TAYLOR, MI - Masco Corp. (NYSE: MAS), parent of Masco Cabinetry, says fourth-quarter sales and profits rose as North American new home construction activity, repair and remodel activity increased.
Overall net sales, which includes Delta Faucets, Masco Construction Services, windows, tools and other businesses, increased 9% to $2.0 billion. Form the year, Masco net sales increased 9% to $8.2 billion.
"In North America, we continued to benefit from the growth of new home construction and improved repair and remodel activity and our operating leverage," said Masco’s president and CEO, Timothy Wadhams. Masco’s board elected Keith J. Allman to succeed Timothy Wadhams upon his retirement as president and CEO, effective February 14, 2014.
Decorative Architectural Products’ net sales increased 6%, and Cabinets and Related Products - which includes Merillat, Masco, KraftMaid, QualityCabinets and other lines, increased 9%, strengthened by increased North American cabinetry dealer channel sales from repair and remodel activity.
“In 2014, we expect new home construction and repair and remodel activity to show continued improvement in North America and internationally,” said Allman.
Installation and Other Services net sales - a segment in which Masco installs cabinetry in apartments and condo developments - increased 15%, due to growth in new home construction, commercial and retrofit activity.
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