Masco raised its annual earnings outlook on October 28 after reporting higher third-quarter sales and operating profit, according to its SEC-filed results release.
The home-improvement products manufacturer reported revenue of $1.966 billion, up 3% from a year earlier. Excluding currency changes and the divestiture of Bristan, sales increased 4%.
Plumbing Products sales rose 4% on a reported basis, while Decorative Architectural Products sales were unchanged. North American sales increased 5% in local currencies. International sales fell 5%, or 1% excluding the divestiture.
Operating profit increased 12% to $338 million. The operating margin improved to 17.2% from 15.8%. Earnings per common share rose to $1.17 from 90 cents; adjusted earnings increased 23% to $1.19.
Masco now expects full-year adjusted earnings of $4.65 to $4.75 per share, compared with $4.40 to $4.60 previously. Its forecast under standard accounting rules is $4.51 to $4.61 per share.
Chief Executive Jon Nudi said near-term demand remained challenging. Adjusted measures exclude specified items and supplement reported results; the annual outlook remains a forecast.
Sources: Masco earnings release furnished to the SEC.