Masco Corporation had good things to report concerning its operations across the board in the first quarter of 2015, as well as increased sales across all segments in local currency.
“The momentum we built over the past several years carried into the first quarter as we realized top- and bottom- line growth as well as margin expansion," said president and CEO Keith Allman. "Our customer-focused innovation and leading brands drove consumer demand across the segments."
Net sales for the three months ended March 31 were up 2.7% to $2.02 billion, which would have been an increase of approximately 7% without the effects of foreign currency translation.
Meanwhile, net income came in at $64.0 million, down from $74.0 million in the year-ago quarter.
Allman added that the Delta Faucet and Hansgrohe brands both booked their highest quarterly sales ever.
Gross margins were also up 28.2%, compared to 28% in the first quarter of 2014.
Allman reiterated the company's positive outlook and commitment to growing demand across its various segments.
“We are pleased with our solid start to the year," he said. "Our businesses are performing well and executing as planned. Our repair and remodel business is growing, with increasing demand for our products across all price points. We remain focused on driving shareholder value and returning cash to shareholders, as evidenced by approximately $135 million we returned to shareholders in the first quarter through dividends and share repurchases. Our outlook for the year remains positive as we anticipate increasing demand for our market-leading products and services."