Acquisitions drive Masco sales gain
By Furniture Today Staff -- Furniture Today, May 11, 2003
Taylor, Mich. — Helped by acquisitions and international business, Masco's sales grew 19% in the first quarter to $2.5 billion, the home products giant reported.
North American sales, excluding acquisitions, rose 2%, a slower growth rate than usual, probably because of factors including bad weather that limited home construction, the Iraqi war and higher energy costs that ate into consumers' disposable income, Masco said.
Sales in the Cabinets and Related Products division — furniture from producers Mill's Pride, Tvilum-Scanbirk and d-Scan is among the related products — were up 7% from the comparable 2002 quarter to $699 million. Operating profit in the segment grew 25% to $84 million.
The company's net profit of $165.8 million was nearly triple the earnings in the same quarter last year, when the company took a big non-cash charge for the cumulative effect of an accounting change. Excluding the charge, earnings were up 10.4% from a year ago.
Earnings of 32 cents per share came in at the high end of previous guidance. The company said earnings should be about 43 to 45 cents per share in the second quarter and $1.65 to $1.70 for the year.
| Masco Corp. | |||
|---|---|---|---|
| Owns d-Scan, Mill's Pride, Tvilum-Scanbirk | |||
| Earnings per share are fully diluted. | |||
| Quarter ended 3/31 | 2003 | 2002 | Change |
| (a) Includes $13.5 million in pretax income from a litigation settlement. (b) Includes a $92.4 million extraordinary charge, the cumulative effect of an accounting change. |
|||
| Sales | $2,498,300,000 | $2,100,000,000 | 19.0% |
| Operating income | 301,380,000 | 290,600,000 | 3.7% |
| Net income | (a)165,800,000 | (b)57,800,000 | 186.9% |
| Earnings per share | 0.32 | 0.12 | 166.7% |
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