Masco reports Q2 sales increase
Taylor, Michigan-based Masco announced that adjusted operating profit grew by 21% in its second quarter.
Net sales from continuing operations rose 5% to $2.3 billion, up from $2.1 billion for the second quarter of 2013. North American sales increased 4%, and international sales increased 9% in U.S. dollars.
Plumbing products` net sales increased 6%, decorative architectural products` net sales increased 5%, cabinets and related products` net sales decreased 5%, installation and other services` net sales increased 8%, and other specialty products` net sales increased 11%.
"We delivered a solid second quarter marked by revenue growth and strong profitability," said Masco 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.
"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,” he added. We believe we are well positioned to grow our key brands and to gain market share in this environment.
Michael Costello joins Gilbane Building Co.
Michael Costello has been named senior VP finance and treasurer of Gilbane Building Company, which provides construction and facilities-related services. He will be based out of the company’s Providence, Rhode Island, headquarters and will lead the Finance organization for the company.
Costello joins Gilbane after six years with AECOM, where he directed the finance and strategic planning functions for the company’s $1.3 billion global design, architecture, building engineering and construction cost management consulting division. In addition, Costello has held a series of senior executive positions, including 12 years in several senior financial roles with the Federal Express Corp. in Asia and Latin America. Prior to that, Costello managed financial planning and analysis for Target and the Eastman Kodak Co.
“Mike has a proven track record of delivering top and bottom-line growth for both large and small companies in the U.S. and overseas and brings to Gilbane a keen eye for finance with 30 years of impressive financial management experience behind him,” said Tom Gilbane, chairman and CEO of Gilbane Building Company. “He will be a great fit for our leadership team as we continue to grow our business both domestically and abroad.”
Sears Canada announces board changes
Sears Canada has added EVP and operating chief Klaudio Leshnjani to the board of directors, following the sudden passing of H Ronald Weissman.
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Weissman has served as a member of board since November 2013 and was a member of the audit committee.
Leshnjani held several executive positions with the company, including EVP, chief administrative officer and general counsel, EVP, financial and home services, human resources, general counsel and corporate communications and SVP and general counsel.
"On behalf of the board of directors, I offer Ron’s family our deepest sympathy and want to let them know how appreciative we are for his contribution to Sears Canada," said William C. Crowley, chairman of the board. "He achieved many significant accomplishments during his life, and will be greatly missed by his colleagues on the board."
Sears Canada is a multichannel retailer with a network that includes 176 corporate stores, 229 Hometown stores, more than 1,400 catalog and online merchandise pickup locations, 96 Sears Travel offices and a nationwide repair and service network.