Masco raises 3Q earnings prediction
By Furniture Today Staff -- Furniture Today, September 29, 2003
Taylor, Mich. — Home products giant Masco, parent of furniture makers d-Scan, Mill's Pride and Tvilum-Scanbirk, has upped its third-quarter earnings guidance.
Based on third-quarter operations to date and current trends, Masco expects earnings will be modestly above the previously announced range of 48 cents to 51 cents per share.
The revised guidance does not reflect any unusual items that may occur in the third quarter. Masco has said it expects to recover a major portion of the accrual for claims related to the Behr litigation settlement, the possible sale of the company's Baldwin Hardware and Weiser Lock business to Black & Decker, and any impairment issues related to a failed system implementation at a European operation.
Masco also announced an increased quarterly dividend of 16 cents per share, payable Nov. 10 to shareholders of record on Oct. 10. This is Masco's 45th consecutive year in which dividends have been increased.
