Masco reports Q4 EPS 83c, consensus 66c

Reports Q4 revenue $1.88B, consensus $1.79B. “We finished the year strong by delivering fourth quarter adjusted operating profit margin expansion of 230 basis points and adjusted earnings per share growth of 28%t,” said Keith Allman, Masco’s President and Chief Executive Officer. “Additionally, we continued our focus on disciplined capital allocation and returned $291M to shareholders in the quarter through dividends and share repurchases.” “For the full year 2023, we achieved strong adjusted operating margin expansion of 120 basis points through disciplined pricing and improved operational efficiencies,” continued Allman. “With this strong execution, we delivered adjusted earnings per share growth of 2 percent despite weaker end-markets and lower volume. Our strong cash flow also enabled us to deploy nearly $1 billion toward capital expenditures, acquisitions, share repurchases and dividends.” “In 2024, we believe demand is stabilizing and expect our sales to be approximately flat for the full year in a market that is flat to down low single digits,” said Allman. “Based on this market outlook and our expected operating performance and capital deployment actions, we anticipate full year adjusted earnings per share to be in the range of $4.00 to $4.25 per share. With our industry leading repair and remodel-oriented products in diverse channels, strong balance sheet, and disciplined capital allocation, we believe Masco is well positioned to deliver long-term shareholder value.”