LIVONIA, Mich. - U.S. cabinetry sales rose a healthy 11 percent for Masco Corporation (NYSE: MAS) according to the company's third quarter SEC filing. Masco cabinet brands include Cardell Cabinetry, KraftsMaid, Merillat, and QualityCabinets.
Globally, Masco net cabinetry sales rose 4 percent, driven by strong growth in the repair and remodel business, the company says.
Overall, Masco net sales including plumbing products, Behr paint, and non-wood windows business, rose 8 percent to $2.8 billion for the third quarter. The sale of Moores Furniture Group, a British cabinetry business aquired in 1992, led to a 6 percent decline in Masco's overall business outside the U.S., In the U.S. business rose 12 percent. Moores was divested through a management buyout in November 2017, with funding by Hilco Capital.
“Our growth this quarter was led by strong performance in North American Plumbing and Cabinetry, as well as our acquisition of Kichler Lighting,” said Masco President and CEO, Keith Allman. “We delivered adjusted operating profit growth during the quarter despite inflationary headwinds and softness in European markets, while returning approximately $122 million to shareholders through share repurchases and dividends.”
Do-it-yourself paint sales fell, Allman says, an rising costs are a concern, causing Masco to lower its estimates for future earnings.
“North American plumbing and cabinetry performed well; however, we experienced softness in our DIY paint and international markets," Allman says. "We continued to face commodity and logistics cost pressures."
Headquartered in Livonia, Michigan, Masco Corporation branded home improvement and building products include Behr paint; Delta and Hansgrohe faucets, bath and shower fixtures; KraftMaid and Merillat cabinets; Milgard windows and doors; Kichler decorative and outdoor lighting; and HotSpring spas. For more information about Masco Corporation, visit www.masco.com.
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