Home improvement firm Masco misses quarterly sales estimates as demand remains weak
MAS•Second-quarter results and full-year outlook
- The Livonia, Michigan-based company posted a 3% drop in second-quarter sales to $1.99 billion, missing estimates of $2.08 billion, according to data compiled by LSEG.
- Net sales in its plumbing products segment, a major revenue contributor, fell 3% from a year ago.
- Masco raised its full-year adjusted earnings forecast range to $4.40 to $4.60 per share, from $4.10 to $4.30, on the back of an expected tariff refund.
- CEO Jon Nudi expects IEEPA (International Emergency Economic Powers Act) tariff refunds of about $85 million to drive its 2026 profit outlook, after recording a net benefit of about $95 million in the second quarter.
- The company earned a quarterly adjusted profit of $1.64 per share, topping estimates of $1.32.
- Masco, the owner of brands such as Delta faucets and Behr paints, sells home-improvement and building products, with demand largely dependent on housing repair and remodeling activity.
Masco misses sales estimates as demand stays weak
July 29 (Reuters) - Home improvement firm Masco MAS.N missed Wall Street estimates for second-quarter sales on Wednesday, hurt by softer consumer spending on discretionary renovation projects amid macroeconomic uncertainty, sending its shares down 6% before the bell.
Homeowners are deferring major remodeling and upgrade plans amid concerns around higher living and borrowing costs, coupled with a challenging job market.
