Masco reports solid first quarter results

Global home improvement giant Masco Corporation has reported strong results in the first quarter of 2017.

In the report, comparing results from the first quarter of 2016, Masco revealed that sales for the first quarter of this year had increased by 3% to $1.8 billion.

Operating profit for the quarter grew by 8% to $253 million; adjusted operating profit grew by 8% to $255 million. Operating profit margin also increased to 14.2%, in comparison to 13.6 last year.

Masco, which owns Hansgrohe, Bristan, Hüppe and Moores Furniture Group, said that plumbing products were a significant factor in its success during the first quarter of the year. Net sales in this sector of the business increased by 6%, which it said was driven by a strong performance in north America and other international markets.

“Our strong operating performance continued in the first quarter of 2017 as our leading brands coupled with our innovative products and programs drove demand with consumers and pros alike, resulting in profitable growth across our portfolio,” said Masco President and CEO, Keith Allman. “Additionally, we returned over $120 million to shareholders through dividends and share repurchases in the quarter.”

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