financetom
Business
financetom
/
Business
/
Masco beats quarterly profit estimates on higher prices
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Masco beats quarterly profit estimates on higher prices
Jul 25, 2024 5:37 AM

July 25 (Reuters) - Home improvement firm Masco ( MAS )

on Thursday beat Wall Street expectations for second-quarter

profit, as its higher-priced products like architectural

coatings and bath hardware helped lift margins.

Shares of the Livonia, Michigan-based company were up about

5% in premarket trading.

Masco ( MAS ) has been bumping up prices of its products like

showerheads, kitchen accessories as well as paints to counter

rising costs of shipping and commodities like brass. That helped

the company expand its quarterly gross margins by 130 basis

points to 37.5%.

With consumers taking up small repair projects, sales in

Masco's ( MAS ) plumbing products segment, a major revenue contributor,

rose 2% after falling 11% last year.

On an adjusted basis, the company posted earnings per share

of $1.20 for the quarter ended June 30, ahead of analysts'

estimates of $1.18 per share, as per LSEG data.

Sales in the decorative architectural business -including

waterproofing products- fell 7%, owing to consumer push back on

big renovations.

The company posted second-quarter sales of $2.09 billion,

missing estimates of $2.10 billion.

It expects full-year earnings per share in the range of

$4.05 to $4.20, compared with its prior forecast of $4.00 to

$4.25 per share.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Suzlon's S144–3 MW wind turbines get big boost from Indian government
Suzlon's S144–3 MW wind turbines get big boost from Indian government
Nov 15, 2023
Th Suzlon wind turbines received the RLMM (Revised List of Models & Manufacturers) listing from the Ministry of New and Renewable Energy, marking an important milestone for the successful commercialisation of the product. Shares of Suzlon Energy Ltd ended at ₹40.49, up by ₹1.85, or 4.79%, on the BSE.
This sustainable jewellery brand is luring some women away from gold
This sustainable jewellery brand is luring some women away from gold
Oct 30, 2023
Aulerth's offerings range from ₹5,000 to as high as ₹2.8 lakh. Are women willing to spend this much on jewellery made from scrap? Founder and CEO Vivek Ramabhadran definitely believes so. Aulerth produces couture-inspired pieces in association with designers like JJ Valaya, Suneet Varma, among others. It has reported 33% repeat customers in the past year and expects a spike to 40% soon.
Tata Power Renewable Energy wins 200-MW project in collaboration with SJVN
Tata Power Renewable Energy wins 200-MW project in collaboration with SJVN
Nov 28, 2023
The firm and dispatchable renewable energy (FDRE) project, designed with a hybrid of solar, wind, and battery storage, is aimed at providing a stable and dispatchable energy supply during peak hours. Shares of Tata Power Company Ltd ended at ₹270.75, up by ₹12.60, or 4.88%, on the BSE.
SJVN secures 200-MW wind power project at ₹3.24 per unit
SJVN secures 200-MW wind power project at ₹3.24 per unit
Nov 16, 2023
Projected to generate 482 million units in its inaugural year post-commissioning, the cumulative energy generation over a 25-year span is anticipated to reach 12,050 million units. Shares of SJVN Ltd ended at ₹75.17, down by ₹0.50, or 0.66%, on the BSE.
Copyright 2023-2026 - www.financetom.com All Rights Reserved