Masco Sees Weak FY23 Earnings, Below Market; Lifts Dividend - Update

(RTTNews) - Home improvement and building products manufacturer Masco Corp. (MAS), while reporting weak results for the fourth quarter, on Wednesday issued fiscal 2023 earnings view, lower than last year, and below currect market estimates.

For fiscal 2023, the company projects earnings in the range of $3.06 to $3.36 per share, and adjusted earnings in the range of $3.10 to $3.40 per share.

In fiscal 2022, earnings from continuing operations were $3.63 per share and adjusted earnings were $3.77 per share.

On average, 23 analysts polled by Thomson Reuters expect earnings of $3.61 per share for the year. Analysts' estimates typically exclude special items.

Keith Allman, Masco's President and Chief Executive Officer, said, "In 2023, we believe the near-term demand environment will remain challenging. We are preparing for volumes overall to be down in the low double-digit range.... . Despite the expected near-term market softness, we believe the long-term fundamentals of our repair and remodel markets remain strong."

Further, Masco's Board of Directors declared a quarterly dividend of $0.285 per share, a 2 percent increase, payable on March 13 to shareholders of record on February 23.