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Masco Corporation (MAS-1.16%) has submitted its annual report on Form 10-K for the fiscal year ended December 31, 2024 filing.
The filing details Masco's financial performance, including net sales of $7.828 billion, a decrease of 2% from the previous year. The decline was attributed to lower sales volume in North America plumbing products and reduced net selling prices in decorative architectural products.
Operating profit for the year was $1.363 billion, a slight increase from 2023, with improvements driven by cost savings initiatives offsetting higher employee-related costs and unfavorable sales mix.
Masco reported a gross profit of $2.831 billion, consistent with the prior year, while gross margin improved to 36.2% from 35.6% in 2023.
The company completed the divestiture of its Kichler Lighting business in the third quarter of 2024, resulting in a loss of $88 million, which was included in other expenses.
Masco's Plumbing Products segment reported flat sales with a 6% increase in operating profit, while the Decorative Architectural Products segment saw a 5% decline in both sales and operating profit.
The company repurchased 10 million shares of its common stock in 2024 for approximately $757 million, leaving $896 million remaining under its current authorization.
Masco declared a quarterly dividend of $0.31 per share in the first quarter of 2025, with an intention to increase the annual dividend to $1.24 per share.
The filing also discusses various risks, including economic factors impacting residential repair and remodeling activity, competition, and cybersecurity threats.
Masco's future strategy includes focusing on core business potential, leveraging enterprise opportunities, and managing its portfolio actively to drive growth and shareholder value.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Masco Corporation annual 10-K report dated February 11, 2025. To report an error, please email earnings@qz.com.