Masco reports Q3 EPS $1.00, consensus 91c

Reports Q1 revenue $ $1.98B , consensus $ $1.97B. Liquidity at the end of the third quarter was $1,560 million Plumbing Products’ net sales decreased 10 percent; in local currency and excluding acquisitions, net sales decreased 11 percent Decorative Architectural Products’ net sales decreased 10 percent; in local currency, net sales decreased 11 percent “Our continued ability to successfully execute in a challenging demand environment, along with our continued focus on driving productivity improvements led to strong margin performance and earnings per share growth in the third quarter,” said Masco President and CEO, Keith Allman. “Consistent with our focus on disciplined capital allocation, we returned $109 million to shareholders through dividends and share repurchases, and completed our bolt-on acquisition of Sauna360 Group Oy for approximately EUR 124 million.” “With our strong operational performance, we now anticipate our 2023 adjusted earnings per share to be in the range of $3.65 to $3.75 per share, increased from our previous expectation of $3.50 to $3.65 per share. While the near-term demand environment for repair and remodel products remains uncertain, we are executing well and demonstrating the earnings power of our business model. We remain committed to investing in our brands and capabilities to drive strong growth when market conditions improve, and are well-positioned to create long-term shareholder value,” concluded Allman