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Last $26.29 USD
Change Today +0.10 / 0.38%
Volume 7.0M
MAS On Other Exchanges
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Exchange
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As of 8:04 PM 04/27/15 All times are local (Market data is delayed by at least 15 minutes).

masco corp (MAS) Key Developments

Masco Corporation Declares Quarterly Dividend, Payable on May 11, 2015

Masco Corporation announced that its Board of Directors declared a quarterly dividend of $0.09 per common share, payable on May 11, 2015, to shareholders of record on April 10, 2015.

Masco Corporation Presents at Raymond James & Associates 36th Annual Institutional Investors Conference, Mar-02-2015 08:05 AM

Masco Corporation Presents at Raymond James & Associates 36th Annual Institutional Investors Conference, Mar-02-2015 08:05 AM. Venue: JW Marriott Grande Lakes, 4040 Central Florida Parkway, Orlando, FL 32837, United States. Speakers: John G. Sznewajs, Chief Financial Officer, Vice President and Treasurer.

Masco Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014

Masco Corporation announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, net sales from continuing operations increased 3% to $2.1 billion. North American sales increased 4% and international sales decreased 2% in U.S. dollars, but increased 6% in local currency. Compared to fourth quarter 2013, results for key financial measures, as adjusted for certain items and with a normalized tax rate of 36%, were as follows: Gross margins improved to 27.7% compared to 27.1%. Operating margins improved to 9.8% compared to 7.7%. Income from continuing operations was $0.24 per common share compared to $0.15 per common share. Income from continuing operations, as reported, was $0.29 per common share. Sales increased 5% excluding the impact of foreign currency translation. Adjusted operating profit grew 32% to $202 million. Operating profit was $194 million compared to $141 million a year ago. Income from continuing operations before income taxes was $140 million compared to $73 million a year ago. Income from continuing operations was $112 million or $0.29 per diluted share compared to $53 million or $0.12 per diluted share a year ago. Net income attributable to the company was $100 million or $0.28 per diluted share compared to $48 million or $0.13 per diluted share a year ago. Income from continuing operations attributable to the company was $103 million compared to $42 million a year ago. Operating profit, as adjusted was $202 million compared to $153 million a year ago. Income from continuing operations before income taxes, as adjusted was $148 million compared to $97 million a year ago. Income from continuing operations, as adjusted was $86 million compared to $51 million a year ago. For the year, net sales increased 4% to $8.5 billion, compared to 2013. Compared to full-year 2013, results for key financial measures, as adjusted for certain items and with a normalized tax rate of 36%, were as follows: Gross profit margins were 28.4% compared to 28.0%. Operating profit margins were 10.0% compared to 8.8%. Income from continuing operations was $1.02 per common share compared to $0.77 per common share. Income from continuing operations, as reported, was $2.39 per common share compared to $0.83 per common share in 2013. Free cash flow exceeded $440 million. Operating profit was $788 million compared to $673 million a year ago. Income from continuing operations before income taxes was $575 million compared to $450 million a year ago. Income from continuing operations was $908 million or $2.39 per diluted share compared to $339 million or $0.83 per diluted share a year ago. Net income attributable to the company was $856 million or $2.38 per diluted share compared to $288 million or $0.80 per diluted share a year ago. Income from continuing operations attributable to the company was $861 million compared to $298 million a year ago. Operating profit, as adjusted was $851 million compared to $721 million a year ago. Income from continuing operations before income taxes, as adjusted was $636 million compared to $489 million a year ago. Income from continuing operations, as adjusted was $360 million compared to $272 million a year ago. Net cash from operating activities was $602 million compared to $645 million a year ago. Capital expenditures were $128 million compared to $126 million a year ago.

Masco Corporation Seeks Acquisitions

"We expect to spend in the range of $400 million to $500 million in 2015 in share buyback, and then we've also talked about smaller acquisitions, and we're looking at that. They'd be bolt on acquisitions to our existing platforms. So given the strong cash flow of this business that its historically had and certainly we intend to continue to have, we can accomplish all of these strategies, so it's a balanced capital allocation approach is how I'd characterize it." said Keith Allman, President and Chief Executive Officer of Masco Corporation (NYSE:MAS) in the fourth quarter 2014 earnings call.

Masco Corporation Announces Board Changes

On January 30, 2015, Mr. Verne G. Istock announced his resignation as a director of Masco Corporation, which will be effective on May 4, 2015, the date of the company's Annual Meeting of Stockholders. Mr. Istock serves as both the Chairman of the Board of Directors and the Chairman of the Corporate Governance and Nominating Committee. Effective May 4, 2015, Mr. J. Michael Losh will become the Chairman of the Board. On February 2, 2015, the company's Board of Directors elected Mr. Reginald M. Turner, Jr. as a Class I director, which will be effective March 1, 2015. He will serve on the Audit Committee and on the Corporate Governance and Nominating Committee of the company's Board of Directors. Mr. Turner, 54, has been an attorney with the law firm Clark Hill PLC since April 2000.

 

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Industry Analysis

MAS

Industry Average

Valuation MAS Industry Range
Price/Earnings 10.9x
Price/Sales 1.1x
Price/Book 9.8x
Price/Cash Flow 10.7x
TEV/Sales 0.4x
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