    • Gross margin decreased 260 basis points to 31.6 percent from 34.2 percent
    • Operating profit decreased 7 percent to $1,355 million from $1,454 million
    • Operating margin decreased 180 basis points to 15.6 percent from 17.4 percent
    • Net income increased to $3.77 per share, compared to $3.70 per share

“In the fourth quarter, demand softened across product categories in North America, partially offset by selling price increases,” said Keith Allman, Masco’s President and Chief Executive Officer. “International markets remained strong with sales growth of 7 percent in local currency. Lower volumes, foreign currency and higher operational costs pressured operating margins in the quarter.”

“For the full year 2022, we delivered 4 percent sales growth against a 17 percent comp in 2021, and 2 percent adjusted earnings per share growth,” continued Allman. “In 2022, despite higher operational costs and softening demand, we delivered earnings growth for our shareholders and executed our capital deployment strategy by returning approximately $1.2 billion to shareholders in the form of share repurchases and dividends.”

“In 2023, we believe the near-term demand environment will remain challenging,” said Allman. “We are preparing for volumes overall to be down in the low double-digit range and anticipate adjusted earnings per share to be in the range of $3.10 to $3.40 per share. Despite the expected near-term market softness, we believe the long-term fundamentals of our repair and remodel markets remain strong. We are focused on capitalizing on these positive long-term demand trends by improving our margins and continuing to invest in growth opportunities. With our industry leading repair and remodel-oriented products in diverse channels, strong balance sheet, and disciplined capital allocation, we believe Masco is well positioned to deliver long-term shareholder value creation.”

Dividend Declaration

Masco’s Board of Directors declared a quarterly dividend of $0.285 per share, a 2 percent increase, payable on March 13, 2023 to shareholders of record on February 23, 2023.

“The Board’s decision to once again increase Masco’s quarterly cash dividend is consistent with our capital allocation strategy of targeting a dividend payout ratio of approximately 30 percent with annual increases through a cycle,” said Allman. “This increase underscores the strength of our company’s financial position, our ability to generate consistent, strong free cash flow, and the Board’s confidence in Masco’s future.”

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 2022 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 Thursday, February 9, 2023 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) 200-6205 and from outside the U.S. at (929) 526-1599. Please use the access code 290858. 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 (866) 813-9403 from the U.S., (226) 828-7578 from Canada, and +44 204 525 0658 from all other locations. Please use access code 511416. The telephone replay will be available approximately two hours after the end of the call and continue through March 10, 2023.

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 to develop innovative products, our ability to maintain our public reputation, our ability to maintain our competitive position in our industries, our reliance on key customers, the cost and availability of materials, our dependence on 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 acquired and may in the future acquire, our ability to attract, develop and retain a talented and diverse workforce, risks associated with cybersecurity vulnerabilities, threats and attacks, risks associated with our reliance on information systems and technology and the impact of the ongoing COVID-19 pandemic on our business and operations. These and other factors are discussed in detail in Item 1A. "Risk Factors" in our most recent Annual Report on Form 10-K, as well as in our Quarterly Reports on Form 10-Q and in other filings we make with the Securities and Exchange Commission. Any forward-looking statement made by us speaks only as of the date on which it was made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. Unless required by law, we undertake no obligation to update publicly any forward-looking statements as a result of new information, future events or otherwise.

MASCO CORPORATION

Condensed Consolidated Statements of Operations - Unaudited

For the Three Months and Years Ended December 31, 2022 and 2021

 

(in millions, except per common share data)

 

 

Three Months Ended

December 31,

 

Year Ended

December 31,

 

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Net sales

 

$

1,923

 

 

$

2,022

 

 

$

8,680

 

 

$

8,375

 

Cost of sales

 

 

1,378

 

 

 

1,403

 

 

 

5,967

 

 

 

5,512

 

Gross profit

 

 

545

 

 

 

619

 

 

 

2,713

 

 

 

2,863

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

 

334

 

 

 

356

 

 

 

1,390

 

 

 

1,413

 

Impairment charges for goodwill and other intangible assets

 

 

26

 

 

 

45

 

 

 

26

 

 

 

45

 

Operating profit

 

 

185

 

 

 

218

 

 

 

1,297

 

 

 

1,405

 

 

 

 

 

 

 

 

 

 

Other income (expense), net:

 

 

 

 

 

 

 

 

Interest expense

 

 

(26

)

 

 

(25

)

 

 

(108

)

 

 

(278

)

Other, net

 

 

 

 

 

(1

)

 

 

4

 

 

 

(439

)

 

 

 

(26

)

 

 

(26

)

 

 

(104

)

 

 

(717

)

Income before income taxes

 

 

159

 

 

 

192

 

 

 

1,193

 

 

 

688

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

33

 

 

 

52

 

 

 

288

 

 

 

210

 

Net income

 

 

126

 

 

 

140

 

 

 

905

 

 

 

478

 

 

 

 

 

 

 

 

 

 

Less: Net income attributable to noncontrolling interest

 

 

11

 

 

 

8

 

 

 

61

 

 

 

68

 

Net income attributable to Masco Corporation

 

$

115

 

 

$

132

 

 

$

844

 

 

$

410

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

Net income

 

$

0.51

 

 

$

0.55

 

 

$

3.63

 

 

$

1.62

 

 

 

 

 

 

 

 

 

 

Average diluted common shares outstanding

 

 

227

 

 

 

245

 

 

 

232

 

 

 

251

 

 

Historical information is available on our website.

MASCO CORPORATION

Exhibit A: Reconciliations - Unaudited

For the Three Months and Years Ended December 31, 2022 and 2021

 

(dollars in millions)

 

 

Three Months Ended

December 31,

 

Year Ended

December 31,

 

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

1,923

 

 

$

2,022

 

 

$

8,680

 

 

$

8,375

 

 

 

 

 

 

 

 

 

 

Gross profit, as reported

 

$

545

 

 

$

619

 

 

$

2,713

 

 

$

2,863

 

Rationalization charges

 

 

23

 

 

 

2

 

 

 

32

 

 

 

4

 

Gross profit, as adjusted

 

$

568

 

 

$

621

 

 

$

2,745

 

 

$

2,867

 

 

 

 

 

 

 

 

 

 

Gross margin, as reported

 

 

28.3

%

 

 

30.6

%

 

 

31.3

%

 

 

34.2

%

Gross margin, as adjusted

 

 

29.5

%

 

 

30.7

%

 

 

31.6

%

 

 

34.2

%

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses, as reported

 

$

334

 

 

$

356

 

 

$

1,390

 

 

$

1,413

 

 

 

 

 

 

 

 

 

 

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

 

 

17.4

%

 

 

17.6

%

 

 

16.0

%

 

 

16.9

%

 

 

 

 

 

 

 

 

 

Operating profit, as reported

 

$

185

 

 

$

218

 

 

$

1,297

 

 

$

1,405

 

Rationalization charges

 

 

23

 

 

 

2

 

 

 

32

 

 

 

4

 

Impairment charges for goodwill and other intangible assets

 

 

26

 

 

 

45

 

 

 

26

 

 

 

45

 

Operating profit, as adjusted

 

$

234

 

 

$

265

 

 

$

1,355

 

 

$

1,454

 

 

 

 

 

 

 

 

 

 

Operating margin, as reported

 

 

9.6

%

 

 

10.8

%

 

 

14.9

%

 

 

16.8

%

Operating margin, as adjusted

 

 

12.2

%

 

 

13.1

%

 

 

15.6

%

 

 

17.4

%

 

Historical information is available on our website.

MASCO CORPORATION

Exhibit A: Reconciliations - Unaudited

For the Three Months and Years Ended December 31, 2022 and 2021

 

(in millions, except per common share data)

 

Three Months Ended

December 31,

 

Year Ended

December 31,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Income Per Common Share Reconciliation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes, as reported

$

159

 

 

$

192

 

 

$

1,193

 

 

$

688

 

Rationalization charges

 

23

 

 

 

2

 

 

 

32

 

 

 

4

 

Impairment charges for goodwill and other intangible assets

 

26

 

 

 

45

 

 

 

26

 

 

 

45

 

Pension (reversion) costs associated with terminated plans

 

 

 

 

(7

)

 

 

 

 

 

415

 

Fair value adjustment to contingent earnout obligation (1)

 

 

 

 

2

 

 

 

(24

)

 

 

16

 

(Gain) loss on sale of business (2)

 

 

 

 

 

 

 

(2

)

 

 

18

 

(Gain) on preferred stock redemption

 

 

 

 

 

 

 

 

 

 

(14

)

(Earnings) loss from equity investments, net

 

 

 

 

(4

)

 

 

6

 

 

 

(11

)

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

 

 

168

 

Income before income taxes, as adjusted

 

208

 

 

 

230

 

 

 

1,231

 

 

 

1,329

 

Tax at 24% rate (25% for 2021)

 

(49

)

 

 

(57

)

 

 

(295

)

 

 

(332

)

Less: Net income attributable to noncontrolling interest

 

11

 

 

 

8

 

 

 

61

 

 

 

68

 

Net income, as adjusted

$

148

 

 

$

165

 

 

$

875

 

 

$

929

 

 

 

 

 

 

 

 

 

Net income per common share, as adjusted

$

0.65

 

 

$

0.67

 

 

$

3.77

 

 

$

3.70

 

 

 

 

 

 

 

 

 

Average diluted common shares outstanding

 

227

 

 

 

245

 

 

 

232

 

 

 

251

 

(1)

Represents income for the year ended December 31, 2022 and expense for the three months and year ended December 31, 2021 from the revaluation of contingent consideration related to a prior acquisition.

(2)

Represents a pre-tax post-closing gain related to the finalization of working capital items related to the divestiture of Hüppe GmbH (“Hüppe”) for the year ended December 31, 2022. Represents a loss related to the divestiture of Hüppe for the year ended December 31, 2021.

Outlook for the Year Ended December 31, 2023

 

 

 

Year Ended December 31, 2023

 

 

Low End

 

High End

Income Per Common Share Reconciliation

 

 

 

 

 

 

 

 

 

Net income per common share

 

$

3.06

 

$

3.36

Rationalization charges

 

 

0.04

 

 

0.04

Net income per common share, as adjusted

 

$

3.10

 

$

3.40

 

Historical information is available on our website.

MASCO CORPORATION

Condensed Consolidated Balance Sheets and Other Financial Data - Unaudited

December 31, 2022 and 2021

 

(dollars in millions)

 

 

December 31, 2022

 

December 31, 2021

Balance Sheet

 

 

 

 

Assets

 

 

 

 

Current Assets:

 

 

 

 

Cash and cash investments

 

$

452

 

 

$

926

Receivables

 

 

1,149

 

 

 

1,171

 

Inventories

 

 

1,236

 

 

 

1,216

 

Prepaid expenses and other

 

 

109

 

 

 

109

 

Total Current Assets

 

 

2,946

 

 

 

3,422

 

 

 

 

 

 

Property and equipment, net

 

 

975

 

 

 

896

 

Goodwill

 

 

537

 

 

 

568

 

Other intangible assets, net

 

 

350

 

 

 

388

 

Operating lease right-of-use assets

 

 

266

 

 

 

187

 

Other assets

 

 

113

 

 

 

114

 

Total Assets

 

$

5,187

 

 

$

5,575

 

 

 

 

 

 

Liabilities

 

 

 

 

Current Liabilities:

 

 

 

 

Accounts payable

 

$

877

 

 

$

1,045

 

Notes payable

 

 

205

 

 

 

10

 

Accrued liabilities

 

 

807

 

 

 

884

 

Total Current Liabilities

 

 

1,889

 

 

 

1,939

 

 

 

 

 

 

Long-term debt

 

 

2,946

 

 

 

2,949

 

Noncurrent operating lease liabilities

 

 

255

 

 

 

172

 

Other liabilities

 

 

339

 

 

 

437

 

Total Liabilities

 

 

5,429

 

 

 

5,497

 

 

 

 

 

 

Redeemable noncontrolling interest

 

 

20

 

 

 

22

 

 

 

 

 

 

Equity

 

 

(262

)

 

 

56

 

Total Liabilities and Equity

 

$

5,187

 

 

$

5,575

 

 

 

As of December 31,

 

 

 

2022

 

 

 

2021

 

Other Financial Data

 

 

 

 

Working Capital Days

 

 

 

 

Receivable days

 

 

53

 

 

 

51

 

Inventory days

 

 

80

 

 

 

85

 

Payable days

 

 

68

 

 

 

66

 

Working capital

 

$

1,508

 

 

$

1,342

 

Working capital as a % of sales (LTM)

 

 

17.4

%

 

 

16.0

%

 

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, 2022 and 2021

 

(dollars in millions)

 

 

Year Ended December 31,

 

 

 

2022

 

 

 

2021

 

Cash Flows From (For) Operating Activities:

 

 

 

 

Cash provided by operating activities

 

$

1,123

 

 

$

1,154

 

Working capital changes

 

 

(283

)

 

 

(224

)

Net cash from operating activities

 

 

840

 

 

 

930

 

 

 

 

 

 

Cash Flows From (For) Financing Activities:

 

 

 

 

Retirement of notes

 

 

 

 

 

(1,326

)

Purchase of Company common stock

 

 

(914

)

 

 

(1,026

)

Cash dividends paid

 

 

(258

)

 

 

(211

)

Dividends paid to noncontrolling interest

 

 

(68

)

 

 

(43

)

Issuance of notes, net of issuance costs

 

 

 

 

 

1,481

 

Proceeds from term loan

 

 

500

 

 

 

 

Payment of term loan

 

 

(300

)

 

 

 

Debt extinguishment costs

 

 

 

 

 

(160

)

Proceeds from the exercise of stock options

 

 

1

 

 

 

5

 

Employee withholding taxes paid on stock-based compensation

 

 

(17

)

 

 

(15

)

Decrease in debt, net

 

 

(10

)

 

 

(3

)

Net cash for financing activities

 

 

(1,066

)

 

 

(1,298

)

 

 

 

 

 

Cash Flows From (For) Investing Activities:

 

 

 

 

Capital expenditures

 

 

(224

)

 

 

(128

)

Acquisition of businesses, net of cash acquired

 

 

 

 

 

(57

)

Proceeds from disposition of businesses, net of cash disposed

 

 

 

 

 

5

 

Proceeds from disposition of property and equipment

 

 

1

 

 

 

 

Proceeds from disposition of financial investments

 

 

1

 

 

 

171

 

Other, net

 

 

(8

)

 

 

(3

)

Net cash for investing activities

 

 

(230

)

 

 

(12

)

 

 

 

 

 

Effect of exchange rate changes on cash and cash investments

 

 

(18

)

 

 

(20

)

 

 

 

 

 

Cash and Cash Investments:

 

 

 

 

Decrease for the year

 

 

(474

)

 

 

(400

)

At January 1

 

 

926

 

 

 

1,326

 

At December 31

 

$

452

 

 

$

926

 

 

 

As of December 31,

 

 

 

2022

 

 

 

2021

 

Liquidity

 

 

 

 

Cash and cash investments

 

$

452

 

$

926

Revolver availability

 

 

1,000

 

 

 

1,000

 

Total Liquidity

 

$

1,452

 

 

$

1,926

 

 

Historical information is available on our website.

MASCO CORPORATION

Segment Data - Unaudited

For the Three Months and Years Ended December 31, 2022 and 2021

 

(dollars in millions)

 

Three Months Ended

December 31,

 

 

 

Year Ended

December 31,

 

 

 

 

2022

 

 

 

2021

 

 

Change

 

 

2022

 

 

 

2021

 

 

Change

Plumbing Products

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

1,196

 

 

$

1,228

 

 

(3

) %

 

$

5,252

 

 

$

5,135

 

 

2

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit, as reported

$

133

 

 

$

156

 

 

 

 

$

819

 

 

$

929

 

 

 

Operating margin, as reported

 

11.1

%

 

 

12.7

%

 

 

 

 

15.6

%

 

 

18.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rationalization charges

 

10

 

 

 

 

 

 

 

 

10

 

 

 

2

 

 

 

Accelerated depreciation related to rationalization activity

 

5

 

 

 

 

 

 

 

 

5

 

 

 

 

 

 

Operating profit, as adjusted

 

148

 

 

 

156

 

 

 

 

 

834

 

 

 

931

 

 

 

Operating margin, as adjusted

 

12.4

%

 

 

12.7

%

 

 

 

 

15.9

%

 

 

18.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

25

 

 

 

25

 

 

 

 

 

98

 

 

 

101

 

 

 

EBITDA, as adjusted

$

173

 

 

$

181

 

 

 

 

$

932

 

 

$

1,032

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Decorative Architectural Products

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

727

 

 

$

794

 

 

(8

) %

 

$

3,428

 

 

$

3,240

 

 

6

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit, as reported

$

67

 

 

$

85

 

 

 

 

$

565

 

 

$

581

 

 

 

Operating margin, as reported

 

9.2

%

 

 

10.7

%

 

 

 

 

16.5

%

 

 

17.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rationalization charges

 

8

 

 

 

1

 

 

 

 

 

16

 

 

 

1

 

 

 

Accelerated depreciation related to rationalization activity

 

 

 

 

1

 

 

 

 

 

1

 

 

 

1

 

 

 

Impairment charges for goodwill and other intangible assets

 

26

 

 

 

45

 

 

 

 

 

26

 

 

 

45

 

 

 

Operating profit, as adjusted

 

101

 

 

 

132

 

 

 

 

 

608

 

 

 

628

 

 

 

Operating margin, as adjusted

 

13.9

%

 

 

16.6

%

 

 

 

 

17.7

%

 

 

19.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

8

 

 

 

9

 

 

 

 

 

33

 

 

 

36

 

 

 

EBITDA, as adjusted

$

109

 

 

$

141

 

 

 

 

$

641

 

 

$

664

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

1,923

 

 

$

2,022

 

 

(5

) %

 

$

8,680

 

 

$

8,375

 

 

4

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit, as reported - segment

$

200

 

 

$

241

 

 

 

 

$

1,384

 

 

$

1,510

 

 

 

General corporate expense, net

 

(15

)

 

 

(23

)

 

 

 

 

(87

)

 

 

(105

)

 

 

Operating profit, as reported

 

185

 

 

 

218

 

 

 

 

 

1,297

 

 

 

1,405

 

 

 

Operating margin, as reported

 

9.6

%

 

 

10.8

%

 

 

 

 

14.9

%

 

 

16.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rationalization charges - segment

 

18

 

 

 

1

 

 

 

 

 

26

 

 

 

3

 

 

 

Accelerated depreciation related to rationalization activity - segment

 

5

 

 

 

1

 

 

 

 

 

6

 

 

 

1

 

 

 

Impairment charges for goodwill and other intangible assets

 

26

 

 

 

45

 

 

 

 

 

26

 

 

 

45

 

 

 

Operating profit, as adjusted

 

234

 

 

 

265

 

 

 

 

 

1,355

 

 

 

1,454

 

 

 

Operating margin, as adjusted

 

12.2

%

 

 

13.1

%

 

 

 

 

15.6

%

 

 

17.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization - segment

 

33

 

 

 

34

 

 

 

 

 

131

 

 

 

137

 

 

 

Depreciation and amortization - other

 

2

 

 

 

2

 

 

 

 

 

8

 

 

 

13

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA, as adjusted

$

269

 

 

$

301

 

 

 

 

$

1,494

 

 

$

1,604

 

 

 

 

Historical information is available on our website.

MASCO CORPORATION

North American and International Data - Unaudited

For the Three Months and Years Ended December 31, 2022 and 2021

 

(dollars in millions)

 

Three Months Ended December 31,

 

 

 

Year Ended

December 31,

 

 

 

 

2022

 

 

 

2021

 

 

Change

 

 

2022

 

 

 

2021

 

 

Change

North American

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

1,547

 

 

$

1,625

 

 

(5

) %

 

$

6,978

 

 

$

6,624

 

 

5

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit, as reported

$

155

 

 

$

204

 

 

 

 

$

1,116

 

 

$

1,214

 

 

 

Operating margin, as reported

 

10.0

%

 

 

12.6

%

 

 

 

 

16.0

%

 

 

18.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rationalization charges

 

18

 

 

 

1

 

 

 

 

 

26

 

 

 

3

 

 

 

Accelerated depreciation related to rationalization activity

 

5

 

 

 

1

 

 

 

 

 

6

 

 

 

1

 

 

 

Impairment charges for goodwill and other intangible assets

 

26

 

 

 

45

 

 

 

 

 

26

 

 

 

45

 

 

 

Operating profit, as adjusted

 

204

 

 

 

251

 

 

 

 

 

1,174

 

 

 

1,263

 

 

 

Operating margin, as adjusted

 

13.2

%

 

 

15.4

%

 

 

 

 

16.8

%

 

 

19.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

20

 

 

 

21

 

 

 

 

 

84

 

 

 

87

 

 

 

EBITDA, as adjusted

$

224

 

 

$

272

 

 

 

 

$

1,258

 

 

$

1,350

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

376

 

 

$

397

 

 

(5

) %

 

$

1,702

 

 

$

1,751

 

 

(3

) %

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit, as reported

$

45

 

 

$

37

 

 

 

 

$

268

 

 

$

296

 

 

 

Operating margin, as reported

 

12.0

%

 

 

9.3

%

 

 

 

 

15.7

%

 

 

16.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

13

 

 

 

13

 

 

 

 

 

47

 

 

 

50

 

 

 

EBITDA

$

58

 

 

$

50

 

 

 

 

$

315

 

 

$

346

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

1,923

 

 

$

2,022

 

 

(5

) %

 

$

8,680

 

 

$

8,375

 

 

4

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit, as reported - segment

$

200

 

 

$

241

 

 

 

 

$

1,384

 

 

$

1,510

 

 

 

General corporate expense, net

 

(15

)

 

 

(23

)

 

 

 

 

(87

)

 

 

(105

)

 

 

Operating profit, as reported

 

185

 

 

 

218

 

 

 

 

 

1,297

 

 

 

1,405

 

 

 

Operating margin, as reported

 

9.6

%

 

 

10.8

%

 

 

 

 

14.9

%

 

 

16.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rationalization charges - segment

 

18

 

 

 

1

 

 

 

 

 

26

 

 

 

3

 

 

 

Accelerated depreciation related to rationalization activity - segment

 

5

 

 

 

1

 

 

 

 

 

6

 

 

 

1

 

 

 

Impairment charges for goodwill and other intangible assets

 

26

 

 

 

45

 

 

 

 

 

26

 

 

 

45

 

 

 

Operating profit, as adjusted

 

234

 

 

 

265

 

 

 

 

 

1,355

 

 

 

1,454

 

 

 

Operating margin, as adjusted

 

12.2

%

 

 

13.1

%

 

 

 

 

15.6

%

 

 

17.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization - segment

 

33

 

 

 

34

 

 

 

 

 

131

 

 

 

137

 

 

 

Depreciation and amortization - other

 

2

 

 

 

2

 

 

 

 

 

8

 

 

 

13

 

 

 

EBITDA, as adjusted

$

269

 

 

$

301

 

 

 

 

$

1,494

 

 

$

1,604

 

 

 

 

Historical information is available on our website.

 

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