Masco sales rise 1%, but profit slips 4% in quarter
By Furniture Today Staff -- Furniture Today, November 5, 2006
Taylor, Mich. — Masco Corp., the giant cabinet and building products supplier, said third-quarter sales rose 1% but net income slipped nearly 4%.
The company, whose holdings include ready-to-assemble furniture producers Tvilum-Scanbirk and Mills Pride, attributed the sales gain to its strong performance outside North America, where sales grew 10%. North American sales were off 1%.
Total sales for the quarter were $3.3 billion, up from $3.28 billion in last year's third quarter.
Net income was $252 million, including $27 million from discontinued operations. In the third quarter of 2005, net income was $262 million, including $8 million from discontinued operations.
Due to an aggressive share repurchase program, earnings per share rose despite the income decline, to 64 cents in the most recent quarter from 61 cents per share a year earlier.
The most recent quarter include about $9 million in one-time charges from a restructuring program.
As part of that effort, dubbed the "profit improvement program," the company announced in August that it will close its d-Scan RTA furniture plant in South Boston, Va., and convert it into a warehouse.
The conversion should be complete late this year or early next year, the company said.
For the first nine months of 2006, Masco's sales rose 4.1% to $9.83 billion. Net income declined 12% to $675 million or $1.61 per share.
| 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 9/30 | 2006 | 2005 | Change |
| (a) Includes net income from discontinued operations of $27 million in the 2006 quarter, $8 million in the 2005 quarter, $31 million in the 2006 nine months and $41 million in the 2005 nine months. (b) Based on average shares outstanding of 393 million in the 2006 quarter, 427 million in the 2005 quarter, 402 million in the 2006 nine months and 434 million in the 2005 nine months. |
|||
| Sales | $3,295,000,000 | $3,278,000,000 | 0.5% |
| Operating income | 400,000,000 | 454,000,000 | (11.9%) |
| Net income (a) | 252,000,000 | 262,000,000 | (3.8%) |
| Earnings per share (b) | 0.64 | 0.61 | 4.9% |
| 9 months ended 9/30 | 2006 | 2005 | Change |
| Sales | $9,832,000,000 | $9,441,000,000 | 4.1% |
| Operating income | 1,205,000,000 | 1,243,000,000 | (3.1%) |
| Net income (a) | 675,000,000 | 767,000,000 | (12.0%) |
| Earnings per share (b) | 1.68 | 1.77 | (5.1%) |
-
Sealy Sales Rise 4.2% in 3Q
Oct 12, 2011 -
L&P sales rise 3.7%, but earnings fall 50%
Oct 17, 2008 -
Brick Group earnings fall 90.3% on small sales gain
Aug 15, 2011 -
Jennifer Cuts Loss; Sales Up 1.2%
Jul 22, 2011
Featured Company
-
FurnitureCore.com
FurnitureCore.com is a dynamic web application aimed at the furniture industry. Retailers and manufacturers alike will find our deep reserve of tools to be exactly what their furniture business needs.www.furniturecore.com... more
VIEW ALL GALLERIES
