Masco sales, profits up in 4Q, yr.
By Furniture Today Staff -- Furniture Today, February 27, 2005
Troy, Mich. — Home products giant Masco said sales rose 14.2% last year to $12.1 billion, with profits climbing 10.8% to $893 million.
The company, whose key businesses are plumbing products and cabinets, owns ready-to-assemble furniture producer Mill's Pride and manufacturers D-Scan and Tvilum-Scanbirk, but doesn't break out the segment's performance.
Income from continuing operations came to $930 million for the year, up 17.7%, the company said. The earnings figure includes a non-cash, after-tax charge for goodwill impairment of $141 million.
Fourth-quarter sales were up 9.6% from the year-earlier quarter to $3 billion, while net income rose 14.1% to $105 million. Income from continuing operations, however, was down 31.1% to $106 million.
Masco took a $21 million charge in the fourth quarter to adjust the book value of its Furniture Brands International stock to its current market value.
| Masco Corp. | |||
|---|---|---|---|
| Owns d-Scan, Mill's Pride and Tvilum-Scanbirk | |||
| Earnings per share are fully diluted, and all figures in parentheses are losses or declines. | |||
| Quarter ended 12/31 | 2004 | 2003 | Change |
| (a) Includes pretax goodwill impairment charges of $168 million in both 2004 periods and net losses from discontinued operations of $1 million in the 2004 quarter and $37 million in the 2004 year. The 2004 year also includes $30 million in pretax income from a litigation settlement. (b) Includes pretax income from a litigation settlement of $1 million in the 2003 quarter and $72 million in the 2003 year and pretax goodwill impairment charges of $48 million in the 2003 quarter and $53 million in the 2003 year. The 2003 quarter also includes a $62 million net loss from discontinued operations and the 2003 year also includes $16 million in net income from discontinued operations. (c) Based on average shares outstanding of 451 million in the 2004 quarter, 481 million in the 2003 quarter, 456 million in the 2004 million and 491 million in the 2003 year. |
|||
| Sales | $3,034,000,000 | $2,768,000,000 | 9.6% |
| Operating income | 382,000,000 | 383,000,000 | (0.3%) |
| Net income | (a)105,000,000 | (b)92,000,000 | 14.1% |
| Earnings per share (c) | 0.23 | 0.19 | 21.1% |
| Year ended 12/31 | 2004 | 2003 | Change |
| Sales | $12,074,000,000 | $10,571,000,000 | 14.2% |
| Operating income | 1,707,000,000 | 1,465,000,000 | 16.5% |
| Net income | (a)893,000,000 | (b)806,000,000 | 10.8% |
| Earnings per share (c) | 1.96 | 1.64 | 19.5% |
Furniture Brands posts $23.5 million loss
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11/05/2005
