stocktrademan
9 years ago
$MAS recent news/filings
bullish optionable
breakout over resistance
macd making new highs
macd crossup
good bullish volume
## source: finance.yahoo.com
Fri, 31 Jul 2015 00:09:32 GMT ~ 10-Q for Masco Corp.
read full: http://www.companyspotlight.com/routers/headline/16021/10004/6539319?cp_code=YAH1&1438301372
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Thu, 30 Jul 2015 12:49:15 GMT ~ Masco Corporation Announces Plan to Relocate Headquarters
[at noodls] - July 30, 2015 TAYLOR, Mich. (July 30, 2015) - Masco Corporation announced today its plan to relocate its corporate headquarters to Livonia, Mich., by the end of 2016. The plan will take employees from ...
read full: http://www.noodls.com/view/FF4C40C81BD43F549A5B269EA3BC9836CDC0419E
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Thu, 30 Jul 2015 12:30:00 GMT ~ Masco Corporation Announces Plan to Relocate Headquarters
[Business Wire] - Masco Corporation announced today its plan to relocate its corporate headquarters to Livonia, Mich., by the end of 2016. The plan will take employees from its current headquarters, located in Taylor, Mich., into a new, 75,000-square-foot, state-of-the-art facility located at West Seven Mile Road and Haggerty Road, adjacent to Schoolcraft College.
read full: http://finance.yahoo.com/news/masco-corporation-announces-plan-relocate-123000794.html
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Thu, 30 Jul 2015 01:38:05 GMT ~ MH370 Hunters to Examine Debris Found on Reunion Island
read full: http://finance.yahoo.com/video/mh370-hunters-examine-debris-found-013805478.html
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$MAS charts
basic chart ## source: stockcharts.com
basic chart ## source: stockscores.com
big daily chart ## source: stockcharts.com
big weekly chart ## source: stockcharts.com
$MAS company information
## source: otcmarkets.com
Link: http://www.otcmarkets.com/stock/MAS/company-info
Ticker: $MAS
OTC Market Place: Not Available
CIK code: 0000062996
Company name: Masco Corp.
Incorporated In: DE, USA
$MAS share structure
## source: otcmarkets.com
Market Value: $9,176,513,280 a/o Jul 30, 2015
Shares Outstanding: 343,950,330 a/o Jun 30, 2015
Float: Not Available
Authorized Shares: Not Available
Par Value: 1
$MAS extra dd links
Company name: Masco Corp.
## STOCK DETAILS ##
After Hours Quote (nasdaq.com): http://www.nasdaq.com/symbol/MAS/after-hours
Option Chain (nasdaq.com): http://www.nasdaq.com/symbol/MAS/option-chain
Historical Prices (yahoo.com): http://finance.yahoo.com/q/hp?s=MAS+Historical+Prices
Company Profile (yahoo.com): http://finance.yahoo.com/q/pr?s=MAS+Profile
Industry (yahoo.com): http://finance.yahoo.com/q/in?s=MAS+Industry
## COMPANY NEWS ##
Market Stream (nasdaq.com): http://www.nasdaq.com/symbol/MAS/stream
Latest news (otcmarkets.com): http://www.otcmarkets.com/stock/MAS/news - http://finance.yahoo.com/q/h?s=MAS+Headlines
## STOCK ANALYSIS ##
Analyst Research (nasdaq.com): http://www.nasdaq.com/symbol/MAS/analyst-research
Guru Analysis (nasdaq.com): http://www.nasdaq.com/symbol/MAS/guru-analysis
Stock Report (nasdaq.com): http://www.nasdaq.com/symbol/MAS/stock-report
Competitors (nasdaq.com): http://www.nasdaq.com/symbol/MAS/competitors
Stock Consultant (nasdaq.com): http://www.nasdaq.com/symbol/MAS/stock-consultant
Stock Comparison (nasdaq.com): http://www.nasdaq.com/symbol/MAS/stock-comparison
Investopedia (investopedia.com): http://www.investopedia.com/markets/stocks/MAS/?wa=0
Research Reports (otcmarkets.com): http://www.otcmarkets.com/stock/MAS/research
Basic Tech. Analysis (yahoo.com): http://finance.yahoo.com/q/ta?s=MAS+Basic+Tech.+Analysis
Barchart (barchart.com): http://www.barchart.com/quotes/stocks/MAS
DTCC (dtcc.com): http://search2.dtcc.com/?q=Masco+Corp.&x=10&y=8&sp_p=all&sp_f=ISO-8859-1
Spoke company information (spoke.com): http://www.spoke.com/search?utf8=%E2%9C%93&q=Masco+Corp.
Corporation WIKI (corporationwiki.com): http://www.corporationwiki.com/search/results?term=Masco+Corp.&x=0&y=0
## FUNDAMENTALS ##
Call Transcripts (nasdaq.com): http://www.nasdaq.com/symbol/MAS/call-transcripts
Annual Report (companyspotlight.com): http://www.companyspotlight.com/library/companies/keyword/MAS
Income Statement (nasdaq.com): http://www.nasdaq.com/symbol/MAS/financials?query=income-statement
Revenue/EPS (nasdaq.com): http://www.nasdaq.com/symbol/MAS/revenue-eps
SEC Filings (nasdaq.com): http://www.nasdaq.com/symbol/MAS/sec-filings
Edgar filings (sec.gov): http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000062996&owner=exclude&count=40
Latest filings (otcmarkets.com): http://www.otcmarkets.com/stock/MAS/filings
Latest financials (otcmarkets.com): http://www.otcmarkets.com/stock/MAS/financials
Short Interest (nasdaq.com): http://www.nasdaq.com/symbol/MAS/short-interest
Dividend History (nasdaq.com): http://www.nasdaq.com/symbol/MAS/dividend-history
RegSho (regsho.com): http://www.regsho.com/tools/symbol_stats.php?sym=MAS&search=search
OTC Short Report (otcshortreport.com): http://otcshortreport.com/index.php?index=MAS
Short Sales (otcmarkets.com): http://www.otcmarkets.com/stock/MAS/short-sales
Key Statistics (yahoo.com): http://finance.yahoo.com/q/ks?s=MAS+Key+Statistics
Insider Roster (yahoo.com): http://finance.yahoo.com/q/ir?s=MAS+Insider+Roster
Income Statement (yahoo.com): http://finance.yahoo.com/q/is?s=MAS
Balance Sheet (yahoo.com): http://finance.yahoo.com/q/bs?s=MAS
Cash Flow (yahoo.com): http://finance.yahoo.com/q/cf?s=MAS+Cash+Flow&annual
## HOLDINGS ##
Major holdings (cnbc.com): http://data.cnbc.com/quotes/MAS/tab/8.1
Insider transactions (yahoo.com): http://finance.yahoo.com/q/it?s=MAS+Insider+Transactions
Insider transactions (secform4.com): http://www.secform4.com/insider-trading/MAS.htm
Insider transactions (insidercrow.com): http://www.insidercow.com/history/company.jsp?company=MAS
Ownership Summary (nasdaq.com): http://www.nasdaq.com/symbol/MAS/ownership-summary
Institutional Holdings (nasdaq.com): http://www.nasdaq.com/symbol/MAS/institutional-holdings
Insiders (SEC Form 4) (nasdaq.com): http://www.nasdaq.com/symbol/MAS/insider-trades
Insider Disclosure (otcmarkets.com): http://www.otcmarkets.com/stock/MAS/insider-transactions
## SOCIAL MEDIA AND OTHER VARIOUS SOURCES ##
PST (pennystocktweets.com): http://www.pennystocktweets.com/stocks/profile/MAS
Market Watch (marketwatch.com): http://www.marketwatch.com/investing/stock/MAS
Bloomberg (bloomberg.com): http://www.bloomberg.com/quote/MAS:US
Morningstar (morningstar.com): http://quotes.morningstar.com/stock/s?t=MAS
Bussinessweek (businessweek.com): http://investing.businessweek.com/research/stocks/snapshot/snapshot_article.asp?ticker=MAS
$MAS DD Notes ~ http://www.ddnotesmaker.com/MAS
Enterprising Investor
9 years ago
Masco Outperforms in the Second Quarter 2015 (7/28/15)
Key Highlights
• Sales increased 3 percent to $1.9 billion and increased 7 percent excluding the effects of foreign currency translation
• North American sales increased 7 percent; International sales increased 5 percent in local currency
• Adjusted operating profit increased 22 percent to $280 million
• Adjusted EPS increased 36 percent to $.38 per common share
• Board announces intent to increase annual dividend by $0.02 per share to $0.38 beginning in the fourth quarter
• Tax free spin-off of TopBuild Corp. completed on June 30, 2015
• Masco received a $200 million cash distribution from TopBuild Corp. on June 30, 2015
TAYLOR, Mich.--(BUSINESS WIRE)--Masco Corporation (NYSE: MAS), one of the world’s leading manufacturers of branded home improvement and building products, reported net sales and operating profit growth in the second quarter of 2015. All segments contributed to a 14.5 percent adjusted operating profit margin, representing a 22 percent increase over prior year.
“Continued growth momentum, solid execution, and the timing of paint promotions enabled us to achieve earnings above our expectations for the quarter,” said Masco’s President and CEO Keith Allman. “Importantly, our Cabinets and Related Products segment accelerated the pace of its turnaround, resulting in better than expected top and bottom line results for that segment. In addition to our strong sales and profit growth, we returned nearly $270 million to shareholders through dividends and share repurchases in the first half of 2015.”
2015 Second Quarter Commentary
• Net sales from continuing operations increased 3 percent to $1.9 billion. North American sales increased 7 percent and international sales decreased 10 percent in U.S. dollars but increased 5 percent in local currency
• Compared to second quarter 2014, results for key financial measures, as adjusted for certain items (see Exhibit A) and with a normalized tax rate of 36 percent, were as follows:
-- Gross margins improved to 33 percent compared to 30.7 percent
-- Operating margins improved to 14.5 percent compared to 12.2 percent
-- Income from continuing operations was $.38 per common share compared to $.28 per common share
• Income from continuing operations, as reported, was $.31 per common share
• Liquidity at the end of the second quarter was approximately $1.5 billion
• Approximately 3.8 million shares were repurchased in the second quarter
2015 Second Quarter Operating Segment Highlights
• Plumbing Products’ net sales were flat, but increased 7 percent excluding the effects of foreign currency translation, fueled by ongoing strength in the wholesale and retail channels
• Decorative Architectural Products’ net sales increased 4 percent, driven by new products and the pro paint initiative
• Cabinets and Related Products’ net sales increased 6 percent, driven by KraftMaid® Cabinetry’s sales growth with home centers and dealers
• Other Specialty Products’ net sales increased 8 percent, led by Milgard Windows’ strong performance across all channels and geographies
Outlook
“Masco has delivered a strong first half of the year and we are proud of our focus and execution,” said Mr. Allman. “With the completion of the spin-off of TopBuild Corp., we begin a new chapter in Masco’s history focused on driving shareholder value through our portfolio of industry-leading branded building products, operational excellence and disciplined capital allocation. Our Cabinetry business has returned to profitability and we expect the momentum it has built over the first half of the year to continue. For the balance of 2015, we believe the underlying demand for our market-leading products will increase and that the repair and remodeling environment will continue to improve. We believe we are positioned to capitalize on these opportunities. Reflecting confidence in Masco’s future outlook, our Board of Directors intends to increase our annual dividend by $0.02 per share to $0.38 beginning with the quarterly dividend to be paid in the fourth quarter of 2015.”
About Masco
Headquartered in Taylor, Mich., Masco Corporation is a global leader in the design, manufacture and distribution of branded home improvement and building products. Our portfolio of industry-leading brands includes Behr® paint; Delta® and Hansgrohe® faucets, bath and shower fixtures; KraftMaid® and Merillat® cabinets; Milgard® windows and doors; and HotSpring® spas. We leverage our powerful brands across product categories, sales channels and geographies to create value for our customers and shareholders. For more information about Masco Corporation, visit masco.com.
The 2015 second quarter supplemental material, including a presentation in PDF format, is available on the Company’s website at www.masco.com.
http://www.businesswire.com/news/home/20150728005240/en/Masco-Outperforms-Quarter-2015#.VbgVzV7bLIU
Enterprising Investor
9 years ago
TopBuild Spin-Off from Masco Corporation Completed and Trading as Independent Company Begins (7/01/15)
DAYTONA BEACH, Fla., July 1, 2015 /PRNewswire/ -- TopBuild Corp. (NYSE: BLD), the leading installer and distributor of insulation products to the United States construction industry, announced today the successful completion of its spin-off from Masco Corporation (NYSE: MAS) into an independent, publicly-traded company.
TopBuild is comprised of the former Masco Contractor Services business, now called TruTeam, a nationwide installer of insulation, and Service Partners, a nationwide distributor of residential insulation products and related accessories. TopBuild reported revenue of $1.5 billion in 2014, which represents a compound annual growth rate of 12% since 2012.
After market close on June 30, 2015, Masco Corporation distributed to its stockholders one share of TopBuild common stock for every nine shares of Masco common stock held at time of close of business on the record date of June 19, 2015. TopBuild common stock will begin "regular-way" trading today under the symbol "BLD" on the New York Stock Exchange.
"Today we begin a new chapter in the exciting TopBuild story by becoming a separately traded public company. As the leading installer and distributor of insulation products in the United States, we serve residential and commercial builders of all sizes from coast to coast. Our geographic presence and industry leading service positions us extremely well to drive shareholder value," said Jerry Volas, TopBuild' s Chief Executive Officer.
He continued, "Being part of Masco for the past 20 years has provided TopBuild with the people, processes and systems to prosper as a separate company. On behalf of our 8,000 associates nationwide, I would like to thank everyone at Masco who has contributed to our success. We welcome Masco's shareholders as our own and we look forward to continued success."
About TopBuild
TopBuild Corp. is the leading installer and distributor of insulation products to the United States construction industry, based on revenue. TopBuild provides insulation installation services nationwide through its Contractor Services business, TruTeam, which has over 190 installation branches located in 43 states. TopBuild also distributes insulation nationwide through its Service Partners business from over 70 distribution centers located in 35 states. In addition to insulation products, TopBuild also installs or distributes other building products, including rain gutters, garage doors, fireplaces, shower enclosures, closet shelving and roofing. Further, TopBuild is a leader in building science and winner of the 2015 Energy Star Partner of the Year award from the U.S. Department of Energy. More information on TopBuild and its TruTeam and Service Partners divisions may be found at www.topbuild.com.
http://www.prnewswire.com/news-releases/topbuild-spin-off-from-masco-corporation-completed-and-trading-as-independent-company-begins-300107321.html
Enterprising Investor
9 years ago
Masco Corporation Approves Spin-off of TopBuild Corp. (6/08/15)
Record Date June 19, 2015
TAYLOR, Mich.--(BUSINESS WIRE)--Masco Corporation (NYSE:MAS) today announced that its Board of Directors has approved the previously-announced spin-off of TopBuild Corp. (NYSE:BLD), which will, upon completion of the spin-off, hold the assets and operations of Masco’s Installation and Other Services businesses.
In the spin-off, Masco will distribute 100% of the shares of common stock of TopBuild. The distribution of TopBuild shares is expected to be completed after the New York Stock Exchange market closing on June 30, 2015, with Masco stockholders receiving one share of TopBuild common stock for every nine shares of Masco common stock held at the close of business on the record date of June 19, 2015. Following the distribution of TopBuild common stock, TopBuild will be an independent, publicly-traded company. TopBuild has received approval for the listing of its common stock on the New York Stock Exchange under the symbol "BLD."
Keith Allman, Masco’s President and Chief Executive Officer stated, “Last fall, we announced our plan to spin off TopBuild as part of our strategic initiatives to enhance shareholder value. Under the leadership of Jerry Volas as its Chief Executive Officer, I am confident that TopBuild is well positioned to operate as an independent public company. Following the spin-off, both TopBuild and Masco will have greater flexibility to focus on and pursue their respective growth strategies. For Masco, this is our ongoing commitment to create shareholder value by profitably growing in branded building products.”
Masco stockholders who hold their shares through a brokerage account will receive a credit to their brokerage account reflecting their ownership of TopBuild common stock. Masco stockholders who hold their shares in certificated form will receive a book-entry account statement reflecting their ownership of TopBuild common stock and should retain their Masco stock certificates. Fractional shares of TopBuild common stock will not be distributed. Any fractional share of TopBuild common stock otherwise issuable to a Masco stockholder will be sold in the open market on such stockholder's behalf, and such stockholder will receive a cash payment for the fractional share based on the stockholder’s pro rata portion of the net cash proceeds from sales of all fractional shares.
Masco will furnish an information statement to all stockholders entitled to receive the distribution of shares of TopBuild common stock. The information statement describes TopBuild and other details regarding the spin-off. The information statement is included as an exhibit to TopBuild's Registration Statement on Form 10, which it has filed with the Securities and Exchange Commission (SEC) and is available at the SEC's website at www.sec.gov.
The completion of the distribution is subject to satisfaction of a number of customary conditions, including the SEC having declared effective TopBuild's Registration Statement on Form 10.
Masco expects to receive an opinion from its special tax counsel, Davis Polk & Wardwell LLP, confirming the tax-free status of the spin-off to Masco and its stockholders (except to the extent of cash received in lieu of fractional shares).
Masco expects that a "when-issued" public trading market for TopBuild common stock will commence on or about June 17, 2015 under the symbol “BLD WI”, and will continue through the distribution date. Masco also anticipates that "regular way" trading of TopBuild common stock will begin on July 1, 2015, the first trading day following the distribution date.
Masco expects that, beginning on or about June 17, 2015, and through the distribution date, there will be two ways to trade Masco common stock – either with or without the distribution of TopBuild common stock. Masco stockholders who sell their shares of Masco common stock in the "regular-way" market (that is, the normal trading market on the NYSE under the symbol "MAS") after the June 19 record date and on or prior to the June 30 distribution date will be selling their right to receive shares of TopBuild common stock in connection with the spin-off. Masco also expects that shares of Masco common stock will trade ex-distribution (that is, without the right to receive the TopBuild distribution) during this period under the symbol "MAS WI." Investors are encouraged to consult with their financial advisors regarding the specific implications of buying or selling shares of Masco common stock on or before the distribution date.
Greenhill & Co., LLC and J.P. Morgan Securities LLC acted as financial advisors to Masco regarding the spin-off.
About Masco
Headquartered in Taylor, Michigan, Masco Corporation is one of the world’s leading manufacturers of home improvement and building products.
About TopBuild
TopBuild installs insulation and other building products nationwide through its TruTeam Contractor Services business, which has over 190 installation branches located in 43 states. TopBuild distributes insulation and other building products nationwide through its Service Partners business from its 72 distribution centers located in 35 states. TopBuild is based in Daytona Beach, Florida.
http://www.businesswire.com/news/home/20150608006481/en/Masco-Corporation-Approves-Spin-off-TopBuild-Corp.#.VXYmOYnbKUk
Enterprising Investor
10 years ago
Masco Reports Strong Fourth Quarter and Full-Year Results as Transformation Enhances Profitability (2/09/15)
2014 Fourth Quarter Key Highlights
• Sales for the fourth quarter increased 3 percent to $2.1 billion; sales increased 5 percent excluding the impact of foreign currency translation
• Adjusted operating profit grew 32 percent to $202 million
• Adjusted operating profit margin for the quarter increased to 9.8 percent
• Adjusted EPS for the quarter grew 60 percent to $.24 per common share
TAYLOR, Mich.--(BUSINESS WIRE)--Masco Corporation (NYSE: MAS) reported net sales and adjusted operating profit growth in the fourth quarter of 2014 driven primarily by the Plumbing Products, Decorative Architectural Products and Installation and Other Services segments. Adjusted operating profit margin rose to 9.8 percent, reflecting the Company’s execution on cost management and strong operating leverage.
2014 Fourth Quarter Commentary
• Net sales from continuing operations increased 3 percent to $2.1 billion. North American sales increased 4 percent and international sales decreased 2 percent in U.S. dollars, but increased 6 percent in local currency
• Compared to fourth quarter 2013, results for key financial measures, as adjusted for certain items (see Exhibit A) and with a normalized tax rate of 36 percent, were as follows: ? Gross margins improved to 27.7 percent compared to 27.1 percent
? Operating margins improved to 9.8 percent compared to 7.7 percent
? Income from continuing operations was $.24 per common share compared to $.15 per common share
• Income from continuing operations, as reported, was $.29 per common share
• Liquidity at the end of the fourth quarter was approximately $1.7 billion
• Five million shares were repurchased in the fourth quarter
2014 Fourth Quarter Operating Segment Highlights
• Plumbing Products’ net sales increased 1 percent (5 percent excluding the impact of currency translation) fueled by growth across the segment and continued strength in the wholesale channel
• Decorative Architectural Products’ net sales increased 7 percent, driven by new products and program wins across the businesses
• Cabinets and Related Products’ net sales decreased 3 percent due to challenges in retail and dealer channels
• Installation and Other Services’ net sales increased 7 percent with continued growth in custom homes and the commercial channel
• Other Specialty Products’ net sales increased 8 percent, fueled by growth in repair and remodeling
“We capped off 2014 with another solid quarter as sales increased 3 percent for the total company and, importantly, adjusted operating income increased 32 percent,” said Masco’s President and CEO, Keith Allman. “Our portfolio of industry-leading plumbing businesses continues to perform, delivering increased revenue and profit growth, which resulted in a record sales year for both Delta Faucet and Hansgrohe. New products and program wins at Behr Process and Liberty Hardware drove the performance of our Decorative Architectural segment, and our Installation and Other Services segment capitalized on the housing recovery and ongoing growth of its commercial business. Our window businesses also benefitted from improving macro trends in their respective markets and continued success from recently introduced products. While our Cabinet and Related Products segment faced lingering demand challenges from an ERP implementation, we believe we are taking the necessary actions to position it for profitability in 2015.”
2014 Full-Year Commentary
• Net sales increased 4 percent to $8.5 billion, compared to 2013
• Compared to full-year 2013, results for key financial measures, as adjusted for certain items (see Exhibit A) and with a normalized tax rate of 36 percent, were as follows: ? Gross profit margins were 28.4 percent compared to 28.0 percent
? Operating profit margins were 10.0 percent compared to 8.8 percent
? Income from continuing operations was $1.02 per common share compared to $0.77 per common share
• Income from continuing operations, as reported, was $2.39 per common share compared to $0.83 per common share in 2013
• Free cash flow exceeded $440 million
“2014 was a notable year for Masco,” said Keith Allman. “Our customer-focused innovation as well as our productivity improvements and cost control yielded steady sales growth and substantially improved margins. Our balance sheet continues to improve as we ended the year with $1.7 billion of liquidity. Throughout the year we also took a number of actions to drive shareholder value. In September, we announced the spin-off of our Services Business and remain on-track for it to be complete by mid-year 2015. Additionally, the restructuring of our corporate office has resulted in a leaner operating model, yielding annual savings of approximately $35-40 million. Furthermore, our commitment to returning capital to shareholders was enhanced through an increase in our dividend and a new share repurchase authorization. During the fourth quarter of 2014 we repurchased 1.4 percent of our outstanding shares or 5 million shares.”
2015 Outlook
“Our strong execution in 2014 gives us momentum as we enter 2015,” continued Mr. Allman. “We remain committed to serving the customer by accelerating our innovation pipeline and continuing our strong operating performance. We expect to gain share and drive consumer demand as we leverage our industry-leading brands and new products. We are confident in our ability to execute in this improving environment and believe the strategic initiatives we announced in 2014 will drive shareholder value as we move into 2015.”
About Masco
Headquartered in Taylor, Michigan, Masco Corporation is one of the world’s leading manufacturers of branded building products, as well as a leading provider of services that include the installation of insulation and other building products.
The 2014 fourth quarter supplemental material, including a presentation in PDF format, is available on the Company’s website at www.masco.com.
http://www.businesswire.com/news/home/20150209005414/en/Masco-Reports-Strong-Fourth-Quarter-Full-Year-Results#.VNy18oktGUk
Enterprising Investor
10 years ago
Masco Announces Strategic Initiatives to Drive Shareholder Value: Company to Spin-Off Installation and Other Services Segment, Initiate Significant Share Repurchase Program and Reduce Corporate Expense (9/30/14)
TAYLOR, Mich., Sept. 30, 2014 /PRNewswire/ -- Masco Corporation (NYSE: MAS) today announced its Board of Directors has approved the strategic initiatives recommended by management under the leadership of Keith Allman, its President and Chief Executive Officer.
The strategic initiatives, which are designed to drive shareholder value over the mid- to long-term, are comprised of:
•The spin-off of 100 percent of Masco's Installation and Other Services businesses ("Services Business") into an independent, publicly-traded company through a tax-free stock distribution to Masco's shareholders
•The implementation of a share repurchase program for an aggregate of 50 million shares of Masco's common stock
•The reduction of corporate expense and simplification of Masco's organizational structure, resulting in an estimated charge of approximately $30 million over the next several quarters with anticipated company-wide annual savings of $35-40 million
Mr. Allman stated, "Today's transformative actions reflect our continued commitment to enhance shareholder value through the active management of our portfolio, effective capital allocation, cost control, and organizational focus. As separate companies, both Masco and the Services Business will have greater flexibility to focus on and pursue their respective growth strategies. In addition, the actions we are taking at the corporate office are intended to improve our cost position and drive value across our enterprise. Masco remains committed to creating shareholder value by profitably growing in branded building products."
Mr. Allman continued, "Over the past several years, Masco has strengthened the Services Business by reducing fixed costs and implementing lean processes to achieve supply chain savings. As such, we believe the Services Business is now properly positioned to operate as a separate company. The Services Business will focus on growth by capitalizing on North American new home construction as well as further expanding into commercial and retrofit categories. Masco shareholders stand to benefit from the additional value created by the spin-off."
Masco is pleased to announce the Service Business management team:
•Jerry Volas, currently Masco Group President, will become the Chief Executive Officer
•Robert Buck, currently Masco Contractor Services' President, will become the President and Chief Operating Officer
•John Peterson, currently Masco Contractor Services' Chief Financial Officer, will become the Chief Financial Officer
All three have extensive industry experience and have been instrumental in positioning the Services Business for growth and profitability.
Masco also announced today that its Board has approved the repurchase of an aggregate of 50 million shares of the Company's common stock, which represents approximately 14 percent of Masco's currently outstanding shares. Repurchases are expected to be made over a multi-year period beginning in 2014. The repurchases will be funded through cash on hand and operating cash flow. As of June 30, 2014, cash on hand was $1.4 billion.
Mr. Allman added, "This authorization reflects the Board's continued confidence in Masco's future performance, our ability to generate long-term cash flow, the strength of Masco's liquidity, and our ongoing commitment to create shareholder value."
The Company will hold an investor day on February 9, 2015 in New York at which time it will discuss its outlook for 2015 and the long-term growth strategy for each of its businesses.
Masco
Following the separation, Masco will continue to be listed on the NYSE under "MAS," and will remain headquartered in Taylor, Michigan. Masco will continue to build on its leading positions in branded building products.
New Services Business
Masco's Installation and Other Services segment, which includes Masco Contractor Services, the leading installer of insulation in the U.S., and Service Partners, a leading distributor of residential insulation products and related accessories in the U.S., reported revenue of $1.4 billion in 2013. This segment is comprised of 190 branch locations and 70 distribution centers and its revenue has achieved a compounded annual growth rate of nearly 11 percent since 2010. The Services Business will be headquartered in Central Florida.
Next Steps
The proposed separation is subject to customary conditions, including receipt of any required regulatory approvals, an opinion of counsel regarding the tax-free nature of the separation, the effectiveness of a Form 10 filing with the Securities and Exchange Commission, and final approval by Masco's Board of Directors. Masco expects to complete the separation by mid- 2015.
Conference Call Details
A conference call regarding items contained in this release is scheduled for Tuesday, September 30, 2014 at 8:30 a.m. ET. Participants in the call are asked to register five to ten minutes prior to the scheduled start time by dialing (855) 226-2726 (855-22MASCO) or (706) 679-3614 from outside the U.S. Please use the conference identification number 12689434. The conference call will be webcast simultaneously and in its entirety through the Company's website. Shareholders, media representatives and others interested in Masco may participate in the webcast by registering through the Investor Relations section on the Company's website.
A replay of the call will be available on Masco's website or by phone by dialing (855) 859-2056 or (404) 537-3406 from outside the U.S. Please use the conference identification number 12689434. The telephone replay will be available approximately two hours after the end of the call and continue through October 31, 2014.
About Masco
Headquartered in Taylor, Michigan, Masco Corporation is one of the world's leading manufacturers of branded building products, as well as a leading provider of services that include the installation of insulation and other building products.
Supplemental material, including a presentation in PDF format, is available on the Company's website at www.masco.com.
http://www.prnewswire.com/news-releases/masco-announces-strategic-initiatives-to-drive-shareholder-value-company-to-spin-off-installation-and-other-services-segment-initiate-significant-share-repurchase-program-and-reduce-corporate-expense-277568271.html
Enterprising Investor
10 years ago
MASCO DELIVERS OPERATING GROWTH IN SECOND QUARTER 2014 (7/28/14)
Key Highlights
- Sales increased 5 percent to $2.3 billion
- Adjusted operating profit margin increased to 11 percent
- Adjusted operating profit grew by 21 percent
- Adjusted EPS grew 39 percent to $.32 per common share
TAYLOR, Mich. (July 28, 2014) - Masco Corporation MAS +6.02% delivered sales and operating profit growth in the second quarter of 2014 driven primarily by the Plumbing Products, Installation and Other Services and Decorative Architectural Products segments. Increased international sales were strengthened by the plumbing businesses benefitting from an improving European economic landscape and strong operational performance. Adjusted operating profit margin rose to 11 percent, reflecting the Company's strong operating leverage and focused cost control.
2014 Second Quarter Commentary
- Net sales from continuing operations increased 5 percent to $2.3 billion, compared with $2.1 billion for second quarter 2013. North American sales increased 4 percent and international sales increased 9 percent in U.S. dollars and 2 percent in local currency
- Compared to second quarter 2013, results for key financial measures, as adjusted for certain items (see Exhibit A) and with a normalized tax rate of 36 percent, were as follows:
- Gross margins improved to 29.2 percent compared to 28.9 percent
- Operating margins improved to 11.0 percent compared to 9.6 percent
- Income from continuing operations was $0.32 per common share compared to $0.23 per common share
- Income from continuing operations, as reported, was $.39 per common share compared to $.23 per common share in the second quarter of 2013
- Liquidity at the end of the second quarter was approximately $1.4 billion
2014 Second Quarter Operating Segment Highlights
- Plumbing Products' net sales increased 6 percent, fueled by growth in all channels and international
- Decorative Architectural Products' net sales increased 5 percent, driven by new products and programs
- Cabinets and Related Products' net sales decreased 5 percent, as a mid-single-digit percentage increase in sales to dealers was more than offset by lower sales to home centers
- Installation and Other Services' net sales increased 8 percent, driven by growth in new home construction, commercial, and distribution channels
"We delivered a solid second quarter marked by revenue growth and strong profitability," said Masco's President and CEO, Keith Allman. "Our focus on our key priorities, which include growing share of our market-leading brands, accelerating our customer-focused innovation pipeline, further penetrating international markets and driving operational leverage through cost containment, was demonstrated in our performance despite a more moderate housing recovery."
Outlook
"As we move into the third quarter, we continue to see growing demand for our products and services across our end markets. Our outlook remains positive with the belief that new home construction and repair and remodel activity will show steady growth in 2014. We believe we are well positioned to grow our key brands and to gain market share in this environment. While there is pent-up demand for high-ticket items such as cabinets, we expect that this category will continue to lag in the short term compared to other segments as consumers defer discretionary high-ticket expenditures. We remain committed to realizing the full potential of our core businesses, leveraging opportunities across our portfolio and actively managing the portfolio to drive long-term shareholder value."
About Masco
Headquartered in Taylor, Michigan, Masco Corporation is one of the world's leading manufacturers of home improvement and building products, as well as a leading provider of services that include the installation of insulation and other building products.
The 2014 second quarter supplemental material, including a presentation in PDF format, is available on the Company's website at www.masco.com .
http://www.marketwatch.com/story/masco-corporation-masco-delivers-operating-growth-in-second-quarter-2014-2014-07-28?pagenumber=2
Enterprising Investor
10 years ago
Investors Hope Masco Goes to Pieces (6/17/14)
Shares Surged After CEO's Comments
Masco Corp., maker of some of the best-known products in the home-improvement and home-construction business, is suddenly in favor on Wall Street. The reason: speculation that the company will spin off or sell some of its top brands.
Masco is one of the largest vendors to Home Depot Inc. and Lowe's Cos., which sell hundreds of the company's products including Delta faucets, KraftMaid cabinets, Behr paints and Milgard windows and doors. The company also sells to home builders and installs its products in homes under construction.
But at an investor conference last month, Masco's new chief executive, Keith Allman, hinted that the company might have too many brands and divisions. He said he is reviewing Masco's multiple business lines and considering strategies to boost Masco's value.
The comments set off a rally that boosted Masco's common stock 11.5% in the past month, before a slight pullback in the past week. It closed Tuesday at $21.72, down 0.3% on the New York Stock Exchange but still near its 52-week high of $23.63 set in March.
In an interview this week, Mr. Allman said he hasn't yet made any major decisions about Masco's many businesses but indicated that big changes are ahead for the 85-year-old company.
"I view myself as a transformational leader," said Mr. Allman, who joined Masco in 1998 and oversaw its plumbing and North American cabinet divisions before his promotion to CEO in January. "That's how the board views me, and that's why they appointed me. I'm not a status-quo guy." He said possible changes could include divestitures, acquisitions, internal integrations or stock buybacks.
Many Wall Street analysts predict that Masco, based in Taylor, Mich., will make a move next year at the earliest, perhaps by divesting its cabinet-manufacturing division or the installation-services division that caters to home builders. Both divisions posted operating losses in the first quarter. Cabinets are losing sales due to increased competition while the installation business remains challenged even after significant cost-cutting, analysts say.
What Masco needs most, several analysts say, is a further improvement in the home-construction market to soak up excess capacity in its manufacturing plants. The company ramped up its capacity drastically in recent decades through acquisitions. Since the downturn, it has cut $600 million of fixed costs, closing 39 plants. But analysts say it still needs more production volume to help its businesses reach consistent profitability.
"It's kind of like having a Porsche engine in a VW frame," said Robert Wetenhall, an analyst with RBC Capital Markets. "The company is built to operate in a much more robust housing market. This would be a much more profitable company at 1.4 million housing starts [annually in the U.S.], but we'll be lucky to do 1 million this year."
Adding to the challenges at Masco, activist investor Daniel Loeb's Third Point LLC recently disclosed in a securities filing that it took a 1.3% stake in the company in the first quarter. A spokeswoman for Third Point, which bought 4.75 million Masco shares last quarter, declined to comment about Masco this week. Mr. Allman said he has spoken with Third Point, as he has with other investors, but he declined to elaborate.
Some analysts theorize that if Masco spun off some of its laggard divisions, its stronger units like plumbing and paint likely would get higher valuations from investors, they say.
Nishu Sood, a Deutsche Bank Securities analyst, estimates that breaking up Masco would yield value of roughly $27 a share, a 24% premium to Tuesday's closing price. "Our analysis showed that, in a portfolio as large as Masco's, there is some value that could be unlocked by taking some dramatic actions, like spinoffs or sales, and improving some of the businesses where margins have lagged its peers," Mr. Sood said.
Masco's origins date back to 1929, when Alex Manoogian started machining parts for the auto industry. In 1954, the company branched out into making single-handle faucets under the Delta brand. Masco expanded into cabinets in 1985 and into paint, windows and services in the 1990s.
The company's revenue swelled to more than $12.7 billion in 2006, then plummeted during the housing downturn, which left Masco with too much manufacturing capacity. The company posted losses from 2008 to 2012. Last year, things started to turn around and Masco reported net income of $272 million on revenue of $8.2 billion.
—David Benoit contributed to this article.
Write to Kris Hudson at kris.hudson@wsj.com
http://online.wsj.com/articles/masco-shares-rally-on-signs-of-a-break-up-1403049130
Penny Roger$
13 years ago
Masco Corporation manufactures, distributes and installs home improvement and building products. It is manufacturer of a range of home improvement and building products, including faucets, cabinets, architectural coatings and windows, and installers of insulation for the new home construction market. It provides product offerings in a range of styles and price points and distribute products through multiple channels, including directly to homebuilders and wholesale and retail channels. During the year ended December 31, 2010, approximately 78% of its sales were generated by its North American operations. In 2010, it also decided to close a cabinet manufacturing facility that had previously been idled. In 2010, it introduced several products, including the ESSENCE SERIES wood and fiberglass window by Milgard, the RED line of staple guns and nail tackers and the ACE Salt water sanitizing system.
http://www.google.com/finance?q=MAS
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