US-based home improvement giant Masco Corporation has reported stable year-on-year sales growth, but a slight downturn in profit.
In its latest financial statement, Masco – the parent company behind brands such as Hansgrohe, Bristan and Heritage – reported year-on-year net sales of $1.983bn (£1,528bn) in Q3 2024, which is a slight 1% increase over its figures from the same quarter last year.
However, the corporation’s Q3 operating profit declined by 7%, down to $357m (£275m) from last year’s result of $383 million.
The company’s adjusted operating profit across the quarter increased 3% to $360m (£277m), which is up comfortably from last year’s $348 million figure.
However, looking at the year so far, Masco has seen net sales of roughly $6bn (£4.624bn), which is slightly down at 1.4% from last year’s January-September figure of $6.085bn (£4.688bn).
However, year-so-far gross profits have increased slightly. The corporation reported £2.195bn (£1.691bn) in profits by the end of September 2024, which is a 0.5% increase over the figures from the same time last year, which were $2.182bn.
Unfortunately, year-so-far operating profit was down by 2.5%, from $1.101bn (£848m) last September to $1.073bn (£872m) at the end of Q3 this year.
Masco’s president and CEO, Keith Allman, commented: “We remain focused on driving the full potential of our portfolio with our leading brands, innovative products, and exceptional customer service. For the remainder of the year, we expect market demand to remain challenged.
“With our ongoing focus on operational efficiencies and cost savings initiatives, we remain well positioned to drive operating margin expansion for the full year. Additionally, we remain confident in the long-term fundamentals of the repair and remodel market and our ability to deliver shareholder value.”
In its Q3 results from last year, Masco Corporation reported a significant boost to profits, despite sales figures being down.
Earlier this year, CEO of Masco-owned Bristan Group, Martin Mongan announced his plans to step down at the end of this year, with current chief commercial officer Jen Cassidy stepping into the role from January 1, 2025.
