Home improvement and building products giant Masco reported that fourth quarter 2020 sales jumped 13% to $1.860 billion from sales of $1.64 billion in the prior fourth quarter.
North American sales also increased 13% while international sales rose 8% during the fourth quarter.
Plumbing products sales were up 14% during the period as decorative architectural product sales moved ahead 12%.
Sales for the full year climbed 7% percent to $7.2 billion in 2020 from 2019 sales of $6.7 billion.
Masco posted fourth quarter income from continuing operations of $208 million in the fourth quarter, rising 23.8% from an income from continuing operations of $168 million in the fourth quarter a year ago.
For the full year, Masco reported a net income from continuing operations of $862 million, growing 26% from an income from continuing operations of $684 million last year.
Based in Livonia, Mich., Masco’s brands include Behr paint, Delta and Hansgrohe bath products, Kicheler lighting, and HotSpring spas, among dozens of other brands.
The Bottom Line: Masco fourth quarter sales jump ahead 13% as its income from continuing operations rises more than 23%.
What the CEO said: “We experienced robust demand in the fourth quarter, operated safely and efficiently, and finished the year strong,” said Keith Allman, Masco president and CEO. “We continued to successfully execute our strategy, which resulted in earnings per share growth of 36 percent and a net sales increase of 13 percent. We also returned $162 million to shareholders through share repurchases and dividends during the fourth quarter, and recently completed three bolt-on acquisitions, which we expect to contribute approximately 3% top-line growth in 2021.”
“The key housing fundamentals that drive our business, such as home price appreciation and existing home turnover, improved during the second half of 2020, and consumers are clearly viewing the value of their homes more favorably in light of the pandemic,” Allman added.
Company info: The full fourth quarter 2020 financial report from Masco is available here.