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Masco Corporation Reports Third Quarter 2023 Results

Highlights

  • Operating profit was $383 million; adjusted operating profit was $348 million
  • Operating profit margin was 19.4 percent; adjusted operating profit margin expanded 170 basis points to 17.6 percent
  • Earnings per share was $1.10 per share; adjusted earnings per share grew 1 percent to $1.00 per share
  • Returned $109 million to shareholders through share repurchases and dividends, and closed the acquisition of Sauna360 Group Oy for €124 million
  • Raising expected 2023 earnings per share to be in the range of $3.76 – $3.86 per share, and on an adjusted basis, $3.65 – $3.75 per share

Masco Corporation (NYSE: MAS), one of the world’s leading manufacturers of branded home improvement and building products, reported its third quarter results.

2023 Third Quarter Results

  • On a reported basis, compared to third quarter 2022:
    • Net sales decreased 10 percent to $1,979 million; in local currency and excluding acquisitions, net sales decreased 11 percent
    • In local currency, North American sales decreased 11 percent and international sales decreased 11 percent
    • Gross margin increased 610 basis points to 37.6 percent from 31.5 percent
    • Operating profit increased 9 percent to $383 million from $351 million
    • Operating margin increased 350 basis points to 19.4 percent from 15.9 percent
    • Net income increased to $1.10 per share, compared to $0.97 per share
  • Compared to third quarter 2022, results for key financial measures, as adjusted for certain items (see Exhibit A) and with a normalized tax rate of 24 percent, were as follows:
    • Gross margin increased 430 basis points to 35.8 percent from 31.5 percent
    • Operating profit decreased 1 percent to $348 million from $351 million
    • Operating margin increased 170 basis points to 17.6 percent from 15.9 percent
    • Net income increased 1 percent to $1.00 per share, compared to $0.99 per share
  • Liquidity at the end of the third quarter was $1,560 million (including availability under revolving credit facility)
  • Plumbing Products’ net sales decreased 10 percent; in local currency and excluding acquisitions, net sales decreased 11 percent
  • Decorative Architectural Products’ net sales decreased 10 percent; in local currency, net sales decreased 11 percent

“Our continued ability to successfully execute in a challenging demand environment, along with our continued focus on driving productivity improvements led to strong margin performance and earnings per share growth in the third quarter,” said Masco President and CEO, Keith Allman. “Consistent with our focus on disciplined capital allocation, we returned $109 million to shareholders through dividends and share repurchases, and completed our bolt-on acquisition of Sauna360 Group Oy for approximately €124 million.”

“With our strong operational performance, we now anticipate our 2023 adjusted earnings per share to be in the range of $3.65 to $3.75 per share, increased from our previous expectation of $3.50 to $3.65 per share. While the near-term demand environment for repair and remodel products remains uncertain, we are executing well and demonstrating the earnings power of our business model. We remain committed to investing in our brands and capabilities to drive strong growth when market conditions improve, and are well-positioned to create long-term shareholder value,” concluded Allman.

Dividend Declaration

Masco’s Board of Directors declared a quarterly dividend of $0.285 per share, payable on November 27, 2023 to shareholders of record on November 10, 2023.

About Masco

Headquartered in Livonia, Michigan, Masco Corporation is a global leader in the design, manufacture and distribution of branded home improvement and building products. Our portfolio of industry-leading brands includes Behr® paint; Delta® and hansgrohe® faucets, bath and shower fixtures; Kichler® decorative and outdoor lighting; and HotSpring® spas. We leverage our powerful brands across product categories, sales channels and geographies to create value for our customers and shareholders. For more information about Masco Corporation, visit www.masco.com.

The 2023 third quarter supplemental material, including a presentation in PDF format, is available on the Company’s website at www.masco.com.

Conference Call Details

A conference call regarding items contained in this release is scheduled for Thursday, October 26, 2023 at 8:00 a.m. ET. Participants in the call are asked to register five to ten minutes prior to the scheduled start time by dialing 888-259-6580 and from outside the U.S. at 416-764-8624. Please use the conference identification number 40185476.

The conference call will be webcast simultaneously and in its entirety through the Company’s website. Shareholders, media representatives and others interested in Masco may participate in the webcast by registering through the Investor Relations section on the Company’s website.

A replay of the call will be available on Masco’s website or by phone by dialing 877-674-7070 and from outside the U.S. at 416-764-8692. Please use the playback passcode 185476#. The telephone replay will be available approximately two hours after the end of the call and continue through November 26, 2023.

Safe Harbor Statement

This press release contains statements that reflect our views about our future performance and constitute “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “outlook,” “believe,” “anticipate,” “appear,” “may,” “will,” “should,” “intend,” “plan,” “estimate,” “expect,” “assume,” “seek,” “forecast,” and similar references to future periods. Our views about future performance involve risks and uncertainties that are difficult to predict and, accordingly, our actual results may differ materially from the results discussed in our forward-looking statements. We caution you against relying on any of these forward-looking statements.

Our future performance may be affected by the levels of residential repair and remodel activity, and to a lesser extent, new home construction, our ability to maintain our strong brands and to develop innovative products, our ability to maintain our public reputation, our ability to maintain our competitive position in our industries, our reliance on key customers, the cost and availability of materials, our dependence on suppliers and service providers, extreme weather events and changes in climate, risks associated with our international operations and global strategies, our ability to achieve the anticipated benefits of our strategic initiatives, our ability to successfully execute our acquisition strategy and integrate businesses that we have acquired and may in the future acquire, our ability to attract, develop and retain a talented and diverse workforce, risks associated with cybersecurity vulnerabilities, threats and attacks, risks associated with our reliance on information systems and technology and the impact of the ongoing COVID-19 pandemic on our business and operations. These and other factors are discussed in detail in Item 1A. "Risk Factors" in our most recent Annual Report on Form 10-K, as well as in our Quarterly Reports on Form 10-Q and in other filings we make with the Securities and Exchange Commission. Any forward-looking statement made by us speaks only as of the date on which it was made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. Unless required by law, we undertake no obligation to update publicly any forward-looking statements as a result of new information, future events or otherwise.

MASCO CORPORATION

Condensed Consolidated Statements of Operations - Unaudited

For the Three and Nine Months Ended September 30, 2023 and 2022

 

(in millions, except per common share data)

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

 

2023

 

2022

 

2023

 

2022

Net sales

$

1,979

 

 

$

2,204

 

 

$

6,085

 

 

$

6,757

 

Cost of sales

 

1,235

 

 

 

1,509

 

 

 

3,903

 

 

 

4,589

 

Gross profit

 

744

 

 

 

695

 

 

 

2,182

 

 

 

2,168

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

361

 

 

 

344

 

 

 

1,081

 

 

 

1,056

 

Operating profit

 

383

 

 

 

351

 

 

 

1,101

 

 

 

1,112

 

 

 

 

 

 

 

 

 

Other income (expense), net:

 

 

 

 

 

 

 

Interest expense

 

(26

)

 

 

(29

)

 

 

(82

)

 

 

(82

)

Other, net

 

(11

)

 

 

(12

)

 

 

(14

)

 

 

4

 

 

 

(37

)

 

 

(41

)

 

 

(96

)

 

 

(78

)

Income before income taxes

 

346

 

 

 

310

 

 

 

1,005

 

 

 

1,034

 

 

 

 

 

 

 

 

 

Income tax expense

 

86

 

 

 

77

 

 

 

246

 

 

 

255

 

Net income

 

260

 

 

 

233

 

 

 

759

 

 

 

779

 

 

 

 

 

 

 

 

 

Less: Net income attributable to noncontrolling interest

 

11

 

 

 

15

 

 

 

42

 

 

 

50

 

Net income attributable to Masco Corporation

$

249

 

 

$

218

 

 

$

717

 

 

$

729

 

 

 

 

 

 

 

 

 

Income per common share attributable to Masco Corporation (diluted):

 

 

 

 

 

 

 

Net income

$

1.10

 

 

$

0.97

 

 

$

3.17

 

 

$

3.13

 

 

 

 

 

 

 

 

 

Average diluted common shares outstanding

 

226

 

 

 

227

 

 

 

226

 

 

 

233

 

Historical information is available on our website.

MASCO CORPORATION

Exhibit A: Reconciliations - Unaudited

For the Three and Nine Months Ended September 30, 2023 and 2022

 

(dollars in millions)

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

 

2023

 

2022

 

2023

 

2022

Gross Profit, Selling, General and Administrative Expenses, and Operating Profit Reconciliations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

1,979

 

 

$

2,204

 

 

$

6,085

 

 

$

6,757

 

 

 

 

 

 

 

 

 

Gross profit, as reported

$

744

 

 

$

695

 

 

$

2,182

 

 

$

2,168

 

Rationalization charges

 

5

 

 

 

 

 

 

2

 

 

 

9

 

Insurance settlement (1)

 

(40

)

 

 

 

 

 

(40

)

 

 

 

Gross profit, as adjusted

$

709

 

 

$

695

 

 

$

2,144

 

 

$

2,177

 

 

 

 

 

 

 

 

 

Gross margin, as reported

 

37.6

%

 

 

31.5

%

 

 

35.9

%

 

 

32.1

%

Gross margin, as adjusted

 

35.8

%

 

 

31.5

%

 

 

35.2

%

 

 

32.2

%

 

 

 

 

 

 

 

 

Selling, general and administrative expenses, as reported

$

361

 

 

$

344

 

 

$

1,081

 

 

$

1,056

 

Rationalization charges

 

 

 

 

 

 

 

1

 

 

 

 

Selling, general and administrative expenses, as adjusted

$

361

 

 

$

344

 

 

$

1,080

 

 

$

1,056

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses as percent of net sales, as reported

 

18.2

%

 

 

15.6

%

 

 

17.8

%

 

 

15.6

%

Selling, general and administrative expenses as percent of net sales, as adjusted

 

18.2

%

 

 

15.6

%

 

 

17.7

%

 

 

15.6

%

 

 

 

 

 

 

 

 

Operating profit, as reported

$

383

 

 

$

351

 

 

$

1,101

 

 

$

1,112

 

Rationalization charges

 

5

 

 

 

 

 

 

3

 

 

 

9

 

Insurance settlement (1)

 

(40

)

 

 

 

 

 

(40

)

 

 

 

Operating profit, as adjusted

$

348

 

 

$

351

 

 

$

1,064

 

 

$

1,121

 

 

 

 

 

 

 

 

 

Operating margin, as reported

 

19.4

%

 

 

15.9

%

 

 

18.1

%

 

 

16.5

%

Operating margin, as adjusted

 

17.6

%

 

 

15.9

%

 

 

17.5

%

 

 

16.6

%

(1)

Represents income for the three and nine months ended September 30, 2023 from the receipt of an insurance settlement payment.

Historical information is available on our website.

MASCO CORPORATION

Exhibit A: Reconciliations - Unaudited

For the Three and Nine Months Ended September 30, 2023 and 2022

 

(in millions, except per common share data)

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2023

 

2022

 

2023

 

2022

Income Per Common Share Reconciliations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes, as reported

$

346

 

 

$

310

 

 

$

1,005

 

 

$

1,034

 

Rationalization charges

 

5

 

 

 

 

 

 

3

 

 

 

9

 

Fair value adjustment to contingent earnout obligation (1)

 

 

 

 

 

 

 

 

 

 

(24

)

(Gain) on sale of business (2)

 

 

 

 

 

 

 

 

 

 

(2

)

Realized (gains) from private equity funds

 

 

 

 

 

 

 

(1

)

 

 

 

Loss from equity investments, net

 

1

 

 

 

6

 

 

 

1

 

 

 

6

 

Insurance settlement (3)

 

(40

)

 

 

 

 

 

(40

)

 

 

 

Income before income taxes, as adjusted

 

312

 

 

 

316

 

 

 

968

 

 

 

1,023

 

Tax at 24% rate

 

(75

)

 

 

(76

)

 

 

(232

)

 

 

(246

)

Less: Net income attributable to noncontrolling interest

 

11

 

 

 

15

 

 

 

42

 

 

 

50

 

Net income, as adjusted

$

226

 

 

$

225

 

 

$

694

 

 

$

727

 

 

 

 

 

 

 

 

 

Net income per common share, as adjusted

$

1.00

 

 

$

0.99

 

 

$

3.07

 

 

$

3.12

 

 

 

 

 

 

 

 

 

Average diluted common shares outstanding

 

226

 

 

 

227

 

 

 

226

 

 

 

233

 

(1)

Represents income for the nine months ended September 30, 2022 from the revaluation of contingent consideration related to a prior acquisition.

(2)

Represents a pre-tax post-closing gain related to the finalization of working capital items related to the divestiture of Hüppe GmbH for the nine months ended September 30, 2022.

(3)

Represents income for the three and nine months ended September 30, 2023 from the receipt of an insurance settlement payment.

Outlook for the Year Ended December 31, 2023

 

Year Ended December 31, 2023

 

Low End

 

High End

Income Per Common Share Reconciliation

 

 

 

 

 

 

 

Net income per common share

 

3.76

 

 

$

3.86

 

Rationalization charges

 

0.02

 

 

 

0.02

 

Insurance settlement (1)

 

(0.13

)

 

 

(0.13

)

Net income per common share, as adjusted

 

3.65

 

 

$

3.75

 

(1)

Represents income from the receipt of an insurance settlement payment.

Historical information is available on our website.

MASCO CORPORATION

Condensed Consolidated Balance Sheets and Other Financial Data - Unaudited

September 30, 2023 and December 31, 2022

 

(dollars in millions)

 

 

September 30, 2023

 

December 31, 2022

Balance Sheet

 

 

 

 

Assets

 

 

 

 

Current assets:

 

 

 

 

Cash and cash investments

 

$

560

 

$

452

 

Receivables

 

 

1,245

 

 

1,149

 

Inventories

 

 

1,046

 

 

1,236

 

Prepaid expenses and other

 

 

113

 

 

109

 

Total current assets

 

 

2,964

 

 

2,946

 

 

 

 

 

 

Property and equipment, net

 

 

1,077

 

 

975

 

Goodwill

 

 

593

 

 

537

 

Other intangible assets, net

 

 

395

 

 

350

 

Operating lease right-of-use assets

 

 

270

 

 

266

 

Other assets

 

 

72

 

 

113

 

Total assets

 

$

5,371

 

$

5,187

 

 

 

 

 

 

Liabilities

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

844

 

$

877

 

Notes payable

 

 

66

 

 

205

 

Accrued liabilities

 

 

752

 

 

807

 

Total current liabilities

 

 

1,662

 

 

1,889

 

 

 

 

 

 

Long-term debt

 

 

2,946

 

 

2,946

 

Noncurrent operating lease liabilities

 

 

260

 

 

255

 

Other liabilities

 

 

336

 

 

339

 

Total liabilities

 

 

5,204

 

 

5,429

 

 

 

 

 

 

Redeemable noncontrolling interest

 

 

19

 

 

20

 

 

 

 

 

 

Equity

 

 

148

 

 

(262

)

Total liabilities and equity

 

$

5,371

 

$

5,187

 

 

As of September 30,

 

2023

 

2022

Other Financial Data

 

 

 

Working capital days

 

 

 

Receivable days

 

54

 

 

 

51

 

Inventory days

 

77

 

 

 

87

 

Payable days

 

71

 

 

 

66

 

Working capital

$

1,447

 

 

$

1,621

 

Working capital as a % of sales (LTM)

 

18.1

%

 

 

18.5

%

Historical information is available on our website.

MASCO CORPORATION

Condensed Consolidated Statements of Cash Flows and Other Financial Data - Unaudited

For the Nine Months Ended September 30, 2023 and 2022

 

(dollars in millions)

 

Nine Months Ended September 30,

 

2023

 

2022

Cash Flows From (For) Operating Activities:

 

 

 

Cash provided by operating activities

$

954

 

 

$

954

 

Working capital changes

 

(26

)

 

 

(434

)

Net cash from operating activities

 

928

 

 

 

520

 

 

 

 

 

Cash Flows From (For) Financing Activities:

 

 

 

Purchase of Company common stock

 

(126

)

 

 

(914

)

Cash dividends paid

 

(193

)

 

 

(195

)

Dividends paid to noncontrolling interest

 

(49

)

 

 

(68

)

Proceeds from short-term borrowings

 

77

 

 

 

 

Payment of short-term borrowings

 

(11

)

 

 

 

Proceeds from term loan

 

 

 

 

500

 

Payment of term loan

 

(200

)

 

 

(100

)

Proceeds from the exercise of stock options

 

37

 

 

 

1

 

Employee withholding taxes paid on stock-based compensation

 

(29

)

 

 

(17

)

Decrease in debt, net

 

(4

)

 

 

(9

)

Net cash for financing activities

 

(498

)

 

 

(802

)

 

 

 

 

Cash Flows From (For) Investing Activities:

 

 

 

Capital expenditures

 

(181

)

 

 

(137

)

Acquisition of business, net of cash acquired

 

(136

)

 

 

 

Other, net

 

(4

)

 

 

(7

)

Net cash for investing activities

 

(321

)

 

 

(144

)

 

 

 

 

Effect of exchange rate changes on cash and cash investments

 

(1

)

 

 

(36

)

 

 

 

 

Cash and Cash Investments:

 

 

 

Increase (decrease) for the period

 

108

 

 

 

(462

)

At January 1

 

452

 

 

 

926

 

At September 30

$

560

 

 

$

464

 

 

As of September 30,

 

2023

 

2022

Liquidity

 

 

 

Cash and cash investments

$

560

 

$

464

Revolver availability

 

1,000

 

 

1,000

Total Liquidity

$

1,560

 

$

1,464

Historical information is available on our website.

MASCO CORPORATION

Segment Data - Unaudited

For the Three and Nine Months Ended September 30, 2023 and 2022

 

(dollars in millions)

 

Three Months Ended

September 30,

 

 

 

Nine Months Ended

September 30,

 

 

 

2023

 

2022

 

Change

 

2023

 

2022

 

Change

Plumbing Products

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

1,191

 

 

$

1,324

 

 

(10

)%

 

$

3,638

 

 

$

4,056

 

 

(10

)%

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit, as reported

$

223

 

 

$

220

 

 

 

 

$

673

 

 

$

686

 

 

 

Operating margin, as reported

 

18.7

%

 

 

16.6

%

 

 

 

 

18.5

%

 

 

16.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rationalization charges (income)

 

2

 

 

 

 

 

 

 

 

(1

)

 

 

 

 

 

Operating profit, as adjusted

 

225

 

 

 

220

 

 

 

 

 

672

 

 

 

686

 

 

 

Operating margin, as adjusted

 

18.9

%

 

 

16.6

%

 

 

 

 

18.5

%

 

 

16.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

26

 

 

 

24

 

 

 

 

 

76

 

 

 

73

 

 

 

EBITDA, as adjusted

$

251

 

 

$

244

 

 

 

 

$

748

 

 

$

759

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Decorative Architectural Products

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

788

 

 

$

880

 

 

(10

)%

 

$

2,447

 

 

$

2,701

 

 

(9

)%

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit, as reported

$

181

 

 

$

151

 

 

 

 

$

493

 

 

$

498

 

 

 

Operating margin, as reported

 

23.0

%

 

 

17.2

%

 

 

 

 

20.1

%

 

 

18.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rationalization charges

 

3

 

 

 

 

 

 

 

 

4

 

 

 

8

 

 

 

Accelerated depreciation related to rationalization activity

 

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

Insurance settlement

 

(40

)

 

 

 

 

 

 

 

(40

)

 

 

 

 

 

Operating profit, as adjusted

 

144

 

 

 

151

 

 

 

 

 

457

 

 

 

507

 

 

 

Operating margin, as adjusted

 

18.3

%

 

 

17.2

%

 

 

 

 

18.7

%

 

 

18.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

9

 

 

 

8

 

 

 

 

 

26

 

 

 

25

 

 

 

EBITDA, as adjusted

$

153

 

 

$

159

 

 

 

 

$

483

 

 

$

532

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

1,979

 

 

$

2,204

 

 

(10

)%

 

$

6,085

 

 

$

6,757

 

 

(10

)%

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit, as reported - segment

$

404

 

 

$

371

 

 

 

 

$

1,166

 

 

$

1,184

 

 

 

General corporate expense, net

 

(21

)

 

 

(20

)

 

 

 

 

(65

)

 

 

(72

)

 

 

Operating profit, as reported

 

383

 

 

 

351

 

 

 

 

 

1,101

 

 

 

1,112

 

 

 

Operating margin, as reported

 

19.4

%

 

 

15.9

%

 

 

 

 

18.1

%

 

 

16.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rationalization charges - segment

 

5

 

 

 

 

 

 

 

 

3

 

 

 

8

 

 

 

Accelerated depreciation related to rationalization activity - segment

 

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

Insurance settlement

 

(40

)

 

 

 

 

 

 

 

(40

)

 

 

 

 

 

Operating profit, as adjusted

 

348

 

 

 

351

 

 

 

 

 

1,064

 

 

 

1,121

 

 

 

Operating margin, as adjusted

 

17.6

%

 

 

15.9

%

 

 

 

 

17.5

%

 

 

16.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization - segment

 

35

 

 

 

32

 

 

 

 

 

102

 

 

 

98

 

 

 

Depreciation and amortization - other

 

2

 

 

 

2

 

 

 

 

 

5

 

 

 

6

 

 

 

EBITDA, as adjusted

$

385

 

 

$

385

 

 

 

 

$

1,171

 

 

$

1,225

 

 

 

Historical information is available on our website.

MASCO CORPORATION

North American and International Data - Unaudited

For the Three and Nine Months Ended September 30, 2023 and 2022

 

(dollars in millions)

 

Three Months Ended

September 30,

 

 

 

Nine Months Ended

September 30,

 

 

 

2023

 

2022

 

Change

 

2023

 

2022

 

Change

North American

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

1,602

 

 

$

1,792

 

 

(11

)%

 

$

4,875

 

 

$

5,431

 

 

(10

)%

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit, as reported

$

348

 

 

$

305

 

 

 

 

$

972

 

 

$

961

 

 

 

Operating margin, as reported

 

21.7

%

 

 

17.0

%

 

 

 

 

19.9

%

 

 

17.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rationalization charges

 

5

 

 

 

 

 

 

 

 

3

 

 

 

8

 

 

 

Accelerated depreciation related to rationalization activity

 

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

Insurance settlement

 

(40

)

 

 

 

 

 

 

 

(40

)

 

 

 

 

 

Operating profit, as adjusted

 

313

 

 

 

305

 

 

 

 

 

935

 

 

 

970

 

 

 

Operating margin, as adjusted

 

19.5

%

 

 

17.0

%

 

 

 

 

19.2

%

 

 

17.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

22

 

 

 

21

 

 

 

 

 

65

 

 

 

64

 

 

 

EBITDA, as adjusted

$

335

 

 

$

326

 

 

 

 

$

1,000

 

 

$

1,034

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

377

 

 

$

412

 

 

(8

)%

 

$

1,210

 

 

$

1,326

 

 

(9

)%

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit, as reported

$

56

 

 

$

66

 

 

 

 

$

194

 

 

$

223

 

 

 

Operating margin, as reported

 

14.9

%

 

 

16.0

%

 

 

 

 

16.0

%

 

 

16.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

13

 

 

 

11

 

 

 

 

 

37

 

 

 

34

 

 

 

EBITDA

$

69

 

 

$

77

 

 

 

 

$

231

 

 

$

257

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

1,979

 

 

$

2,204

 

 

(10

)%

 

$

6,085

 

 

$

6,757

 

 

(10

)%

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit, as reported - segment

$

404

 

 

$

371

 

 

 

 

$

1,166

 

 

$

1,184

 

 

 

General corporate expense, net

 

(21

)

 

 

(20

)

 

 

 

 

(65

)

 

 

(72

)

 

 

Operating profit, as reported

 

383

 

 

 

351

 

 

 

 

 

1,101

 

 

 

1,112

 

 

 

Operating margin, as reported

 

19.4

%

 

 

15.9

%

 

 

 

 

18.1

%

 

 

16.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rationalization charges - segment

 

5

 

 

 

 

 

 

 

 

3

 

 

 

8

 

 

 

Accelerated depreciation related to rationalization activity - segment

 

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

Insurance settlement

 

(40

)

 

 

 

 

 

 

 

(40

)

 

 

 

 

 

Operating profit, as adjusted

 

348

 

 

 

351

 

 

 

 

 

1,064

 

 

 

1,121

 

 

 

Operating margin, as adjusted

 

17.6

%

 

 

15.9

%

 

 

 

 

17.5

%

 

 

16.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization - segment

 

35

 

 

 

32

 

 

 

 

 

102

 

 

 

98

 

 

 

Depreciation and amortization - other

 

2

 

 

 

2

 

 

 

 

 

5

 

 

 

6

 

 

 

EBITDA, as adjusted

$

385

 

 

$

385

 

 

 

 

$

1,171

 

 

$

1,225

 

 

 

Historical information is available on our website.

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