Masco Q3 Results Rise, But Miss Estimates; Says Consumer Demand Strong

(RTTNews) - Masco Corp. (MAS), a manufacturer of branded home improvement and building products, Tuesday reported that its third-quarter attributable net income grew to $134 million from last year's $111 million. Earnings per share for the quarter grew 25 percent to $0.40 from $0.32 last year.

Adjusted earnings per share were $0.41, compared to $0.34 last year. On average, 21 analysts polled by Thomson Reuters expected earnings of $0.44 per share. Analysts' estimates typically exclude special items.

Net sales for the third quarter increased 2 percent to $1.88 billion from last year's $1.84 billion. Analysts expected sales of $1.92 billion. In local currencies, sales increased 3 percent.

Looking ahead, Masco's President and CEO, Keith Allman, said, "Consumer demand for our market-leading products remains strong, as the fundamentals for long-term demand in both repair and remodel and new home construction continue to be positive. By leveraging our brand portfolio, our industry-leading positions and our Masco Operating System, we will continue to successfully execute against these positive industry fundamentals to achieve our long-term growth strategies."