TAYLOR, MI - Masco Corporation, parent of Merillat Cabinets, says first quarter earnings rose 3 percent to $2 billion. "In the Cabinets and Related Products segment, our efforts to improve execution are paying off as we increased sales to home centers and builders," says CEO Keith Allman, reporting 5 percent growth for the cabinetry segment.
In addition to cabinets, Masco Corporation (NYSE: MAS) divisions include Delta Faucets, installation services, and decorative architectural hardware products. It began a spin off of its insulation installation business last year, into a firm called TopBuild. The housing recovery has lifted all the firm's businesses.
Decorative Architectural Products’ net sales increased 2 percent driven by a professional paint initiative and builders’ hardware program, Allman said. Cabinets and related products’ net sales increased 5 percent, with growth among builders as well as KraftMaid Cabinetry’s sales growth with home centers and dealers.
“In local currency, both Delta Faucet and Hansgrohe achieved their highest sales quarters ever," Allman, though the results were affeted by currency fluctuations. Net sales from continuing operations increased 3 percent to $2 billion. North American sales increased 5 percent and international sales decreased 8 percent in U.S. dollars but increased 10 percent in local currency
Masco delivered $135 million first quarter in dividends and share repurchases.
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