Amid CEO transition, Masco posts sales gains
Taylor, Mich.-based Masco Corp.'s fourth-quarter net sales from continuing operations increased 9% to $2.0 billion, the company reported late Monday.
For the full year, net sales increased 9% to $8.2 billion.
Net income for the fourth quarter was $45 million, compared with a loss of $87 million in the same quarter last year. For the full year, net income swung to a profit of $272 million, compared with a loss of $114 million in 2012.
"We delivered a strong fourth quarter with improved top- and bottom-line growth across all five operating segments," said Masco`s president and CEO, Timothy Wadhams. "Sales growth was driven by new products and increased international sales that outperformed the Eurozone economies. In North America, we continued to benefit from the growth of new-home construction and improved repair and remodel activity and our operating leverage. Our strong fourth-quarter performance reflects our ongoing commitment to successfully deliver on our strategic initiatives, which include leveraging our brands, reducing our costs, improving our Installation and Cabinet segments and strengthening our balance sheet."
Keith Allman will succeed Wadhams as president and CEO upon his retirement Feb. 14.
"In 2014, we expect new-home construction and repair and remodel activity to show continued improvement in North America and internationally," said Allman. "Our focus will be to continue to maximize the benefits of this activity and maintain the positive momentum that started for us in the fourth quarter of 2012. We believe we are well positioned to grow our key brands and to gain market share in 2014. We will continue to focus on developing our innovation pipeline, improving our enterprise leverage, driving a high-performance culture and focusing on continuous improvement in all we do."