Masco Corp. Adds 6% On Upbeat Quarterly Earnings

(RTTNews) - Shares of home improvement and building products maker Masco Corporation (MAS) are climbing more than 6% Wednesday morning following better-than-expected third-quarter results.

Net income in the third quarter was $239 million or $0.89 per share, compared with $275 million or $1.05 per share in the same quarter a year ago.

Excluding items, earnings of $0.99 per share beat the average estimate of 17 analysts polled by Thomson Reuters at $0.88 per share.

Sales for the quarter increased 11% year-over-year to $2.204 billion on strong product demand. The consensus estimate was for $2.1 billion.

Looking forward, the company expect to report full-year adjusted earnings per share in the range of $3.67 to $3.73. Analysts expect earnings of $3.68 per share.

"we expect to achieve margin expansion and double-digit adjusted earnings per share growth in 2022, consistent with the long-term growth outlook we provided earlier this years," said Masco President and CEO, Keith Allman.

MAS, currently at $65.05, has been trading in the range of $51.53- $68.54 in the past 52 weeks.