While sales are up for the manufacturing giant, profits lag in 2021.
Masco, the home improvement and building products manufacturing titan, reported fourth quarter sales increased 9% to $2.02 billion from fourth quarter 2020 sales of $1.86 billion.
Plumbing products’ net sales increased 5% for the quarter. Excluding acquisitions and divestitures, sales increased 2%. Decorative Architectural Products’ net sales increased 15%. Sales were up 14%, excluding acquisitions.
But profits for the quarter declined 32% as the Livonia, Mich.-based company posted a net income of $132 million for the quarter compared to a net income of $195 million in the fourth quarter a year ago.
Sales for the full year increased 17% to $8.4 billion from 2020 sales of $7.2 billion.
Profits for the fiscal year 2021 fell to $410 million from a net income of $1.22 billion in 2020.
Masco’s portfolio of brands includes Behr paint; Delta and Hansgrohe faucets, bath and shower fixtures; Kichler decorative and outdoor lighting; and HotSpring spas.
The Bottom Line: Despite a 9% sales increase for the fourth quarter, Masco sees profits fall 32% for the period.
What the CEO said: ”Looking ahead, we expect demand for our products to remain strong in 2022,” said Masco President and CEO Keith Allman. “We believe we are well-positioned to outperform the market with our industry-leading portfolio of branded, lower ticket, repair, and remodel-oriented products that serve both the do-it-yourself and professional markets, favorable housing fundamentals, and demonstrated executional excellence.”