Photo By Kraftmaid
TAYLOR, Mich.— Masco Corp., one of the largest cabinet manufacturers in the United States, reported net sales and adjusted operating profit growth in the fourth quarter of 2015. Compared to fourth quarter 2014, net sales from continuing operations increased 3 percent to $1.7 billion.
Cabinets and Related Products’ net sales increased 5 percent in the quarter, fueled by continued growth in the retail and dealer channels. For the year, Masco’s cabinet segment sales reached $1.025 billion, an increase of 3 percent over 2014.
Decorative Architectural Products’ net sales decreased 4 percent, primarily due to challenging year-over-year comparisons driven by the timing of inventory replenishments in 2014. Masco’s Plumbing Products’ net sales increased 5 percent , and Other Specialty Products’ net sales increased 8 percent, led by the strong performance of the North American windows business.
For the whole year, Masco Corp. sales increased 2 percent to $7.1 billion; sales increased 6 percent excluding the impact of foreign currency translation.
“2015 was a transformative year for Masco,” said Keith Allman, president and CEO. “On June 30, 2015, we successfully completed the spinoff of our services businesses, transforming Masco into a branded home improvement and building products company. Our clear strategy and focused execution enabled us to reach a number of milestones. We achieved record sales at Delta, Hansgrohe and Watkins and returned our U.S. cabinet business to profitability by improving adjusted operating profit over $80 million.
“We look forward to capitalizing on the momentum we’ve built this past year,” continued Allman. “We remain confident in our ability to successfully execute against our long term growth strategies by leveraging our industry leading positions, robust innovation pipeline and our Masco Operating System. We expect that these growth strategies, coupled with our disciplined capital allocation approach, will continue to create shareholder value in 2016.” For more information about Masco Corp., visit www.masco.com.
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