US-based Masco Corporation, the parent company of KBB brands such as Bristan and Hansgrohe, closed 2024 with flat sales and revenue despite the overall challenging market conditions.
In its full-year results published today, 2024 net sales at the company were down by around 2% compared to the previous year. Masco ended 2024 with total sales of $7.8bn (approximately £6.3bn), which is relatively unchanged from last year’s figure of $7.9bn.
Masco also saw a slight increase of around 1% in its operating profit, which was reported as being $1.3bn (£1.1bn).
The KBB giant’s year-end figures are relatively consistent with those from six months previously, when the company reported similar stable growth.
Keith Allman, Masco president and CEO said: “For the full year 2024, we expanded adjusted operating margin by 70 basis points to 17.5 percent through our focus on cost savings initiatives and operational efficiencies.
“With this strong execution, we delivered adjusted earnings per share growth of 6 percent despite a challenging demand environment. Our strong cash flow also enabled us to return $1.0 billion to shareholders through dividends and share repurchases.”
However, looking ahead to the rest of 2025, Allman predicted demand for the renovation would be down. He continued: “We expect our sales to be approximately flat to up low-single digits when adjusted for divestitures and currency, as we expect to continue to outperform the market in 2025.
“With our industry leading repair and remodel-oriented product portfolio, strong balance sheet, and disciplined capital allocation, we believe Masco is well positioned to continue to deliver long-term shareholder value.”
