Masco Beats on Top and Bottom Lines
Home-improvement products maker Masco is building upon the strong gains in the North American new-home construction market, reporting third-quarter results showing net sales from continuing operations increased 12% to $2.2 billion, a near-16% gain from the $1.9 billion in the same period the previous year. Attributable net income also recorded gains, jumping to $103 million, or $0.29 per share, from Q3 2012's $15 million, or $0.04 per share, and $0.02 better than Capital IQ consensus estimates of $0.25 per share.
Much of the growth is attributable to a thriving North American housing market, whose sales rose 13% on top of a 9% increase in international sales.
Masco provided commentary on its outlook that suggests that, despite an uneven recovery, its products will remain in demand and new-home construction will drive continued increases in housing starts.
While shares fell $0.07, or 0.%, to close the market today at $20.92, its shares in after-hours trading jumped 4.7%, or $0.98, to $21.90.
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