Masco posts 13.1% sales gain in 3rd qtr.
By Furniture Today Staff -- Furniture Today, November 17, 2002
Taylor, Mich. — Home products giant Masco Corp. posted sales of $2.5 billion in the third quarter, a gain of 13.1% over third quarter 2001 results. Sales for the first nine months were up 12% to $6.9 billion from $6.2 billion a year ago.
Despite a $166 million pretax charge in both 2002 periods, Masco reported earnings of $122.8 million in the quarter and $394.9 million in the nine months. In 2001, Masco had a $183 million net loss in the quarter and earnings of $71 million in the first nine months.
Masco recorded the pretax charge for preliminary settlements to resolve pending class-action lawsuits against the company and its Behr subsidiary related to exterior wood coating products formerly made by Behr. Masco said the charge does not reflect any offsetting amounts it expects to receive from liability insurers or other third parties, which the company anticipates will be significant. Recoveries will be recorded at the time they are agreed to or received.
Chairman and Chief Executive Officer Richard Manoogian said, "The positive sales and economic trends that we have experienced in our businesses in the first nine months of 2002 have continued thus far in the fourth quarter. Assuming that present business conditions continue for the remainder of the fourth quarter, typically one of the year's lowest for Masco, we believe our fourth quarter earnings should approximate 34 cents to 37 cents per common share."
| Masco Corp. | |||
|---|---|---|---|
| Owns d-Scan, Mill's Pride, Tvilum-Scanbirk and a minority interest in LifeStyle Furnishings Intl. | |||
| Earnings per share are fully diluted, and all figures in parentheses are losses or declines. | |||
| Quarter ended 9/30 | 2002 | 2001 | Change |
| (a) Includes a $166 million pretax charge for litigation settlement. The 2002 nine months also includes a $92.4 million extraordinary charge, the cumulative effect of an accounting change. (b) Includes a $98.8 million income tax benefit. (c) Based on average shares outstanding of 521.9 million in the 2002 quarter, 468.1 million in the 2001 quarter, 507.5 million in the 2002 nine months and 474.2 million in the 2001 nine months. |
|||
| Sales | $2,518,000,000 | $2,227,000,000 | 13.1% |
| Operating income | 421,500,000 | 336,830,000 | 25.1% |
| Net income | (a)122,800,000 | (b)(183,000,000) | — |
| Earnings per share(c) | 0.24 | (0.39) | — |
| 9 months ended 9/30 | 2002 | 2001 | Change |
| Sales | $6,932,000,000 | $6,187,000,000 | 12.0% |
| Operating income | 1,107,200,000 | 867,850,000 | 27.6% |
| Net income | (a)394,900,000 | 71,000,000 | 456.2% |
| Earnings per share(c) | 0.78 | 0.15 | 420.0% |
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